VANCOUVER, April 27, 2012 /CNW/ - Santa Rosa Resources Corp (TSXV: STR.H) today announced its quarterly and annual results for the period ended December 31, 2011. The financial statements were prepared in accordance with International Financial Reporting Standards.
For the year ended December 31, 2011 revenue of $3.16M was down 2% from revenue from $3.23M reported in 2010. Net loss increased by 2% to $1.68M in 2011 compared to $1.68M in the previous year.
For the three months ended December 31, 2011, revenue totaled $810K, a 13% increase from $719K in the corresponding quarter in 2010. This increase in revenue is from higher SaaS Revenue of $103K or 67%, offset by a decline in ISP revenue of $12K, or 2%. The net loss for the quarter was $709K, a 13% increase from the $628K loss incurred in Q4 2010. This increase is primarily due to higher debt financing charges, legal transaction costs, and product development personnel costs.
David Roberts, President and CEO said "On March 30, 2012, the shareholders of Santa Rosa Resources Corp (formerly Monexa Technologies Corp) voted in favour of the sale of the operating subsidiary Monexa Services Inc. Shareholders also approved the name change to Santa Rosa Resources Corp. We are now seeking a new business to vend into the Company".
Garth Albright, CFO said "Santa Rosa Resources Corp will operate on a reduced scale as the Board of Directors and management work to arrange a new business opportunity for the Company. Following the sale of Monexa Services Inc, the debt, the accrued interest payable on the debt, the preferred shares and the accrued dividend payable to preferred shares have all been paid. This has cleaned up the balance sheet to make the Company suitable for a new business".
Achievements in 2011 (before the sale of Monexa Services Inc):
- Revenues of $3.16M for the year ended December 31, 2011, represent a 2% decrease, or $74.5K, from the $3.23M recognized for the year ended December 31, 2010.
- Gross margin increased to 62% in the current year, as compared to 53% in 2010.
- Operating expenses increased by $69K to $3.2M in 2011 vs. $3.1M for 2010. This was primarily driven by increased expenditures on product development., legal costs in respect to the transaction which were offset by a decrease in marketing spending,
- Net loss of $1.68M increased by 2% over the previous year's net loss of $1.64M.
At the Company's Annual General Meeting held on March 30, 2012 the Shareholders approved a special resolution and a separate ordinary resolution of disinterested shareholders approving a related party transaction involving the sale of all of the shares help in the capital of Monexa Services inc., a wholly-owned subsidiary of the company, pursuant to a share purchase agreement dated February 17, 2012.
On March 31, 2012 Monexa Technologies Corp. applied for and received approval to change its name to Santa Rosa Resources Corp. and began trading under the symbol STR.
The quarterly and year-end results, including the audited Consolidated Financial Statements and Management Discussion and Analysis, are available at www.sedar.com under Santa Rosa Resources Corp.
This news release contains forward-looking statements. Actual events or results may differ materially from those described in the forward-looking statements due to a number of risks and uncertainties, including changes in financial and product market conditions. Forward-looking statements are based on management's estimates, beliefs, and opinions. The Company assumes no obligation to update forward-looking statements, other than as may be required by applicable law.
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.
For further information:
Garth Albright CFO D: 604.630.5657
Investor Relations [email protected]