SolutionInc Limited Announces Highest Quarterly Revenue and First Positive EBITDA in Company History
1 December 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."
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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.
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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(TM). 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
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 Management Discussion and Analysis for the three months and six months ended September 30, 2006.
%SEDAR: 00008710E
For further information: Natalie Doyle Oldfield, VP Marketing, SolutionInc Limited, (902) 422-1647, ndoldfield@solutioninc.com
Source: newswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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