TORONTO, April 26 /CNW/ - Selient Inc. (TSX Venture: HTI) announced today
its financial results for the year ended December 31, 2006.
Year End Highlights: (twelve months ended December 31, 2006 compared
-------------------- with the twelve months ended December 31, 2005)
- Sales were $2,514,493 compared with $2,630,607
- Expenses were $2,737,431 compared with $3,646,068 (a 25% decrease)
- EBITDA(*) was a loss of $357,699 compared with a loss of $1,184,606
(a $827,000 improvement).
- Net other expenses increased to $520,000 from $79,000 largely due to
one-time restructuring costs of $316,000, debenture interest expense
of $100,000 and shareholder loan interest of $9,600.
- Net loss for the year was $877,927 compared with a loss of $1,263,295
(a $385,368 improvement).
- Loss per share of $0.04 basic and fully diluted compared with a loss
per share of $0.06 basic and fully diluted.
(*) Earnings before interest, taxes, depreciation, amortization and extra
Bryan McCaw, President & CEO stated, "Fiscal 2006 was a challenging year
for Selient as we went through a major restructuring mid-year which positioned
us for sustained profitability. Our exit from the US market and related
one-time expenses did take a toll on our profitability during the entire year.
However, an examination of our performance in the second half of the year will
note a return to profitability in the third and fourth quarters. Our recurring
revenue grew to cover 45% of our costs in 2006, compared with only 30% in
Mr. McCaw continued, "Going forward we are exclusively focused on the
Canadian market. We have a market leading product in ProLender. We are
experiencing strong interest in ProLender Business Edition.
DecisionAssistant(TM) is installed at multiple financial institutions
providing significant, measurable benefits. With a dramatically lowered cost
base, in demand products and a recurring revenue model, we are well positioned
for sustained and growing profitability."
Fiscal 2006 highlights include:
- ProLender usage increased from 161,838 loan applications in 2005 to
177,657 loan applications in 2006.
- Signed five new customers to ProLender Business Edition
- Signed four new customers to ProLender
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