OneMove Technologies Inc. (TSX-V: OM) announces its financial results for the three-month period ended September 30, 2007. All results are reported in Canadian dollars unless otherwise stated.
First Quarter Fiscal 2008 Summary
- Revenue of $0.5 million, a 129% increase over Q1 2007
- Cumulative transactions processed in B.C. increased to approximately 15,000, compared to approximately 7,000 in Q1 2007
- Average daily revenue in B.C. grew to $6,000 from approximately $3,000 in Q1 2007
- EBITDA (as defined at the end of the release) of $(1.1) million, compared t $(1.0) million in the first quarter of 2007
- Net loss of $1.1 million, or $0.02 per share, compared to net loss of $1.2 million, or $0.11 per share, in the first quarter of 2007
- Signed Home Information Pack (HIP) distribution agreement with MacDonald Dettwiler and Associates (MDA), the U.K.'s primary HIP provider
- Completed software integration with Expert Agent, the U.K.'s leading real estate agency web-enabled administration system
- Launched econveyance 7.0, adding web-based mortgage processing to OneMove's offering in B.C.
"Fiscal 2007 was about building a platform for growth, and in Q1 2008, we began to leverage that platform and deliver measurable results," said Martin Johnson President and CEO, OneMove. "In B.C. we saw continued rapid adoption of econveyance with our user base doubling over last year. In the U.K., as a result of our software integration with Expert Agent, customer sign-ups significantly increased."
Johnson continued: "Going forward, we expect this growth momentum to continue. In B.C. we are working to increase revenue per transaction, by integrating with other real estate industry service providers to enhance our overall offering. In the U.K., we remain focused on bringing estate agents onto our technology platform to drive an increase in transaction volume."
First Quarter Review
Revenue for Q1 fiscal 2008 grew 129% to $0.5 million, compared to $0.2 million for the same period in fiscal 2007. Revenue from Canadian operations were $0.4 million, and revenue from U.K. operations were $0.07 million, representing a 124% and 163% increase over Q1 fiscal 2007, respectively.
During Q1 2008, OneMove processed 15,000 econveyance transactions in B.C., compared with 7,000 transactions in Q1 of last year, resulting in an increase in average daily revenue to approximately $6,000, compared to approximately $3,000 in Q1 of 2007. In the U.K., as a result of the Company's commercial release of its MMS in the previous year and its software integration with Expert Agent during the quarter, OneMove realized a significant increase in customer sign-ups in Q1 2008.
Total expenses for Q1 fiscal 2008 were $1.7 million, compared to $1.5 million for fiscal 2007. The year-over-year increase in expenses was driven by public company costs and increased investment in the Company's B.C. and U.K. operations.
EBITDA was $(1.1) million for Q1 fiscal 2008, compared to $(1.0) million in fiscal 2007. EBITDA for Canadian operations was $(0.02) million, compared to $(0.3) million in fiscal 2007, and Q1 EBITDA for U.K. operations was $(0.7)million, relatively similar to $(0.7) million in fiscal 2007. Although the Company experienced year-over-year improvements in revenue, during the first quarter OneMove continued to invest in its operations and further enhancements to its product and service offering in B.C. and the U.K. Management expects quarterly fluctuations in EBITDA due to the seasonality of the real estate market.
For Q1, net loss was $1.1 million, or $0.02 per share, compared to $1.2 million, or $0.11 per share, in Q1 of fiscal 2007. Operating loss from Canadian operations was $0.06 million, compared to a loss of $0.5 million for Q1 fiscal 2007. For its U.K. operations, OneMove's operating loss for the quarter was $0.8 million, compared to a loss of $0.7 million the prior year.
Cash and cash equivalents were $2.5 million at September 30, 2007. In addition, the Company had working capital of $2.0 million at September 30, 2007, compared to $3.0 million at June 30, 2007.
EBITDA is used internally by the Company to compare cash operating resulted from one period to another. EBITDA for the purposes of this analysis also excludes stock based compensation, shares issued for services and "Other income/losses" per the financial statements. EBITDA does not have any standardized meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other companies. -- www.cnxmarketlink.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
