Route1 Reports 2009 Second Quarter Financial Results>
Route1 Reports 2009 Second Quarter Financial Results
(Thomson Reuters ONE) - - Reports record revenue and generates positive cash flow- Delivers DEFIMNET to US Government's Department of HomelandSecurity- Starts delivering on Qwest Government Services' commitment topurchase 30,000 MobiKEY devices and 30,000 TruOFFICE subscriptionsvalued at approximately US$8 MillionTORONTO, ONTARIO--(Marketwire - July 20, 2009) - Route1 Inc.("Route1") (TSX VENTURE: ROI), the trusted provider of security andidentity management network solutions, today reported its 2009 secondquarter financial results as at and for the three and six monthsended June 30, 2009.For the three months ended June 30, 2009, Route1 reported recordrevenue of $1,583,319, representing an increase of $1,398,383 or 657%from $184,936 for the same period in 2008. Gross margin increased by$675,262 for the period to $677,654 or 43% of total revenue versus$2,392 or 1% of total revenue in same period in 2008. Operatingexpenses decreased by 24% or $404,733 for the period to $1,300,249versus $1,704,982 in the corresponding period in 2008. Net lossimproved by $1,060,494 for the period to $619,650 or $nil per share,compared to a net loss of $1,680,144 or $nil per share for the sameperiod in 2008.For the six months ended June 30, 2009, Route1 reported recordrevenue of $2,021,838, representing an increase of $1,642,605 or 433%from $379,233 for the same period in 2008. Gross margin increased by$975,543 for the period to $995,636 or 50% of total revenue versus$20,093 or 5% of total revenue in same period in 2008. Operatingexpenses decreased by 24% or $831,883 for the period to $2,565,524versus $3,397,407 in the corresponding period in 2008. Net lossimproved by $1,748,986 for the period to $1,563,708 or $nil pershare, compared to a net loss of $3,312,694 or $0.01 per share forthe same period in 2008."I am extremely pleased with our progress in the second quarter, withrecord revenue, and activated keys in the hands of our largecustomers," noted Andrew White, President and CEO Route1. "Wecontinue to execute on delivering our ground breaking identity-basedservices and technology to the US Department of Homeland Security andQwest, as well as other international governments and organizations.The growing adoption of Route1's technology has given us strongmomentum as we have entered the third quarter."As at June 30, 2009, Route1 had cash amounting to $1,244,369 comparedto $755,136 at March 31, 2009. On January 7, 2009, Route1 announcedQwest Government Services Inc. commitment to purchase in 2009, aminimum of 30,000 MobiKEY(TM) devices and 30,000 TruOFFICE(TM)subscription-based services, which is valued at approximately US$8.0million. Route1 delivered approximately 2,000 MobiKEY devices and2,000 TruOFFICE subscriptions valued at approximately US$500,000 inthe second quarter. The remaining amount will be delivered in thethird and fourth quarters of 2009.Currently, the share capital consists of 350,388,115 common sharesand 400,954,564 common shares on a basic and fully diluted basis,respectively.(in thousands of Canadian dollars, except per share -------------------------------------------- amounts) As at and for the three months ended -------------------------------------------- Change June 30, June 30, ------------------ 2009 2008 $ %---------------------------------------------------------------------------STATEMENT OFOPERATIONS---------------------------------------------------------------------------Revenues Devices $ 1,017 $ 55 $ 962 1749% Services 566 130 436 335--------------------------------------------------------------------------- Total revenues 1,583 185 1,398 756Cost of revenues 905 183 722 395---------------------------------------------------------------------------Gross margin 678 2 676 N.M.---------------------------------------------------------------------------Operating expenses General administration 462 714 (252) (35) Research and development 473 543 (70) (13) Selling and marketing 337 386 (49) (13) Amortization 29 62 (33) (53)--------------------------------------------------------------------------- Total operating expenses 1,301 1,705 (404) (24)---------------------------------------------------------------------------Loss before undernoted (623) (1,703) 1,080 64 Interest income 3 23 (20) (87)---------------------------------------------------------------------------Net loss for the period $ (620) $ (1,680) $ 1,060 63%------------------------------------------------------------------------------------------------------------------------------------------------------Loss per share $ (0.00) $ (0.00) - --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------CASH FLOWINFORMATION------------------------------------------------------------------Operating activities $ 492 $ (1,784) $ 2,276Investing activities (3) (47) 44Financing activities - (30) 30------------------------------------------------------------------Net cash inflow (outflow) 489 (1,861) $ 2,350Cash, beginning of