Texada Software posted record revenues for the first quarter ended March 31. Total revenues for the quarter were CDN $4 million (about U.S. $4 million), a 39-percent increase compared to the previous year.
Equipment rental revenues for Rolls High Reach were $2.6 million, a 44-percent increase compared to 2011 when Texada did not yet own the business. Software revenues jumped 31 percent to $1.4 million in the quarter.
“All operating business units experienced strong revenue growth during the first quarter,” said Willie Swisher, Texada CEO. “The rental unit business experienced elevated time utilization rates during this period, even considering that we added additional rental fleet late in the fourth quarter of 2011. The software business unit continues to see success in the recently launched ‘Software as a Service’ deployment option, as more and more businesses are turning to the cloud models for many of their software options. Based on our preliminary results for the first quarter ended March 31, 2012, our expectations are to continue to see our initiatives show success throughout the balance of the year. We take the recently completed quarter as market confirmation of our vision, initiatives and direction and we will continue to forge our path forward.”
Texada also named Ron Schwarz as a nominee to join the board of directors. Schwarz is an independent investor and capital markets professional with more than 20 years experience as a senior executive within equity research, wholesale banking and asset management.
Texada Software is based in Guelph, Ontario, Canada.