Prev
Mutual fund and retail banking client expansion drive 21% Q1 growth in billed revenue, with 48% growth in on-demand solutions revenue
TORONTO, April 14 /CNW/ -
Angoss Software Corporation (Angoss)
(TSX-V: ANC) today announced unaudited results for the first quarter ended February 28, 2010.
Billed revenue was $1.972 million, up 21% from 2009 first quarter billed revenue of $1.631 million, with 10% growth in North America and 122% growth in Europe. Analytic software revenue was up 11%. On demand (analytic solution) revenue was up 48%.
On an earned basis, first quarter revenue was $2,013,266, flat with 2009 Q1 revenue of $2,020,967. Earned revenue from on demand (analytic solutions) was up 10.5%. Earned revenue from analytic software was down 5.1%.
Operating expenses were $1,893,856, down marginally from prior year expenses of $1,920,629 resulting in operating income of $119,410 versus prior year operating income of $100,338.
The Company reported a net loss of $137,694 versus a prior year net loss of $17,109. The increase in net loss was primarily a result of increased amortization and interest expenses (approximately $60,000 and $42,000 respectively) associated with the Company's IntelliMaxx acquisition and lower foreign exchange gains (reduction of $36,000 year over year).
Read more.