OTTAWA, ONTARIO , a leading managed services provider of
solutions that MAXimize IT� availability and performance, today
announced results from operations for its first quarter ended
December 31, 2007.
Highlights - Q1
- Revenue was $3.8 million, down from $4.2 million last
year.
- Earnings before interest, taxes, depreciation and amortization
and foreign exchange (EBITDA) was $449,462 compared to $478,997
last year
- Net income was $68,512 compared to $119,759 last year
- Gross margin was 39%, compared to 41% last year
- Signed $5 million of new contracts and renewals
"We are pleased with the start of our fiscal 2008 year. In spite
of a significantly lower US dollar, compared with Q1 a year ago, we
recorded $449,462 in EBITDA and net income of $68,512" said Phil
Weaver, Nuvo's President and CEO. "We continued to have strong
bookings this quarter, with new orders and renewals totaling $5
million."
Q1 Financial Results
First quarter revenues were $3,833,521 compared with revenues of
$4,153,841 in the same period a year ago. First quarter IT
infrastructure management revenues were $3,309,007 compared to
$3,603,659 in the same period a year ago. Maintenance, support and
equipment revenues for the first quarter were $524,514 compared to
$550,182 in the same period a year ago.
Gross margins for the first quarter of fiscal 2008 were 39%
compared with 41% in the same period a year ago.
Earnings before interest, taxes, depreciation, and amortization
and foreign exchange (EBITDA) for the first quarter of fiscal 2008
was $449,462 compared to $478,997 in the same period a year
ago.
Net income in the first quarter of fiscal 2008 was $68,512
compared to $119,759 in the same period a year ago.
About NUVO
NUVO provides remote management and protection of IT
infrastructures for businesses worldwide to maximize the
availability of their computing infrastructure. NUVO enables our
customers to excel by delivering fully integrated, proactive
management services and business data. This provides the critical
information needed for effective analysis and decision-making to
maximize performance and control costs. NUVO achieves this through
certified experts, best-of-class technology, deep integration,
highly automated processes, and best practices in a 24x7, resilient
infrastructure.
Forward Looking Statements
Certain statements included in this press release are
forward-looking and are subject to certain risks and uncertainties.
The results or events predicted in these statements may differ
materially from actual results or events. Factors that may cause
results or events to differ from current expectations include, but
are not limited to, those set out on NUVO's website at
http://www.nuvo.com
CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
First Quarters Ended December 31, 2007 and 2006
(Unaudited)
Three Months Ended
December 31, December 31,
2007 2006
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Revenues
IT Infrastructure management $3,309,007 $3,603,659
Maintenance, support and equipment 524,514 550,182
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3,833,521 4,153,841
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Costs of revenues
IT Infrastructure management 2,031,761 2,096,278
Maintenance, support and equipment 319,009 346,347
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2,350,770 2,442,625
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Gross margin 1,482,751 1,711,216
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Selling and marketing 493,434 584,315
General and administration 504,631 580,324
Research and development 309,392 278,630
Stock-based compensation expense 18,770 27,000
Amortization of purchased intangibles 85,128 106,317
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1,411,355 1,576,586
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Operating income 71,396 134,630
Interest (expense) (2,884) (14,871)
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Net income for the period $68,512 $119,759
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Basic income per common share $0.00 $0.00
Diluted income per common share $0.00 $0.00
Weighted average number of common shares
used in:
Basic earnings per common share
calculation 30,970,439 30,970,439
Diluted earnings per common share
calculation 31,183,970 30,981,800
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CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31, 2007 September 30, 2007
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ASSETS
Current
Cash and cash equivalents $1,459,142 $1,884,758
Accounts receivable 2,307,202 2,568,605
Tax credits receivable 250,001 406,085
Unbilled receivables 197,794 97,095
Future income taxes 300,000 300,000
Prepaid expenses and other assets 820,310 639,774
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5,334,449 5,896,317
Other assets 290,144 292,521
Future income taxes 300,000 300,000
Property and equipment 3,215,430 2,975,582
Purchased intangibles 961,232 1,046,360
Goodwill 9,917,938 9,917,938
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$20,019,193 $20,428,718
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LIABILITIES
Current
Accounts payable and accrued
liabilities $1,805,350 $1,982,122
Deferred revenue 916,052 1,011,713
Current portion of long-term
obligations 507,223 664,355
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3,228,625 3,658,190
Long-term obligations 370,117 437,359
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3,598,742 4,095,549
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COMMITMENTS
SHAREHOLDERS' EQUITY
Share capital 24,527,812 24,509,042
Deficit (8,107,361) (8,175,873)
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16,420,451 16,333,169
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$20,019,193 $20,428,718
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The TSX Venture Exchange has neither approved nor disapproved
the content of this press release.
Contacts: NUVO Network Management Inc. Carl Smith Chief
Financial Officer 613-726-5036 csmith@nuvo.com
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