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SolutionInc Limited Announces Most Successful Quarter
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Location: Blogs News |
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| Posted by: ITNovaScotia Admin |
Monday, March 03, 2008 |
Halifax, Nova Scotia - February 28, 2008: SolutionInc Technologies Limited (TSX-VEN:STL), a leader in Internet management, provisioning and billing, released today its unaudited consolidated interim results for the third quarter ended December 31, 2007 ("Q3 2008").
SolutionInc recorded quarterly revenue of $1,545,496, up 84% over revenues of $840,740 for the third quarter ended December 31, 2006 ("Q3 2007"); and positive EBITDA* of $337,384, compared to $62,613 for Q3 2007. Net income for the three months ended December 31, 2007 was $210,429, an improvement of $256,073 over the loss of $45,644 for the three months ended December 31, 2006. (The full financial statements and MD&A are also available on www.sedar.com).
"The explosive growth of the public Internet access and WiFi market presents many opportunities for our customers and business partners. By working closely with them to understand their business, identify opportunities and provide solutions, we are enabling our customers to remain focused on their core business while capitalizing on these opportunities," says SolutionInc's President and CEO Glen Lavigne. "We are confident that our customer-centric approach will continue to grow our business and allow us to achieve new milestones. It is a very exciting time for the Company."
Highlights
- Revenue for the three and nine months ended December 31, 2007 was $1,545,496 and $3,296,074, up 84% and 41% respectively over the three and nine months ended December 31, 2006;
- Expenses for the three and nine months ended December 31, 2007 were $1,059,038 and $2,958,424, up 35% and 17% respectively over the three and nine months ended December 31, 2006;
- EBITDA for the three and nine months ended December 31, 2007 was a positive $337,384 and $161,239, an improvement of $274,771 and $304,381 respectively over the three and nine months ended December 31, 2006;
- This improved performance translated into improved cashflows from operations, and the Company ended the quarter with a positive cash balance of $521,125.
- Net loss for the nine months ended December 31, 2007 was $153,248, an improvement of $297,061 over the nine months ended December 31, 2006.
*EBITDA is defined as earnings (loss) before interest, taxes, depreciation, amortization, and stock based compensation expense.
About SolutionInc Limited
SolutionInc Limited offers a robust IP provisioning and management engine that makes it easy for hotels and broadband service providers to deploy secure Internet access and Wi-Fi hotspots. The IP management system includes award-winning Internet provisioning, authentication, and billing software, SolutionIPT. SolutionInc offers solutions for the hospitality, convention center, property management, health care and broadband 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
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Media Contact:
Natalie Doyle Oldfield
VP Marketing
SolutionInc Limited
(902) 422-1647
ndoldfield@solutioninc.com
SolutionInc Disclaimer:
Statements about the Company's future plans and intentions, results, levels of activity, performance, goals or achievements or other future events constitute forward-looking statements. Wherever possible, words such as "may," "will," "should," "could," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," or "potential" or the negative or other variations of these words, or other similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management's current beliefs and are based on information currently available to Management. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what Management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: general economic and market segment conditions, competitor activity, product capability and acceptance, international risk, currency exchange rates, and technology changes. More detailed assessment of the risks that could cause actual results to materially differ from current expectations is contained in the Risk Assessment section of the March 31, 2007 Management Discussion and Analysis. |
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