Halifax, NS, November 29, 2006: SolutionInc Technologies Limited (TSX-VEN: STL), a leader in Internet management, provisioning, and billing, released today its unaudited consolidated interim results for the second quarter ended September 30, 2006. The Company recorded its highest quarterly revenue to date of $848,884, up 63% over $520,693 for the second quarter ended September 30, 2005, and its first quarter of positive EBITDA* of $5,420, up 101% over an EBITDA* loss for the three months ended September 30, 2005. (The full financial statements and MD&A are also available on www.sedar.com)
* See MD&A on www.sedar.com for a definition and calculation of EBITDA.
“We are delighted to have delivered significant revenue growth and a swing to positive EBIDTA for the second quarter ended September 30, 2006, “comments SolutionInc President and CEO Glen Lavigne. “We believe this is an important first step in working towards our strategic goals of quarter over quarter revenue growth, controlling our operational costs, increased profitability metrics and value to our shareholders.”
Highlights
- Revenue for the three and six months ended September 30, 2006 was $848,884 and $1,620,428, up 63% and 32% respectively over the three and six months ended September 30, 2005;
- Expenses for the three and six months ended September 30, 2006 were $934,504 and $1.899 million, down 7% and 9% respectively over the three and six months ended September 30, 2005;
- EBITDA for the three and six months ended September 30, 2006 was $5,420 and a loss of $42,498, improving 101% and 93% respectively over the three and six months ended September 30, 2005
- Net loss for the three and six months ended September 30, 2006 was $85,620 and $278,521, improving 82% and 68% respectively over the three and six months ended September 30, 2005.
About SolutionInc Limited
SolutionInc Limited offers a simple, flexible, and robust IP provisioning engine that makes it easy for hotels, organizations, cable operators and telephone companies to deploy secure high speed Internet in Wi-Fi or wired environments, providing a seamless experience for users. The IP management system includes award-winning Internet provisioning, authentication, and billing software, SolutionIP™. SolutionInc offers products and services for the hospitality, convention center, property management, health care, cable, and Internet service provider industries.
SolutionInc is a trademark and a wholly owned subsidiary of SolutionInc Technologies Limited (TSX-VEN:STL). All other trademarks are the property of their respective holders.
www.solutioninc.com