OTTAWA, Jan. 31 /CNW Telbec/ - In-Touch Survey Systems Ltd. ("In-Touch"
TSX-Venture: INX) is pleased to provide shareholders and investors guidance on
its 2007 financial performance - a record year. These unaudited numbers are
approximate, and intended to provide general guidance on our 2007 results.
Consistent with prior years, In-Touch will release audited financial
statements later in Spring 2008.
Aided by strong fourth quarter sales, annual revenues are expected to be
in the range of $5.05-$5.1 million - approximately a 40% increase over 2006
revenues of $3,632,304. Operating income increased roughly 200% to $140,000 in
2007 compared to net loss of $145,542 in 2006. Since 2004 the Company has been
developing new survey hardware and late in 2007 it has decided to no longer
use the older technology which has been in the field since 1997. The result of
this decision as well as a general house cleaning of other impaired assets is
a one-time extraordinary $260,000 write-down of assets. After combining
operating income with the one-time write-down of end-of-life assets the
company expects a net loss of roughly $120,000 for 2007.
"2007 saw sales growth in all areas of our product portfolio - especially
in the United States. Growth is coming from large Fortune 1000 customers who
need mobile data collection technology that can be rapidly deployed with near
real-time uploading and reporting capabilities. In-Touch is the leading
provider in this market. Real-time data integration with our Fortune
1000 customers is a burgeoning area of core competence for In-Touch. Our
customers want to collect feedback from their customers anywhere, anytime and
in many cases In-Touch is trusted to connect and deliver that information
directly into their corporate CRM system," said Michael Gaffney, Chief
In-Touch has also received approval from the TSX and has closed the
private placement previously announced on January 17. These shares are subject
to a four month hold period, which expires on May 17, 2008. "This small
placement from employees was warmly received by the company as a message of
confidence," said Gaffney.
Certain statements included in this news release contain forward looking
statements, which by their nature are necessarily subject to risks and
uncertainties and other factors that may cause actual results, performance or
achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such statements reflect the Company's current
views with respect to future events, and are based on information currently
available to the Company and on hypotheses which it considers to be
reasonable; however, management warns the reader that hypotheses relative to
future events which are beyond the control of management could prove to be
false, given that they are subject to certain risks and uncertainties.
Detailed financial statements and Management's Discussion and Analysis
can be found on www.sedar.com.
The TSX Venture Exchange has not reviewed the foregoing and has neither
approved or disapproved the contents of this press release.
For further information:
For further information: Michael J. Gaffney, Chief Executive Officer,
(613) 270-7911, firstname.lastname@example.org