Rapid Solutions Corporation reports fiscal 2008 first quarter results

    Highlights second consecutive quarter of positive earnings

    CALGARY, Sept. 26 /CNW/ - Rapid Solutions Corporation (TSX-V: RPD), a
business process solutions focused software company targeting the petroleum
industry, today announced its financial results for the three months ended
July 31, 2007.
    The Company posted revenues of $1.5 million from consulting and licensing
of its software solutions for the quarter ended July 31, 2007, representing an
increase of 46% over the prior year.
    "We are operating our business on the basis of maintaining positive
margins while reinvesting earnings into our technology platform, reporting
modest net income for two sequential quarters," noted Michael Jones, Chief
Executive Officer of Rapid Solutions. "We continue to develop our software and
have enjoyed success in the US market."

    Key results, achievements and events for the quarter included:

    -   The Company achieved significant year-over-year revenue growth of 46%
        as a result of important strategic acquisitions and increases in both
        software and service revenue, fuelled by overall market strength and
        improved sales execution;

    -   The Company achieved sequential profitability in the fourth and first

    -   Revenue from software license and support fees increased by 99% year
        over year as the Company began to execute on its plan to leverage its
        consulting business channels to license software.

    Financial Highlights

    Revenue in the first quarter of 2008 was $1.5 million, an increase of 46%
over the same period a year earlier. The Company posted net income of $16,606
or $0.00 per share compared to a loss of $319,815 or $0.01 per share in the
same period last year. Typically, the summer months reflect lower seasonal
revenue; the Company anticipates this will be the case for the second quarter
while the Company focuses resource deployment on technology implementations.

    Summary of Results of Operations

    (thousands except per share amounts)          Three months ended July 31,
                                                         2007           2006
    Revenue                                           $ 1,511        $ 1,035
    Net income (loss)                                 $    17        $  (320)
    Net income (loss) per share - basic and diluted   $  0.00        $ (0.01)
    Outstanding shares, weighted average               35,173         31,220
    Outstanding shares, end of period                  35,173         35,173

    The complete Financial Statements and Management Discussion and Analysis
    can be found under the Company's Profile on www.sedar.com.

    About Rapid Solutions

    Rapid Solutions Corporation is the leading developer of Business Process
Solutions for the petroleum industry. Rapid implements solutions based on the
Workflow, Integration, and Notification cycle, enabling oil and gas companies
to optimize business processes, enhance productivity and improve data
management. Rapid's professional services business provides operations
assurance and maintenance management solutions to a range of clients in Canada
and the United States. The company also markets software applications for
conducting production forecasts and reserves determinations for conventional
and unconventional gas producers.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    Forward Looking Information

    This press release may contain forward-looking statements which may
include estimates, plans, expectations, opinions, forecasts, projections,
guidance or other statements that are not statements of fact; including
without limiting the generality of the foregoing, statements made by the Chief
Executive Officer. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, it cannot give
any assurance that such expectations will prove to be correct. Results of
Rapid may be affected by a variety of variables and risks associated with the
software and technology services industry such as loss of market, competition
from other software and technology and service providers, ability to access
sufficient debt and equity capital from internal and external sources, ability
to expand in the marketplace and to maintain present clientele, ability to
generate sufficient cash flow from operations to meet current and future
obligations and risks associated with potential future lawsuits and regulatory
actions made against the Company. Rapid's business is focused on the oil and
gas industry and is therefore subject to all of the risks associated with such
industry, including the highly cyclical nature of its economic returns.
Forward-looking statements are subject to certain risks and uncertainties and
may be based on assumptions that could cause actual results to differ
materially from those anticipated or implied in such statements. The Company's
forward-looking statements are expressly qualified in their entirety by this
cautionary statement. Unless otherwise required by applicable securities laws,
the Company does not intend nor does it undertake any obligation to update or
review any forward-looking statements to reflect subsequent information,
events, results or circumstances or otherwise.

    For further information on Rapid, go to www.rapid.com.

    %SEDAR: 00022777E

For further information:

For further information: Michael Jones, President and CEO, Rapid
Solutions Corporation, Telephone: (403) 451-3105, (713) 996-7979

Organization Profile


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