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ISACSOFT announces second quarter net income strongly ahead of 2006 and the nomination of Mr. Robert Lévesque to the board of Directors of the company

Press Release: [August 14, 2007]

Copyright (c) 2007 MondoIn

Abstract: ISACSOFT (TSX: ISF) announced its un-audited interim consolidated financial results for the quarter ended June 30, 2007: EBITDA income of $357,354 compared to $148,713 for the same quarter in 2006, Net income of $323,811 compared to $127,347 for second quarter 2006; revenues at $3,581,462 compared to $4,283,904 for second quarter 2006. Second quarter net income closed at $328,811 compared to $127,347 for the second quarter of 2006. Cost compression offset lower demand in all revenue categories.


MONTREAL, Aug. 14 /CNW Telbec/ - ISACSOFT (TSX: ISF) announced its un-audited interim consolidated financial results for the quarter ended June 30, 2007. The Company also announced that it has filed its un-audited interim financial statements and notes for the quarter June 30, 2007 and its related management's discussion and analysis with Canadian securities regulators. The information is available electronically to interested parties at www.sedar.com and on the Company's web site at www.ISACSOFT.com. ISACSOFT's 2007 second quarter report will be mailed to shareholders during the fourth week of August 2007.

Second quarter 2007 financial results:

  • EBITDA(1) income of $357,354 compared to $148,713 for second quarter 2006
  • Net income of $323,811 compared to $127,347 for second quarter 2006
  • Revenues at $3,581,462 compared to $4,283,904 for second quarter 2006

"Second quarter results show ISACSOFT's ability to counter a very challenging marketplace with measures that provide a better return for its shareholders. While maintaining these controls our focus will continue to be customer satisfaction and the pursuit of new growth opportunities" said Ronald Brisebois, Chairman, President and CEO ISACSOFT INC.

Overall Performance

Second quarter net income closed at $328,811 compared to $127,347 for the second quarter of 2006. Cost compression offset lower demand in all revenue categories.

Working capital was $2,213,733 as at June 30, 2007, ahead by $479,739 of the position of $1,643,994 reported as at December 31, 2006 and is mainly due to the decrease in both accounts receivables and payables.

The Company closed the quarter ended June 30, 2007 with cash and cash equivalents (including restricted cash) of $1,294,692, an increase of $518,569 over the amount of $776,123 reported as at December 31, 2006. The increase is attributable to the profitability of the quarter, combined with the proceeds of disposition of assets of $210,511 and positive changes in working capital, specifically at the accounts receivable level.

(1) EBITDA is defined as Eearnings before interest, taxes, depreciation and amortization and stock based compensation. This measure is considered a non-GAAP measure.

Financial Results:

<
Quarter ending June 30
20072006
REVENUES3,581,4624,283,904
Expenses
Operations2,030,975 2,786,314
Research and development costs330,908475,800
Selling, general and administrative expenses819,915788,774

3,181,798

4,050,888
Income before the following items399,664233,016
Interest net(12,240)3,625
Amortization of property and equipment66,036102,044
Impairment of goodwill- -
Write-down of property and equipment --
Net income (loss) before income taxes
345,868

127,347
Income taxes22,057-
Net income (loss)
$ 323,811

$ 127,347
Financial Position:Unaudited June 30 2007
Audited December 31 2006
ASSETS
Current assets
Cash and cash equivalents $ 576,872$ 58,303
Restricted cash717,820717,820
Accounts receivable3,111,5684,244,553
Work in process454,498388,075
Inventory3,2745,559
Prepaid expenses 275,994271,336

5,140,026

5,685,646
Property and equipment 826,957 850,948
Investments- -
Goodwill 1,101,8941,101,894

$ 7,068,877

$ 7,638,488
LIABILITIES
Current liabilities
Bank indebtedness $ -$ -
Accounts payable and accrued liabilities 1,538,2682,294,247
Deferred revenues1,388,8701,625,594
Deferred credits- 32,706
Instalments on long-term debt 89,15589,105

3,016,293

4,041,652
Long-term debt253,598380,890

3,269,891

4,422,542
SHAREHOLDERS' EQUITY
Capital stock55,346,97955,346,979
Contributed surplus 1,171,3931,114,763
Deficit(52,719,386)(53,245,796)

3,798,986

3,215,946
$ 7,068,877$ 7,638,488

Nomination of Mr. Robert Levesque to the Board of Directors

Isacsoft's board of Directors approved the nomination of Mr. Robert Lévesque as a Director of the Company. Mr. Lévesque has more than 23 years of experience in technological and financial sectors and is currently a Director at Desjardins Capital de Risque in IT related investments.

"I am pleased to have Mr. Lévesque as part of our board of Directors. I am convinced ISACSOFT will benefit immensely from his experience" said Ronald Brisebois, Chairman of ISACSOFT INC.

About ISACSOFT

ISACSOFT is a provider of software business solutions, information technology-training and systems integration consulting to its national and international customers. The revenue model is based on software licences, recurring maintenance revenues and strategic IT projects targeting key customers and training. ISACSOFT is headquartered in Montréal, Canada with offices in Québec City, Paris, London, Cologne and The Hague.

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Publication Year:2007
Type of Material:Press Release
Language English
Issue:August 14, 2007
Publisher:MondoIn
Place of Publication:Montreal, QC, Canada
Company: MondoIn
Subject: System announcements -- installations
Record Number:12694
Last Update:2012-12-29 14:06:47
Date Created:2007-08-15 07:43:40