WANTED Technologies achieves 121% growth and continues to generate strong profits for first quarter of fiscal 2008



    
    - Revenues for first quarter of fiscal 2008 up 121% from first quarter
      of 2007
    - Revenues for first quarter of fiscal 2008 up 73% from fourth quarter
      of 2007
    - Net earnings of $113,404, or 7.8% of revenues, compared to $15,834,
      or 2.4% of revenues for the first quarter of fiscal 2007
    

    QUEBEC CITY, Nov. 28 /CNW Telbec/ - WANTED Technologies Corporation
("WANTED" or the "Company") (TSX Venture: WAN - News), a leading supplier of
real-time sales and business intelligence solutions for the recruitment and
media classified industries, reported its results today for the first quarter
of fiscal 2008 ended September 30, 2007. All amounts are in Canadian dollars,
unless otherwise indicated.

    Summary of Financial Results for the First Quarter of Fiscal 2008

    Revenues for first the quarter ended September 30, 2007 were $1,447,989,
up 121% from $656,345 for the same quarter last year. This significant growth
in revenues is the result of joint marketing and selling of the new
WANTED-Corzen business solutions. These results reflect the newspaper market's
appreciation for the new WANTED value proposition and marketplace leadership
for real-time business and sales intelligence solutions. The recently acquired
Corzen Inc. contributes significantly in generating additional revenues.

    
                                                    Three-month period ended
                                                        September 30, 2007
                                                    -------------------------
                                                    2007-09-30    2006-09-30
                                                    (unaudited)   (unaudited)
                                                             $             $
    Revenues                                         1,447,989       656,345

    Expenses
      Research and development expenses,
       net of tax credits                              405,777       200,724
      Marketing and selling expenses                   383,079       231,498
      Administrative expenses                          328,930       204,372
      Amortization of intangible assets                 52,312             -
      Financial expenses (revenue), net amount          23,454          (576)
                                                    -----------   -----------
                                                     1,193,552       636,018
    Earnings before other items                        254,437        20,327
    Other items:
      Exchange loss                                    (34,028)       (4,493)
      Stock-based compensation                        (107,005)            -
                                                    -----------   -----------
    Net earnings                                       113,404        15,834
                                                    -----------   -----------
                                                    -----------   -----------

    Basic and diluted net earnings per share             0.005         0.001
    Weighted average number of shares outstanding   24,041,616    20,598,542
    -------------------------------------------------------------------------
    

    The Company's operating expenses for the first quarter of fiscal 2008
were $1,193,552, up 88% from $636,018 in the first quarter of fiscal 2007.
This increase is directly related to absorbing the cost structure of recently
acquired Corzen Inc. and will strengthen WANTED's overall operating
infrastructure capabilities. This increase in operating expenses is also due
to expanding our operating capability, taking future growth into
consideration.
    The net earnings for the first quarter of fiscal 2008 amounted to
$113,404 ($0.005 per share) compared to net earnings of $15,834 ($0.001 per
share) for the corresponding quarter of fiscal 2007. This favourable variation
of $97,570 is partly attributable to a 121% revenue increase, partially offset
by an 88% operating expenses increase. WANTED also absorbed a $34,028 exchange
loss for the first quarter of fiscal 2008 compared to $4,493 in the first
quarter of the previous year. A charge attributed to stock options for an
amount of $107,005 also negatively affected the net earnings of the first
quarter of fiscal 2008.

    Financial position

    As at September 30, 2007, WANTED had working capital of $1,218,064 when
compared to $346,890 as at June 30, 2007. Cash and short-term investments
stood at $1,254,394 as at September 30, 2007 compared to $645,231 as at June
30, 2007. The increase in working capital as well as in cash and short-term
investments is mainly due to the conclusion of the long-term financing of
$750,000, plus increases in the trade accounts receivable and the tax credits
receivable. Accounts payable and accrued liabilities were reduced
significantly to $647,034 as at September 30, 2007, from $930,712 as at June
30, 2007. This reduction is mainly due to disbursements related to acquisition
expenses of Corzen. Total assets were at $5,574,206 as of September 30, 2007,
up $569,606 from $5,004,600 as of June 30, 2007. The increase in total assets
is mainly due to a long term financing of $750,000 concluded in July 2007.
Compared to June 30, 2007, property, plant and equipment, as well as
intangible assets decreased by $7,693 and $52,312 respectively, mostly as a
result of amortization expenses recorded during the first quarter of fiscal
2008.
    "We are very pleased with the customer and marketplace synergies created
through the acquisition of Corzen Inc. The financial results for our first
quarter of fiscal 2008 offer proof that our customers are realizing the
benefits of WANTED's real-time market research and sales intelligence
solutions," said Scott Burton, President and Chief Executive Officer of
WANTED.
    Those interested will be able to access the information on the September
30, 2007 unaudited consolidated financial statements, the notes thereto and
the management discussion and analysis via the Internet at www.sedar.com and
on the Company's website, www.wantedtech.com, as of Wednesday, November 28,
2007.

    About WANTED Technologies

    WANTED Technologies is a leading provider of real-time sales and business
intelligence solutions for the staffing and recruitment, real estate, and
media classified advertising industries.
    WANTED's proprietary technology and services deliver enriched market
research and customer information, helping clients improve their advertising
sales performance.
    WANTED Technologies is also the exclusive data provider for The
Conference Board's Help-Wanted Online Data Series(TM), a monthly economic
indicator of job availability 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.
    %SEDAR: 00022769EF




For further information:

For further information: Mr. Scott E. Burton, President and CEO,
1-866-451-2151 ext. 222; Mr. Martin Auclair, CA, Vice President Finance & CFO,
(418) 523-6663 ext. 337; Source: WANTED Technologies Corp.

Organization Profile

WANTED Technologies Corp.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890