MONTREAL, Nov. 27 /CNW/ - Aptilon Corporation ("Aptilon" or the "Company") (TSX-V: APZ), a leader in online marketing to physicians and healthcare professionals, today announced its financial results for the three and nine months ended September 30, 2009. Financial references are in CDN dollars unless otherwise indicated. Complete financial statements and MD&A are available on SEDAR at www.sedar.com.
Q3 2009 Summary
- Revenues reached $3.71 million, compared to $1.66 million in
- Gross profit totaled $2.3 million compared to $1.1 million in Q3 2008
- YTD 2009 gross margin 69% compared to 66% in YTD 2008
- Net loss totaled ($613,760) (including $674,558 in non-cash
charges(1)) compared to ($1.4 million) (including $357,141 in non-
cash charges(1)) in Q3 2008
- Generated positive net cash flow from operations of $60,798 (before
net change in non cash working capital item of ($25,771))
For the third quarter of 2009 revenues increased to $3,719,750 compared to $1,667,692 for the same period a year ago, an increase of 123%. Revenues for the first nine months of 2009 totaled $9,597,386 compared to $5,342,556 for the first nine months of 2008, an increase of 80%. Revenue in the period reflects a broader base of customers and growth in the size of enterprise customer initiatives.
Gross profit for the three-month period ended September 30, 2009 was $2,342,169 or 63% of revenue compared to $1,103,203 or 66% of revenue for the three months ended September 30, 2008. For the nine months ended September 30, 2009 gross profit increased to $6,579,332 or 69% of revenue compared to $3,369,780 or 63% of revenue for the same period in 2008. Gross margin improvements are primarily a result of increased operational efficiencies combined with the greater number of ongoing projects.
Sales and marketing expenses for the third quarter of 2009 totaled $1,259,905 compared to $1,246,975 for the third quarter of 2008, an increase of 1%. For the nine-month period ended September 30, 2009, sales and marketing expenses totaled $3,791,973 compared to $4,199,418 in the same period of 2008, a decrease of 10%.
General and administrative ("G&A") expenses for the third quarter of 2009 increased by 5% to $724,927 compared to $688,830 in the third quarter of 2008. G&A expenses for the first nine months of 2009 totaled $2,156,242 compared to $2,193,031 in same period of 2008, a decrease of 2%.
Overall, operating expenses increased 2%, from $2,556,489 for the three months ended September 30, 2008 to $2,617,451 for the three months ended September 30, 2009. For the nine months ended September 30, 2009, the reduction in operating expenses amounted to $36,789 or 2% compared to the nine months ended September 30, 2008. The decrease in expenses is due to ongoing Company-wide efforts to improve efficiency.
In the quarter ended September 30, 2009, the Company generated positive cash-flow from operations of $60,798 (before net change in non cash working capital item of ($25,771). In the year prior period, cash flows used in operating activities totaled ($1,045,869).
Net loss for the three months ended September 30, 2009, was ($613,760) or ($0.0036) per share compared to ($1,403,010) or ($0.0832) per share for the comparable period a year ago. Net loss for the first nine months of 2009 was ($1,528,389) or ($0.0090) compared to ($4,893,542) or ($0.0225) per share in the same period a year ago. The reduction reflects the successful implementation of a plan to streamline operations and reduce expenses combined with the increase in revenue for both periods.
As at September 30, 2009, the Company's working capital position includes the short-term portion of a promissory note payable in connection to the previously announced business acquisition. Working capital totaled ($1,638,748) including cash and cash equivalents of $686,227 compared to $2,370,848 in working capital, which included cash and cash equivalents of $1,510,759, at December 31, 2008.
The Company had 203,919,399 common shares outstanding (fully diluted) at November 27, 2009.
AxcelRx(SM) and ReachNet(SM) are service marks of Aptilon Corporation.
(1) Non-cash charges consist of amortization, stock based compensation,
accreted interest and unrealized foreign exchange loss
About Aptilon Corporation
Aptilon enables pharmaceutical, biotech and medical device companies to effectively reach and interact with physicians and healthcare professionals via the Internet through its innovative AxcelRx(SM) service, ReachNet(SM) healthcare professional access network and licensed access to over sixty professional databases. Top US pharmaceutical and healthcare companies have adopted Aptilon's solutions to improve their sales and marketing efforts to reach leading physicians and allied healthcare professionals on-line. Aptilon provides the necessary infrastructure for companies to build physician awareness, understanding, and product preference during all stages of a product's life cycle; from pre-launch education through end stage support. For more information, visit www.aptilon.com.
This news release contains forward-looking information. These statements relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management of Aptilon. A number of factors could cause actual events, performance or results to differ materially from the events performance and results discussed in the forward-looking statements. These forward-looking statements are made as of the date hereof and Aptilon does not assume any obligation to update or revise them to reflect new events or circumstances.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE DMD Digital Health Connections Group Inc.
For further information: For further information: Denis Martineau, President, Aptilon Corporation, 1-888-544-8866, firstname.lastname@example.org; Ross Marshall, Investor Relations, The Equicom Group, (416) 815-0700 ext. 238, email@example.com; For U.S. Media: Mark Gleason, Aptilon Corporation, (847) 331-8628, firstname.lastname@example.org; For Canadian Media: Coriena Riendeau, Aptilon Corporation, 1-888-544-8866, email@example.com