OTTAWA, Aug. 29, 2011 /CNW/ - In-Touch Survey Systems Ltd. ("In-Touch") (TSXV: INX) announces revenues increased 33% to $1,722,998 in Q2 2011 compared to $1,300,599 in Q2 2010. Net earnings for Q2 2011 increased 53% to $121,195 compared to net earnings of $79,097 in Q2 2010. The Company-defined adjusted EBITDA increased 41% to $255,000 in Q2 2011, compared to an EBITDA of $181,000 in Q2 2010.
In-Touch will open a new office in Charlotte, North Carolina the first week of September to support its growing revenue base in the United States with eight employees in sales and operations.
"Q2 2011 was our sixth consecutive quarter of growth and profit. Investment in Marketing and Product Development increased significantly during the first two quarters with the corresponding objectives of revenue growth and technology enhancement of our In-Touch Apps software platform," said Michael Gaffney, Chief Executive Officer.
"Looking forward, revenues for Q3 Q4 2011 will exceed revenues for the same period of 2010 by more than 40%. I am very excited about our revenue growth and our increased capabilities due to our investment in mobile software technology. There is no doubt that we are a leader in the field of managed mobile data capture applications," said Gaffney.
|Consolidated Statements of Operations||Q2 2011||Q2 2010|
|Cost of services and goods sold||685,482||536,921|
|Total operating expenses||(921,533)||(676,419)|
|Results from operating activities||115,983||87,259|
|Loss on fair value of derivative||(45,712)||(9,605)|
|Gain on foreign exchange||63,864||15,921|
|Gain on disposal of property and equipment||736||11,495|
Certain statements included in this news release contain forward looking statements, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties.
The TSX Venture Exchange has not reviewed the foregoing and has neither approved or disapproved the contents of this press release.