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Angoss Reports 12% Revenue Growth in Third Quarter Results

^{Published on 2009-10-07 07:04:25 - Market Wire}
 

 ANGOSS Software Corporation Income Statement Information (unaudited, stated in Canadian dollars) For the period ended Three months ended YTD - Nine Months August 31, August 31, August 31, August 31, 2009 2008 2009 2008 Revenues $ 2,067,775 $ 1,844,573 $ 6,333,291 $ 5,686,417 ---------------------------------------------------- Operating Expenses General and administration 378,972 425,805 1,196,916 1,224,951 Sales and marketing 1,061,210 1,180,699 3,401,826 3,354,209 Research and development, net 351,213 238,434 1,011,926 734,164 ---------------------------------------------------- 1,791,395 1,844,938 5,610,668 5,313,324 ---------------------------------------------------- Income before the following 276,380 (365) 722,623 373,093 Other income - - - 19,895 Amortization of capital assets (76,626) (82,810) (258,469) (272,857) Amortization of intangible assets (50,000) - (150,000) - Interest expense (36,538) (9,833) (112,309) (30,455) Preferred share expenses - (17,327) - (52,010) Foreign exchange gain (loss) 35,119 136,147 (163,718) 125,228 Stock based compensation (9,005) (13,974) (35,341) (30,120) ---------------------------------------------------- Net (loss) income and comprehensive (loss) income for the period $ 139,330 $ 11,838 $ 2,786 $ 132,774 ---------------------------------------------------- ---------------------------------------------------- Basic and diluted (loss) earnings per share $ 0.02 $ 0.00 $ 0.00 $ 0.02 ---------------------------------------------------- ---------------------------------------------------- Weighted average number of shares outstanding Basic 7,256,612 7,256,612 7,256,612 7,504,877 Diluted 7,315,231 7,256,612 7,296,529 7,528,732 Selected Cash Flow Information (unaudited, stated in Canadian dollars) For the period ended Three months ended YTD - Nine Months ---------------------------------------------------- August 31, August 31, August 31, August 31, 2009 2008 2009 2008 Cash provided by operating activities $ (1,911) $ 140,519 $ 33,321 $ 207,654 Cash used in investing activities (217,929) (21,898) (514,663) (192,989) Cash provided (used) by financing activities 179,929 494,504 (13,972) (322,224) Net increase (decrease) in cash during the period (39,911) 613,125 (495,314) (307,559) Selected Balance Sheet Information (unaudited, stated August 31, November 30, in Canadian dollars) 2009 2008 Cash and cash equivalents $ 930,680 $ 1,425,994 Restricted investments 391,000 423,000 Accounts receivable 1,767,461 2,035,651 Prepaid expenses and other assets 466,143 414,201 ------------------------ Total current assets 3,555,284 4,298,846 ------------------------ Capital assets, net 1,140,043 721,197 Intangible assets, net 1,758,000 - ------------------------ Total assets $ 6,453,327 $ 5,020,043 ------------------------ Accounts payable and accrued liabilities $ 609,848 $ 659,678 Current portion of deferred revenue 3,205,921 3,875,058 Current portion of capital leases 101,248 102,853 Current portion of term debt 214,286 214,286 Other 166,414 27,763 ------------------------ Total current liabilities 4,297,717 4,879,638 ------------------------ Long-term debt 1,978,095 - Deferred revenue 128,963 67,045 Capital leases 250,880 121,970 Term debt 321,428 482,143 Lease inducement 63,822 94,952 ------------------------ Total liabilities 7,040,905 5,645,748 Total shareholders' equity (587,578) (625,705) ------------------------ Liabilities and shareholders' equity $ 6,453,327 $ 5,020,043 ------------------------