Press Releases
In-Touch Survey Systems Ltd. announces annual financial results with 17% revenue growth
OTTAWA, May 28, 2009 - In-Touch Survey Systems Ltd. ("In-Touch" TSX-Venture: INX) is pleased to announce that revenue grew by 17% to $5,914,814 in FY 2008 compared to $5,060,576 in FY 2007. Net loss for 2008 was $177,206 compared to a net loss of $225,797 in 2007. The company-defined adjusted EBITDA was $351,000 in FY 2008, compared to an EBITDA of $425,000 in FY 2007.
"The economic downturn in the third and fourth quarter provided significant challenges to the Company as revenues from its auto industry customers and others were put under pressure. Coincident with the downturn, we also made two acquisitions; NCI Mobility of Chicago and MarketLine Research of Minneapolis. The cost of completing these acquisitions resulted in additional pressure on our balance sheet", said Michael Gaffney, Chief Executive Officer.
"Given the current economic environment, forecasting is challenging at best. However, we do expect continued growth this year. Our revenue backlog for 2009 is currently higher than the same period in 2008", said Gaffney.
| Consolidated Statements of Operations |
2008 |
2007 |
| Revenue |
5,914,814 |
5,060,576 |
| Cost of services and goods sold |
2,321,746 |
2,089,878 |
| Gross profit |
3,593,068 |
2,970,698 |
| Total operating expenses |
3,812,551 |
2,704,516 |
|
|
|
| Earnings (loss) before undernoted items |
(219,483) |
266,182 |
| Interest expense on short term debt |
(20,658) |
(68,603) |
| Interest expense on long term debt |
(94,803) |
(44,636) |
| Amortization of financing costs |
(18,581) |
(23,273) |
| Amortization of discount on promissory note |
(55,019) |
(51,735) |
| Amortization of intangible asset |
(34,123) |
(19,044) |
| Change in fair value of derivative |
94,096 |
(60,212) |
| Gain (loss) on foreign exchange |
119,055 |
(23,486) |
| Gain on disposal of property and equipment |
50,311 |
32,098 |
| Other income |
22,000 |
- |
| Impairment of property and equipment |
- |
(233,088) |
| Net loss |
$(177,206) |
$(225,797) |
About In-Touch
Founded in 1992, In-Touch provides integrated solutions for market and customer research, custom data capture and mobile marketing for global enterprise customers. Our commitment to effective solutions for retail, finance, services, automotive and hospitality industries delivers a greater return on investment from corporate marketing and operations budgets. Headquartered in Ottawa, with regional offices in Chicago, Minneapolis and Toronto, In-Touch has earned a solid reputation for dedicated customer support and advanced professional services. For more information, visit www.intouchsurvey.com.
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