Intrinsyc Reports 2011 Second Quarter Financial Results
Company continues positive EBITDA performance and strong financial position
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/11/11 -- Intrinsyc Software International, Inc. (TSX: ICS) ("Intrinsyc" or the "Company"), a leading provider of software solutions for mobile devices, today announced its financial results for the second quarter ended June 30, 2011, reported in United States dollars and in accordance with International Financial Reporting Standards ("IFRS"). The Company's results are presented in comparison to the three months ended March 31, 2011 and the three months ended June 30, 2010, also in accordance with IFRS.
"We are pleased with our continued achievement of positive EBITDA and improvements in cash and net working capital as at June 30, 2011," stated Tracy Rees, Chief Executive Officer. "During the second quarter, we announced a new customer for our proprietary RapilRIL™ telephony software, expanded our strategic alliances through selection into the Open Handset Alliance (OHA) and initiated our third party distribution business with the signing of an agreement with AnyDATA Corporation that will allow us to sell communication modules for a wide variety of vertical and consumer applications. Revenue in the quarter was constrained by the timing of delivery of a customer engagement and resource limitations. We are aggressively seeking to increase our services capacity to meet demand."
The Company reported second quarter revenue of approximately $2.4 million as compared to approximately $2.6 million for the three months ended March 31, 2011 and approximately $3.0 million in the period ended June 30, 2010. Total revenue attributable to the Company's Software Solutions was 30 percent of revenues, including software licensing, maintenance/support and software-related services, as compared to 36 percent and 37 percent in the respective comparative quarters. Gross margin was 50 percent during the second quarter of 2011, which was lower than 55 percent for the three months ended March 31, 2011 but consistent with the margin experienced of 50 percent for the three months ended June 30, 2010.
Total operating expenses, excluding other operating expenses, for the three months ended June 30, 2011 were 3 percent lower over the preceding three months ended March 31, 2011 and 23 percent lower over the three months ended June 30, 2010. Earnings before other operating expenses, finance income and foreign exchange gain (loss) ("EBITDA") for the three months ended June 30, 2011 was $53,776 compared to $212,136 in the previous three months ended March 31, 2011 and $11,012 for the three months ended June 30, 2010. Cash and cash equivalents were approximately $8.9 million and short-term investments were approximately $3.0 million with net working capital of approximately $12.0 million as of June 30, 2011, compared to cash and cash equivalents of approximately $11.2 million with net working capital of approximately $11.6 million as of December 31, 2010.
The Company reported revenue of approximately $5.0 million for the six months ended June 30, 2011 as compared to approximately $6.5 million for the six months ended June 30, 2010. Total revenue attributable to the Company's Software Solutions decreased to 33 percent of revenues, including software licensing, maintenance/support and software-related services, as compared to 39 percent in the respective comparative period. Gross margin was 53 percent for the six months ended June 30, 2011, down from 56 percent in the six months ended June 30, 2010.
Total operating expenses, excluding other operating expenses, for the six months ended June 30, 2011 were approximately $2.4 million, compared to approximately $3.5 million for the six months ended June 30, 2010. EBITDA for the six months ended June 30, 2011 was $265,912 compared to $114,006 for the six months ended June 30, 2010.
Business Highlights
The new accounting policies under IFRS have been consistently applied to all of the periods presented in this news release and all prior period information has been restated or reclassified for comparative purposes unless otherwise noted. Further details on the conversion to IFRS are provided in Management's Discussion and Analysis and in the notes to the Company's unaudited condensed consolidated financial statements as at and for the quarter ended June 30, 2011.
Conference call
The Company will release its fiscal second quarter financial results on Thursday, August 11, 2011 at 4:00 p.m. Eastern Time (1:00 p.m. Pacific Time). The company will hold a conference call to discuss the financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) the same day. On the call, Tracy Rees, President and Chief Executive Officer, and George Reznik, Chief Financial Officer, will discuss the financial results announced. This conference call may be accessed in North America, toll-free, by dialing 1-866-610-8602, and internationally by dialing +1-212-401-8152 approximately 10 minutes prior to the start of the call. This conference line is operator assisted and an access PIN is not required. The conference call will also be broadcast live over the Internet and available for replay on the Company's Investor Relations Conference Calls web page (). Analysts and investors are invited to participate on the call. Questions may be submitted to prior to the call.
The Audit Committee of the Company has reviewed the contents of this news release.
Forward-Looking Statements
This press release contains statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking information under applicable Canadian securities legislation that involve risks and uncertainties. Such forward-looking statements or information may include financial and other projections as well as statements regarding the Company's future plans, objectives, performance, revenues, growth, profits, operating expenses or the company's underlying assumptions. The words "may", "would", "could", "will", "likely", "expect," "anticipate," "intend", "plan", "forecast", "project", "estimate" and "believe" or other similar words and phrases may identify forward-looking statements or information. Persons reading this press release are cautioned that such statements or information are only predictions, and that the Company's actual future results or performance may be materially different. Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to: the need to develop, integrate and deploy software solutions to meet the Company's customer's requirements; the possibility of development or deployment difficulties or delays; the dependence on the Company's customer's satisfaction; the timing of entering into significant contracts; customers' continued commitment to the deployment of the Company's solutions; the performance of the global economy and growth in software industry sales; market acceptance of the Company's products and services; the success of certain business combinations engaged in by the Company or by its competitors; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to international expansion; concentration of sales; international operations and sales; dependence upon key personnel and hiring; reliance on a limited number of suppliers; industry growth; competition; intellectual property; product defects and product liability; currency exchange rate risk; and other factors described in the Company's reports filed on SEDAR, including its Annual Information Form and financial report for the year ended December 31, 2010. This list is not exhaustive of the factors that may affect the Company's forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. All forward-looking statements made in this press release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by the Company will be realized. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
About Intrinsyc Software International, Inc.
Intrinsyc empowers device makers, mobile operators, and silicon vendors to deliver compelling, next generation mobile devices faster with higher quality, and differentiating innovation. We help our customers deliver compelling products using our unmatched expertise with the leading OS platforms including Android, Apple, Blackberry, Linux, Symbian, QNX, Windows® CE and Windows Mobile. Intrinsyc is publicly traded (TSX: ICS) and is headquartered in Vancouver, Canada, with operations in China, Taiwan and the United States.
Contacts:
Intrinsyc Software International, Inc.
George Reznik
Chief Financial Officer
+1-604-678-3734
+1-604-801-6417 (FAX)
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Datum: 11.08.2011 - 14:00 Uhr
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