Jan. 31, 2011 (Canada NewsWire Group) --
OTTAWA, Jan. 31 /CNW/ - In-Touch Survey Systems Ltd. ("In-Touch" TSX-Venture: INX) announces preliminary financial results for Q4 2010, and FY 2010. The Company begins its 2010 audit at the end of February and final results will be released once the audit is complete and the Board of Directors approves the Financial Statements.
Revenue increased 9% to approximately $1,500,000 in Q4 2010 compared to $1,381,506 in Q4 2009. The Company expects net earnings for Q4 2010 of approximately $140,000, an increase of 163% compared to a loss of $222,913 in Q4 2009. The Company-defined adjusted EBITDA increased 90% to approximately $300,000 in Q4 2010, compared to an EBITDA of $157,000 in Q4 2009.
Annual revenues for 2010 are expected to exceed $5,800,000, an increase of 7% compared to revenues of $5,479,081 for FY 2009. Annual net income increased approximately 160% to $700,000 compared to a loss of $440,377 last year. EBITDA of approximately $1,200,000, an increase of 410%, was realized for the year compared to $293,000 for 2009.
"We are very pleased with our 2010 financial and business performance. The turmoil of the 2008-09 recession and meltdown in the financial sector was a major business challenge. I credit our strategy, our customers, but most of all the resiliency of our employees to fight through the challenges and deliver these exceptional results", said Michael Gaffney, Chief Executive Officer.
"Fiscal 2011 revenue targets are on track to more than triple the 7% growth rate of 2010 and we anticipate 2011 revenues to be at least 25% higher than 2010", said Gaffney.
On January 25, 2010, the Company granted options to purchase up to 260,000 common shares at an exercise price of C $0.20 per share to employees and officers of the Company pursuant to the Company's stock option plan. The options granted are valid until January 24, 2014. These grants are subject to regulatory approval. The Company's stock option plan expires August 31, 2013.
Certain statements included in this news release contain forward looking statements, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties.
The TSX Venture Exchange has not reviewed the foregoing and has neither approved or disapproved the contents of this press release.
Controller and Corporate Secretary