WANTED Technologies reports record revenue of $7.2 million and profits of $1.4 million ($0.057 per share) for the year ended June 30th, 2013

FY2013 annual revenues up 20% at $7.2 million

  • Net income of $1,362,555 ($0.057 per share) for fiscal 2013 compared to a net loss of $13,610 ($0.001 per share) for fiscal 2012.

  • Record quarterly results with revenues of $2,125,294, EBITDA of $635,558 and net income of $541,333 for the fourth quarter of fiscal 2013.

  • Revenues of $7,231,219 for fiscal 2013 compared to $6,028,450 for fiscal 2012, a 20% increase or $1,202,769.

  • EBITDA of $1,816,907 for fiscal 2013 (25% of revenue), an increase of $1,351,039 over prior year.

  • Growth of 16% in the Company's recurring revenue base in US dollars, from an annualized value of US$6.2 million as of June 30th, 2012 to US$7.2 million as of June 30th, 2013.

QUEBEC CITY, Oct. 24, 2013 /CNW Telbec/ - WANTED Technologies (TSXV: WAN), the leading source of business intelligence for the talent marketplace, reported today a 20 percent year over year increase in revenues and record net income of $1,362,555 or $0.057 per share for fiscal 2013. The Company's annualized recurring revenue base increased 16% during fiscal 2013, reaching $7.2 million in US dollars as of June 30th, 2013. This compares to $6.2 million one year ago. All amounts are in Canadian dollars, unless otherwise indicated.

For the fiscal year ended June 30, 2013, WANTED posted revenues of $7,231,219 compared to $6,028,450 for the fiscal year ended June 30, 2012, an increase of $1,202,769 or 20%. These results reflect the successful strategy to diversify the client base and to enter the large market for cloud-based Human Capital management products. Revenues derived from the combined Corporate and Staffing sectors increased 75% during fiscal 2013, and now represent 30% of the Company's fiscal 2013 revenue. This revenue growth is, in part, evidence of an economy that continues to improve, which makes it increasingly difficult for employers and staffing firms to attract and retain talent. The Company's products are designed to enable recruiters identify candidates more efficiently, lowing recruiting costs and decreasing average time-to-hire.

"Our products are designed to be most effective in an economy where there is competition for the best talent," said Bruce Murray President and CEO.

"We provide information that is based on Supply and Demand for talent," said Murray. "We can show our clients where there are adequate numbers of employable candidates and where the competition for that talent is not as intense."

"Both Staffing firms and Corporate HR departments have a need to know in real-time where to put their recruiting resources," said Murray. "As the economy continues to expand, we expect to see the competition for talent intensify and demand for our products increase."

As of June 30, 2013, contracts in hand, in Canadian dollars, represented approximately $7.4 million dollars in annualized recurring revenues. This compares with contracts in hand totalling approximately $6.3 million dollars as of June 30, 2012, an increase of 17 percent. At the end of fiscal 2013, 68% of that recurring revenue base was supported by contracts from the Staffing, Corporate and Government sectors. This compares to 61% at the end of the previous fiscal year.

Overall operating costs remained stable during fiscal 2013, going from $5,460,655 in fiscal 2012 to $5,421,330 in fiscal 2013, a decrease of approximately one percent. A decrease of $272,084 in Marketing and selling expenses during fiscal 2013 was partially offset by an increase of $250,423 in research and development expenses dedicated to continuous product improvement and the development of new product features targeting the Human Capital Sector.

EBITDA of $1,816,907 for the year ended June 30th, 2013 represented a positive variation of $1,351,039 over the EBITDA of $465,868 recorded in 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.

Net income for fiscal 2013 was $1,362,555, or $0.057 per share, an improvement of $1,376,165 over the net loss of $13,610 recorded in fiscal 2012, or ($.001) per share. This improvement mostly results from an increase of 24 % or $1,285,985 in gross margin. A reduction of $39,325 in operating expenses combined with an increase of $34,180 in net finance income also contributed to the improvement in net income in fiscal 2013.

  2013   2012
  $   $
Revenues 7,231,219   6,028,450
Cost of sales (492,262)   (575,478)
Gross Margin 6,738,957   5,452,972
  Research and development (2,324,265)   (2,073,842)
  Marketing and selling (1,952,469)   (2,224,553)
  Administrative (1,126,251)   (1,138,322)
  Other financial expenses (18,345)   (23,755)
  Other     (183)
  (5,421,330)   (5,460,655)
Operating income (loss) 1,317,627   (7,683)
Finance income 96,046   66,014
Finance costs (8,172)   (12,320)
Income (loss) before tax 1,405,501   46,011
Current tax expense (121,222)   (137,897)
Deferred tax income 78,276   78,276
Net income (loss) and comprehensive income (loss) 1,362,555   (13,610)
Net income (loss) per share :      
  Basic and Diluted 0.057   (0.001)


Summary of financial results for the fourth quarter of 2013

During the fourth quarter of fiscal 2013, WANTED's total revenue amounted to $2,125,294, an increase of 17% over the $1,814,926 recorded for the corresponding quarter of the previous fiscal year.

Net income for the fourth quarter of 2013 amounted to $541,333 (or $0.022 per share), compared with a net income of $273,460 (or $0.011 per share) for the corresponding quarter in 2012, a positive variation of $267,873.

EBITDA for the fourth quarter of fiscal 2013 was $635,558, representing 30% of revenues, an improvement of $240,880 over the fourth quarter of previous year. The EBITDA of $394,678 for the fourth quarter of fiscal 2012 represented 22% of revenues.

Financial position

As at June 30, 2013, WANTED had $3,101,798 in cash and temporary investments, compared with $2,095,031 twelve months earlier. This increase of $1,006,767 in the Company's liquidity is the mostly the result of improved profitability, resulting in $1,329,658 in positive cash flows being generated during fiscal 2013 from operating activities. Positive cash flows from operating activities were however partially offset by cash used for investing and financing activities of $47,334 and $281,722 respectively.

As at June 30, 2013, total assets stood at $7,658,548 compared with $6,428,932 as at June 30, 2012, an increase of $1,229,616. This increase mostly results from increases in cash and temporary investments and trade and other receivables of $1,006,767 and $441,520 respectively. The increase in trade and other receivables being mostly driven by higher sales and timing in collection. These increases were however partially offset by decreases of $56,155 in tax credits receivable, $12,758 in prepaid expenses, and $163,080 in intangible assets resulting from amortization.

Those interested will be able to access the information on the June 30, 2013 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 24th, 2013.

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 800 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

Profil de l'entreprise

Wanted Technologies Corp.

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