In-Touch Survey Systems Ltd. announces annual financial results with 17% revenue growth



    OTTAWA, May 28 /CNW Telbec/ - In-Touch Survey Systems Ltd. ("In-Touch"
TSX-Venture: INX) is pleased to announce that revenue grew by 17% to
$5,914,814 in FY 2008 compared to $5,060,576 in FY 2007. Net loss for 2008 was
$177,206 compared to a net loss of $225,797 in 2007. The company-defined
adjusted EBITDA was $351,000 in FY 2008, compared to an EBITDA of $425,000 in
FY 2007.
    "The economic downturn in the third and fourth quarter provided
significant challenges to the Company as revenues from its auto industry
customers and others were put under pressure. Coincident with the downturn, we
also made two acquisitions; NCI Mobility of Chicago and MarketLine Research of
Minneapolis. The cost of completing these acquisitions resulted in additional
pressure on our balance sheet", said Michael Gaffney, Chief Executive Officer.
    "Given the current economic environment, forecasting is challenging at
best. However, we do expect continued growth this year. Our revenue backlog
for 2009 is currently higher than the same period in 2008", said Gaffney.

    
    Consolidated Statements of Operations              2008             2007
                                             ---------------- ---------------

    Revenue                                   $   5,914,814    $   5,060,576

    Cost of services and goods sold               2,321,746        2,089,878
                                             ---------------- ---------------

    Gross profit                                  3,593,068        2,970,698

    Total operating expenses                      3,812,551        2,704,516
                                             ---------------- ---------------
                                             ---------------- ---------------
    Earnings (loss) before undernoted items        (219,483)         266,182

    Interest expense on short term debt             (20,658)         (68,603)
    Interest expense on long term debt              (94,803)         (44,636)
    Amortization of financing costs                 (18,581)         (23,273)
    Amortization of discount on promissory note     (55,019)         (51,735)
    Amortization of intangible asset                (34,123)         (19,044)
    Change in fair value of derivative               94,096          (60,212)
    Gain (loss) on foreign exchange                 119,055          (23,486)
    Gain on disposal of property and equipment       50,311           32,098
    Other income                                     22,000                -
    Impairment of property and equipment                  -         (233,088)
                                             ---------------- ---------------
    Net loss                                  $    (177,206)   $    (225,797)
                                             ---------------- ---------------
                                             ---------------- ---------------
    

    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.
    %SEDAR: 00007687E




For further information:

For further information: Karen McNaughton, Director of Marketing, (613)
270-7913, kmcnaughton@intouchsurvey.com

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In-Touch Survey Systems Ltd.

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