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Ivrnet Inc. Reports Second Quarter Profits
| For Immediate Release | September 3, 2009 |
| Calgary, Alberta | (TSX Venture Exchange: “IVI”) |
| Issued Common Shares: 28,493,167 |
Ivrnet Inc. Reports Second Quarter Profits
Calgary, Alberta – September 3, 2009 – Ivrnet Inc. (TSX Venture: IVI) is pleased to report financial results for the quarter ended June 30, 2009. In this period, the Company generated revenues of $630,501. This represents a 1% increase over the equivalent quarter in 2008. It is also1% higher than reported revenues for Q1 of 2009.
In Q2 of 2009, the gross margin amounted to $501,679, or 80% of revenues. This compares to a 76% gross margin achieved in the second quarter of the previous fiscal year. Net income for Q2 of 2009 was $1,616, compared to a net income of $4,242 in the second quarter of the previous fiscal year.
Comparative results are summarized below.
Quarter over Quarter Summary of Selected Financial Results
|
|
|
2009 |
2008 |
|
|
|
$ CAD |
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
|
Revenues |
630,501 |
625,232 |
534,259 |
591,145 |
622,569 |
|
Cost of Sales |
(128,822) |
(106,308) |
(73,779) |
(123,232) |
(151,718) |
|
Gross Margin |
501,679 |
518,924 |
460,480 |
467,913 |
470,851 |
|
Expenses |
(413,459) |
(442,963) |
(431,612) |
(367,973) |
(386,313) |
|
EBITDA (1) |
88,220 |
75,961 |
28,868 |
99,940 |
84,538 |
|
Net Income (Loss) |
1,616 |
1,596 |
(63,944) |
13,236 |
4,241 |
|
Earnings (Loss) Per Share |
0.00 |
0.00 |
(0.00) |
0.00 |
0.00 |
|
Total Assets |
1,326,751 |
1,065,405 |
995,573 |
1,105,416 |
1,240,366 |
(1) EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA is not a recognized measure under Canadian generally accepted accounting principles. Management believes however that EBITDA is a useful supplementary measure as it provides indication of the results of Ivrnet’s business operations without regard to how these activities were financed or how these results were taxed.
A more complete analysis of the Company’s financial results can be found by visiting www.sedar.ca.
Dave Snell, Ivrnet’s President and CEO stated, “Given the recessionary environment, the Second Calendar Quarter of 2009, has been a difficult one for many smaller IT and related technology issuers. In this context, we are pleased that Ivrnet not only held its’ own, but went on to significantly improve its’ gross margin and total asset base. As the economy gradually improves, and businesses start to re-invest in new technology and infrastructure, we look forward to a further strengthening of the Company, in future reporting periods.”
About Ivrnet Inc. – Ivrnet is a communications company that develops and operates intelligent software applications, delivered through traditional phone networks and over the Internet. These applications facilitate automated interaction; personalized communication between people; mass communication for disseminating information to thousands of people concurrently; and personalized communication between people and automated systems. Ivrnet's applications are accessible through nearly any form of communication technology, at anytime from anywhere in North America via voice, phone, fax, email, texting and the Internet.
For additional information please visit our website at www.ivrnet.com, or contact:
|
David L. Snell Ivrnet Inc. President and CEO (403) 538-4540 eMail: d.snell@ivrnet.com |
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This information release may contain certain forward-looking information. Actual future results may differ materially from those contemplated. The risks, uncertainties and other factors that could influence the actual results are described in documents filed with regulatory authorities.
