TORONTO, Nov. 13 /CNW/ - Selient Inc. (TSX Venture: HTI), announced today
its financial results for the quarter ended September 30th, 2007.
Third Quarter Results: (three months ended September 30th, 2007 compared
---------------------- to the three months ended September 30th, 2006)
- Sales were $593,118 compared to $589,476
- Expenses were $514,146 compared to $674,197
- EBITDA(*) was a profit of $52,158 compared to a loss of $117,193
- A net profit of $19,523 compared to $17,743(xx)
- Profit per share of $0.00 basic and fully diluted for both periods
Nine Month Results: (nine months ended September 30, 2007 compared
------------------- to the nine months ended September 30, 2006)
- Sales were $1,910,475 compared to $1,877,953
- Expenses were $1,687,749 compared to $2,191,931
- EBITDA(*) was a profit of $142,901 compared to a loss of $410,468
- A net profit of $72,666 compared to a net loss of $894,440
- Profit per share of $0.00 basic and fully diluted compared to a loss
per share of $0.04 basic and fully diluted
(*) Earnings Before Interest, Taxes, Depreciation, Amortization and
other income and expenses.
(xx) Includes net other expenses for Q3 of 2007 of $32,635 (2006 net
other income of $134,936).
Bryan McCaw, President & CEO stated, "The third quarter of 2007 marks our
fifth consecutive profitable quarter. While total sales remained relatively
constant compared to the third quarter to 2006, recurring revenue was up 20%
over the same period last year and expenses were down by 23% over the same
period last year. As a result, recurring revenue as a percentage of costs
increased from 44% in the third quarter of 2006 to 67% in the third quarter of
2007. This increase is primarily due to the Company's revised pricing
strategy, strong product suite and our continued effort to manage costs."
Some of the quarterly highlights were:
- Dundalk District Credit Union of Dundalk, Ontario, with approximately
$34M in assets, signed a five year contract for the use of ProLender
- Bayview Credit Union of St. John, New Brunswick, with over $200M in
assets, signed a five year contract for the use of ProLender
Subsequent to the end of the quarter, on October 19, 2007 CRI Canada
Inc.'s affiliate, Canadian Premier Holdings, Ltd., and Selient announced
signing an agreement for Selient to be acquired for $.1725 CDN per share
outstanding, with the expectation that the date of close will be on or around
December 18th, 2007. Mr. McCaw said, "Both companies bring state-of-the-art
technology and a keen understanding of the marketplace to this relationship. I
am confident clients of both product lines will benefit from our combined
expertise and look forward to the partnership."
Subject to shareholder and regulatory approval, the above-mentioned
acquisition brings to a close a year-long process of assessing various
strategic options to maximize shareholder value. The Special Committee and the
Board of Directors after considering a number of factors concluded that the
above offer is in the best interests of Selient Shareholders and
About Selient Inc.
Selient Inc. provides financial institutions with Internet-delivered
lending software via the Software as a Service (SaaS) model. The Company's
offerings include ProLender, a consumer loan origination system; ProLender
Business Edition, a commercial and agricultural lending system and Decision
Assistant(TM), a credit risk decisioning tool. ProLender is a leading loan
origination system in the Canadian financial institution market. The common
shares of Selient are listed on the TSX Venture Exchange under the symbol HTI.
More information is available at www.selient.com.
For further information:
For further information: Selient Inc., Bryan McCaw, President & CEO,
(416) 234-0098 x212, Bryan.McCaw@selient.com; Selient Inc., Bob MacBean, CFO,
(416) 234-0098 x213, Bob.MacBean@selient.com