Texada Software, a provider of equipment rental and mobile asset management software, this week announced its audited financial results for the year ended Dec. 31, 2010. Total revenues for the year were CA $4.45 million compared to $4.44 million for full-year 2009, and net earnings were $0.30 million compared to $0.32 million in the year-ago period. Adjusted EBITDA (defined as net earnings for the year adjusted for amortization, accretion on convertible debt, interest expense, foreign exchange, stock-based compensation expense and lease closure settlements) was $0.69 million compared to $0.56 million for fiscal 2009.
Revenue for 2010 was consistent with that recorded in fiscal 2009. The split of license revenue as a percentage of total revenue increased marginally in 2010 compared to 2009. Gross profit in 2010 improved to $4.0 million compared to $3.7 million in 2009, and operating expenses increased by $0.16 million or 5.0 percent in the year.
"Our 2010 operating results, achieved during a very challenging 12 months for our key customer base of equipment rental and software expenditures in general, are a testament to our outstanding contingent of dedicated staff and service providers," said Brian Spilak, Texada's president. "We are proud of these results which build on our operating turnaround commenced in 2009, with Adjusted EBITDA improving by more than 23 percent in the current year."
The improved gross profit performance in 2010 combined with the increase in operating expenses of $0.16 million and the increase in non-operating expenses compared to 2009 resulted in Texada achieving a small decline in net earnings in the current year of $0.015 million.
"Texada's management team delivered another strong year in 2010 and we thank everyone for their efforts and our customers for their ongoing support,” said Willie Swisher, CEO. “We look forward to expanding the company's platform in 2011 as economic conditions improve throughout our marketplace."
Headquartered in Guelph, Ontario, Texada Software provides enterprise software solutions for equipment rental and mobile equipment. Texada's solutions are designed to be fully flexible and scalable to meet the needs of any sized operation, and are backed by proven implementation, services and support. For more information, visit www.texadasoftware.com.
