TORONTO, April 26 /CNW/ - Selient Inc. (TSX Venture: HTI), announced
today its financial results for the quarter ended March 31st, 2007.
First Quarter Results: (three months ended March 31, 2007 compared with
---------------------- the three months ended March 31, 2006)
- Sales were $653,965 compared with $872,307
- Expenses were $589,586 compared with $739,550 (decrease of
$149,963 or 20%)
- EBITDA(*) was a profit of $37,154 compared with a profit of
- A net profit of $10,019 compared with a profit of $59,620 (xx)
- Earnings per share of $0.00 basic and fully diluted for both
(*) Earnings Before Interest, Taxes, Depreciation, Amortization and
(xx) Includes net other income of $23,000 and $13,000 for Q1 2007 and
Bryan McCaw, President & CEO stated, "Our first quarter marks our third
consecutive profitable quarter and is a direct result of the restructuring we
undertook last year. Our quarterly expenses are 20% lower than they were for
the corresponding quarter a year ago while our recurring revenue is up by the
same amount. In the first quarter our recurring revenue was $369,426 which
covered almost 58% of our costs. Recurring revenue is 20% higher than it was
for the first quarter one year ago."
Mr. McCaw continued, "Since our restructuring in the second quarter of
last year our revenue has steadily increased quarter over quarter.
Correspondingly, our costs are far lower than they were a year ago. Going
forward, we expect growing revenue contributions from new product sales and
increasing recurring revenue without any significant increase to our current
First quarter highlights:
- The Credit Union Electronic Account Management Services Association
(CEAMS) renewed its ProLender services agreement. The three-year
agreement, valued at over $1M, is structured as recurring revenue,
and covers ProLender maintenance, hosting and support for
Saskatchewan Credit Unions represented by CEAMS.
- The sale of ProLender Business Edition, Small Business Application to
Alterna Savings and Credit Union, an institution with approximately
$1.7B in assets based in Ontario.
- The sale of ProLender Business Edition to Columbia Valley Credit
Union, an institution with approximately a $120M in assets based in
- The sale of ProLender to Lake View Credit Union, an institution with
approximately a $185M in assets based in British Columbia.
- A strategic alliance and reseller agreement with Smart Solution and
Zetetic Data Systems.
About Selient Inc.
Selient Inc. specializes in providing financial institutions with access
to Internet-delivered lending software via the Software-As-A-Service model.
The Company's offerings include ProLender, a consumer loan origination system;
ProLender Business Edition, a commercial lending system and
DecisionAssistant(TM), a credit risk decisioning tool. ProLender is the most
prevalent lending solution with Canadian financial institutions. The common
shares of Selient are listed on the TSX Venture Exchange under the symbol HTI.
More information is available at www.selient.com.
For further information:
For further information: Selient Inc., Bryan McCaw, President & CEO,
(416) 234-0098 x 212, Bryan.McCaw@selient.com; or Selient Inc., Bob MacBean,
CFO, (416) 234-0098 x 213, Bob.MacBean@selient.com