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Posera-HDX Announces Financial Results for Fiscal 2011 Reporting Net Income of $1,485,896
Mar 29, 2012 (05:03 PM EDT)
TORONTO, March 29, 2012 /PRNewswire/ - Posera-HDX Ltd. (TSX:HDX) (the Company) announced today its financial results for the three-months and year ending December 31st, 2011. HDX is listed on the TSX under the symbol "HDX".
Paul Howell, Chief Executive Officer, reports:
Sales and service revenues for the three-months and year ending December 31, 2011 were $4,812,109 and $17,699,771 respectively. This represents a quarterly decrease of 7.8% from $5,219,357 and an annual increase of 17.5% from $15,029,267 for the quarter and year ending December 31, 2010.
Excluding one-time expenditures related to acquisitions in both 2010 and 2011, the 2011 corporate reorganization, a 2011 tax judgment, the finalization of the share and warrant issuance in 2010, the completion of office build-outs and moving expenses in 2010, the Company achieved Normalized EBITDA profit for the year-ended December 31, 2011 of $1,206,023, compared to $567,608 for the year-ended December 31, 2010, an increase of $638,415 (112.5%).
Excluding the one-time expenditures discussed above, the Company achieved Normalized EBITDA profit for the three-months ended December 31, 2011 of $286,415, compared to $519,533 for the three-months ended December 31, 2010, a decrease of $233,118 (44.9%).
The Company's recent acquisitions expand the Company's product offering, widen the geographical footprint, and allow for focused integration efforts and complementary business activities which the Company expects to result in new revenue opportunities. The Company continues to pursue acquisitions within the point of sale and payments industries although none are specifically named at this time.
Annual Financial Highlights
Non-GAAP Reporting Measures: Management reports on certain non-GAAP measures to evaluate performance of the Company. EBITDA is a measure commonly reported and widely used by investors as an indicator of a company's operating performance and ability to incur and service debt, and as a valuation metric. While EBITDA has been disclosed herein to permit a more complete comparative analysis of the Company's operating performance and debt servicing ability relative to other companies, investors are cautioned that EBITDA as reported by Posera-HDX may not be comparable in all instances to EBITDA as reported by other companies. For definitions of Non-GAAP measures, refer to the Company's annual management discussion and analysis for the fourth quarter and fiscal 2011.
Additional information on HDX fourth quarter 2011 financial results will be available in the financial reports filed by the Company with Sedar at www.sedar.com and posted to the Investor Relations section of the Company's website at www.dexit.com.
About the Company
Posera-HDX is in the business of managing merchant transactions with consumers and facilitating payment. The company develops and deploys touch screen POS system software and associated enterprise management tools and has developed and deployed numerous POS applications. Posera-HDX also provides system hardware integration services, merchant staff training, system installation services, and post sale software and hardware support services.
Posera-HDX leading edge technology also includes prepaid stored value payments solutions, customer self serve kiosks and "line buster" mobile point of sale terminals. These products have been designed to dramatically enhance customer throughput and drastically reduce customer queues. These technologies are especially effective in high foot traffic environments that have limited cash register counter space, limited retail square footage, and the absence of a drive through.
Posera-HDX Ltd. develops, deploys, and supports a restaurant point-of-sale software know as "Maitre'D" which has been deployed in over 20,000 locations worldwide in eight different languages. The Company sells and services its clients directly, as well as through a network of approximately 113 value added reseller partners in 25 countries with approximately 1,100 representatives selling, supporting & installing its software. Posera-HDX employs approximately 137 people in offices in Toronto, London, Brantford, Mississauga, Seattle, Montreal, Glasgow (U.K.), Paris (France) and Singapore.
This discussion includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with our business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect HDX's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risks and Uncertainties" in the Annual Information Form to be filed on March 29th 2012 with the regulatory authorities. HDX assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.