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Texada announces improved operating results for first quarter of 2010

June 1, 2010 – Texada Software has its unaudited interim financial results for the three months ended March 31, 2010. For the quarter ended March 31, 2010, the company generated total revenues of $1.2 million, and net earnings of $0.14 million.


June 1, 2010
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June 1, 2010 – Texada Software has its unaudited interim financial results for the three months ended March 31, 2010. For the quarter ended March 31, 2010, the company generated total revenues of $1.2 million, and net earnings of $0.14 million.

Adjusted EBITDA (defined as net earnings for the period adjusted for amortization, accretion on convertible debt, interest expense, foreign exchange, and stock based compensation expense) was $0.23 Ml. These results compare to total revenues of $1.19 Ml., net earnings of $0.03 Ml. and an Adjusted EBITDA of $0.10 Ml. in 2009.
Revenue in the current quarter was consistent with 2009 with a higher proportion of license revenue achieved than service revenue compared to last year contributing to a $0.08 Ml. improvement in gross profit in 2010.

Operating expenses declined by $0.05 Ml. during the quarter reflecting primarily personnel cost savings. Non-operating expenses were $0.09 Ml. in the quarter compared to $0.07 Ml. Q1 2009.

"We are quite pleased with our financial results for Q1 2010," said president & CEO Brian Spilak. "We are excited to be able to get off with a good start from an operational results perspective. Considerable time and effort was expended in 2009 to rebuild Texada's business and are pleased with the ongoing relationships we have built with all our customers. Our strong foundation of industry leading technology, personnel and customers bodes well for our future. The Texada team remains focused on meeting and exceeding customer expectations and we are actively looking at areas to expand our product offerings while continuing to focus on our existing business."

More information may be found at www.sedar.com .