WANTED Technologies reports record revenue and profits for the fourth quarter and a gain of 13% in revenue for the year ended June 30th, 2012
Company posts strongest quarterly performance in its history as new product initiatives gain momentum.
Revenues of $6,028,450 for fiscal 2012, a gain of 13% compared to
$5,328,887 in fiscal 2011.
Revenues of $1,814,926 and net income of $273,460 for the fourth quarter
of fiscal 2012; both are record highs for the Company on a quarterly
Positive EBITDA of $465,868 in fiscal 2012, a gain of $693,353 compared
to a negative EBITDA of $227,485 in fiscal 2011.
Net loss of $13,610 for the fiscal year ended June 30, 2012, an
improvement of $651,155 compared to a net loss of $664,765 for the
previous fiscal year
- Gain of 34 percent overall in the recurring revenue base of $6.3 million in Canadian dollars as of June 30th, 2012, up from $4.7 million at the end of 2011.
QUEBEC CITY, Oct. 18, 2012 /CNW Telbec/ - WANTED Technologies (TSXV: WAN), the leading source of business intelligence for the talent marketplace, reported today a 13 percent year over year increase in revenues and a second consecutive profitable quarter for fiscal 2012. The Company's annualized recurring revenue base also increased 34% during fiscal 2012, reaching $6.3 million in Canadian dollars as of June 30th, 2012. This compares to $4.7 million one year ago. All amounts are in Canadian dollars, unless otherwise indicated.
For the fiscal year ended June 30, 2012, WANTED posted revenues of $6,028,450 compared to $5,328,887 for the fiscal year ended June 30, 2011, an increase of $699,563 or 13%. This gain is the result of the Company's recent investments in new products and services to reach the larger market for Corporate Human Capital Management services.
Revenues derived from the combined Corporate and Staffing sectors increased 78% during fiscal 2012, and now represent 20% of the Company's fiscal 2012 revenue. At the close of the year, WANTED's products reached a total of 2,387 professionals from the Corporate and Staffing sectors, a gain of almost 1,700 professional users over the 700 reached a year ago.
Along with the strong growth in the reach of its products in the Corporate HR and Staffing sectors, WANTED's financial performance reflects the success of the product diversification strategy. The Company returned to profitability in the third and fourth quarters, with a net profit of $290,554 in the second half of the year.
"Our plan for the past two-and-a-half years has been to develop and deploy a new generation of business intelligence products for the talent marketplace," said Bruce Murray, President and CEO. "The financial performance in the second half of the year shows that we are on track."
The new product features released during the past year include detailed compensation data, estimates on the difficulty-of-hire and on the best locations to find high-potential candidates. Additionally, the Company leveraged its partnerships with leading providers of employment services to advance its position in the marketplace.
"Our clients are using our products to make more effective business decisions to recruit and retain the best talent for their organizations," said Murray. "By making their organizations more efficient, we are helping them save money and achieve their overall human capital objectives."
As of June 30, 2012, contracts in hand, in Canadian dollars, represented approximately $6.3 million dollars in annualized recurring revenues. This compares with contracts in hand totalling approximately $4.7 million dollars as of June 30, 2011, an increase of 34 percent. At the end of fiscal 2012, 61% of that recurring revenue base was supported by contracts from the Staffing, Corporate and Government sectors. This compares to 49% at the end of the previous fiscal year.
Operating costs went from $5,188,170 in fiscal 2011 to $5,460,655 in fiscal 2012, an increase of almost 5.2 percent. The increase mostly results from an increase in research and development expenses.
EBITDA of $465,868 for the year ended June 30th, 2012 represented a positive variation of $693,353 over the prior year. EBITDA represents the net income before finance costs-net (excluding gain or loss due to variation in foreign exchange), income taxes on net income, and amortization and impairment of property, plant and equipment and intangible assets. As International Financial Reporting Standards do not provide a standardized definition for this measure, it may not be comparable to similar measures used by other companies.
|Cost of sales||(575,478)||(714,655)|
|Research and development expenses||(2,073,842)||(1,837,760)|
|Marketing and selling expenses||(2,224,553)||(2,180,365)|
|Other financial expenses||(23,755)||(23,953)|
|Income (loss) before tax||46,011||(662,285)|
|Current tax expense||(137,897)||(80,759)|
|Deferred tax income||78,276||78,279|
|Net loss and total comprehensive loss for the year||(13,610)||(664,765)|
|Basic and diluted net loss per share||(0.001)||(0.028)|
The net loss for fiscal 2012 was $13,610, or $.001 per share, as compared to a net loss of $664,765 in 2011, or $.028 per share. This improvement mostly results from increases of $838,740 or 18% in gross margin and a positive variation of $142,041 in net finance income (loss). These positive variations were partially offset by an increase of $272,485, or 5.2%, in operating expenses.
Summary of financial results for the fourth quarter of 2012
During the fourth quarter of fiscal 2012, WANTED's total revenue amounted to $1,814,926, an increase of 26% over the $1,438,003 recorded for the corresponding quarter of the previous fiscal year. This also represents an increase of $304,378, or 20%, over the third quarter of fiscal 2012.
Net income for the fourth quarter of 2012 amounted to $273,460 (or $0.011 per share), compared with a net loss of $291,341 (or $0.012 per share) for the corresponding quarter in 2011, a positive variation of $564,801.
As at June 30, 2012, WANTED had $2,095,031 in cash and temporary investments, compared with $1,426,715 as at June 30, 2011. This increase of $668,316 in the Company's liquidity is mostly the result of improved profitability and positive variations in the working capital items.
As at June 30, 2012, total assets stood at $6,428,932 compared with $6,155,765 as at June 30,2011, an increase of $273,167. This increase results from increases in cash and temporary investments and tax credits receivable of $668,316 and $176,545 respectively. These increases were however partially offset by decreases of $233,192 in accounts receivable, $142,901 in property, plant and equipment, and $163,080 in intangible assets.
Those interested will be able to access the information on the June 30, 2012 audited consolidated financial statements, the notes thereto and the management discussion and analysis via the Internet at www.sedar.com and at the Company's website, www.wantedtech.com, as of Thursday, October 18th, 2012.
About WANTED Analytics™
WANTED Analytics™ helps recruiting organizations make better decisions faster with real-time business intelligence on jobs, employers, and talent. Analytics™ brings together, for the first time, years of hiring demand and talent supply data to create a true talent intelligence platform for hard-to-fill positions.
Clients in the staffing, HR, RPO, media, and government sectors use WANTED Analytics™ to find sales leads, analyze employment trends, gather competitive intelligence, forecast economic conditions, and source hard-to-fill positions.
About WANTED Technologies Corporation
WANTED Technologies (TSX-V:WAN) provides real-time business intelligence for the talent marketplace. Founded in 1999, the Company's headquarters are in Quebec City, Canada, and it maintains a US-based subsidiary with primary offices in New York City. WANTED began collecting detailed Hiring Demand data in June 2005, and currently maintains a database of more than 600 million unique job listings. For more information or to sample WANTED's services, visit www.wantedanalytics.com.
WANTED is also the exclusive data provider for The Conference Board's Help Wanted OnLine Data Series®, the monthly economic indicator of Hiring Demand in the United States.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Any statement that appears prospective shall not be interpreted as such.
SOURCE: WANTED TECHNOLOGIES CORP.For further information:
Mr. Bruce Murray, President and CEO
Tel: (418) 523-6663, ext. 222
Mr. Martin Auclair, VP Finance and CFO
Tel: (418) 523-6663, ext. 337