HALIFAX, Aug. 28 /CNW/ - SolutionInc Technologies Limited (TSX-VEN:STL), a leader in Internet management, provisioning and billing, announced today the release of its first quarter unaudited financial statements for the three months ended June 30, 2008 ("Q1 2009"). The full Financial Statements and Management Discussion and Analysis of Financial Condition of Results of Operations (MD&A) are available on www.sedar.com
"Our continued growth is being driven by our strong product portfolio, customer diversity, international market presence, and continued focus on our customers' needs. Going forward, we will continue to concentrate on these core aspects of our business, while expanding our R&D initiatives, to meet the future opportunities of the high speed internet access market." said SolutionInc President and CEO Glen Lavigne.
Financial highlights for the three months ended June 30, 2008 compared to the three months ended June 30, 2007 ("Q1 2008"):
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- Management is pleased to announce that Q1 2009 revenues of $1,214,431
represent a 51% or $407,948 increase over Q1 2008 revenues.
- The Company reported positive net income of $18,197 in Q1 2009, which
represents a $208,176 improvement from the net loss reported in
Q1 2008.
- Cash generated from operations improved by $127,360 from a loss of
$106,096 in Q1 2008 to positive cash generated of $21,264 in Q1 2009.
- Q1 2009 EBITDA of $107,318 represented a $202,757 improvement over the
Q1 2008 EBITDA loss of $95,439.
- The Company's financial position continued to improve in Q1 2008 as the
Company repaid an additional $36,000 of its long term debt, and ended
the quarter with $86,886 positive cash compared to the use of the
operating facility of $135,434 in Q1 2008.
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"While we still have work to do to drive the shareholder value, which we believe SolutionInc can generate, our results are showing progress. I am committed to moving the Company forward with continued success and enriching the value for our shareholders." added Mr. Lavigne.
About SolutionInc
SolutionInc Limited simplifies Internet connectivity. SolutionInc's software system allows people with laptops to easily and securely connect to the Internet from a hotel room, a convention center, or any type of Wi-Fi hotspot. The system allows the property or broadband provider to register users, to bill for service and show the user targeted messages. The company provides software and services to the hospitality and telecommunications industries. SolutionInc is recognized as one of the leaders of Internet connectivity and hotspot management.
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. For more information visit www.solutioninc.com
SolutionInc Disclaimer: This press release may contain forward-looking statements involving the company's expectations about future financial results and other matters. These statements reflect management's current forecast of certain aspects of the company's future business. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results of operations to differ materially from historical results or current expectations. The words "plan", "expect", "believe", "intend", "anticipate", "forecast", "target", "estimate" and similar expressions identify forward-looking statements. Risk factors include shifts in customer demand, product shipment schedules, product mix, competitive products and pricing, technological shifts and other variables. Readers are referred to SolutionInc's most recent reports filed with the TSX venture exchange and located at www.sedar.com for a more complete discussion of the other risks and uncertainties. The factors underlying forecasts speak only as of the date they are given and do not necessarily reflect the company's outlook at any other point in time. The company does not undertake to update or review these forward-looking statements.
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For further information: Natalie Doyle Oldfield, Vice President of Marketing, SolutionInc Limited, (902) 422-1647, ndoldfield@solutioninc.com
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