period 755 4,677 (3,922)------------------------------------------------------------------Cash, end of period $ 1,244 $ 2,816 $ (1,572)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------BALANCE SHEET INFORMATION AS AT JUNE 30------------------------------------------------------------------Working capital $ 514 $ 3,262 $ (2,748)Total assets $ 2,767 $ 5,028 $ (2,261)Obligation under capital lease $ - $ 9 $ 9Shareholders' equity $ 146 $ 3,552 $ (3,406)(in thousands of Canadian dollars, except per share -------------------------------------------- amounts) As at and for the six months ended -------------------------------------------- Change June 30, June 30, ----------------- 2009 2008 $ %---------------------------------------------------------------------------STATEMENT OFOPERATIONS---------------------------------------------------------------------------Revenues Devices $ 1,118 $ 132 $ 986 747% Services 904 247 657 266--------------------------------------------------------------------------- Total revenues 2,022 379 1,643 434Cost of revenues 1,026 359 667 186---------------------------------------------------------------------------Gross margin 996 20 976 4,880---------------------------------------------------------------------------Operating expenses General administration 924 1,431 (507) (35) Research and development 959 1,125 (166) (15) Selling and marketing 622 713 (91) (13) Amortization 61 128 (67) (52)--------------------------------------------------------------------------- Total operating expenses 2,566 3,397 (831) (24)---------------------------------------------------------------------------Loss before undernoted (1,570) (3,377) 1,807 54 Interest income 6 64 (58) (91)---------------------------------------------------------------------------Net loss for the period $ (1,564) $ (3,313) $ 1,749 53%------------------------------------------------------------------------------------------------------------------------------------------------------Loss per share $ (0.00) $ (0.01) $ 0.01 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------CASH FLOWINFORMATION------------------------------------------------------------------Operating activities $ (867) $ (3,310) $ 2,443Investing activities (6) (93) 87Financing activities (3) (84) 81------------------------------------------------------------------Net cash inflow (outflow) (876) (3,487) $ 2,611Cash, beginning of period 2,120 6,303 (4,183)------------------------------------------------------------------Cash, end of period $ 1,244 $ 2,816 $ (1,572)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------BALANCE SHEET INFORMATION AS AT------------------------------------------------------------------Working capital $ 514 $ 3,262 $ (2,748)Total assets $ 2,767 $ 5,028 $ (2,261)Obligation under capital lease $ - $ 9 $ 9Shareholders' equity $ 146 $ 3,552 $ (3,406)ABOUT ROUTE1 INC.Route1 delivers award-winning security and identity managementsolutions to customers world-wide. These solutions provide universal,secure access to all digital resources and sensitive data. At theheart of Route1's solutions is MobiNET, a communications and servicedelivery platform focused on identity management andentitlement-based access to resources. Route1's patent-pendingsolutions are based on FIPS-140-2 cryptographic modules, and simplifythe process of meeting increasingly stringent regulatory requirementsaround privacy and security. Headquartered in Toronto, Route1 islisted on the TSX Venture Exchange (symbol: ROI). For moreinformation, visit www.route1.com.This news release, required by applicable Canadian laws, and does notconstitute an offer to sell or a solicitation of an offer to buy anyof the securities in the United States. The securities have not beenand will not be registered under the United States Securities Act of1933, as amended (the "U.S. Securities Act") or any state securitieslaws and may not be offered or sold within the United States or toU.S. Persons unless registered under the U.S. Securities Act andapplicable state securities laws or an exemption from suchregistration is available.Certain statements in this press release may contain words such as"could", "expects", "may", "anticipates", "believes", "intends","estimates", "targets", "envisions", "seeks" and other similarlanguage and are considered forward-looking statements or informationunder applicable securities legislation. These statements are basedon Route1's current expectations, estimates, forecasts andprojections about the operating environment, legal environment,economies and markets in which Route1 operates. These statements aresubject to important assumptions, risks and uncertainties, which aredifficult to predict and the actual outcome may be materiallydifferent from those contemplated in forward-looking statements.Unless otherwise required by applicable securities laws, Route1disclaims any intention or obligation to update or revise anyforward-looking statements, whether as a result of new information,future events or otherwise.©2009 All rights reserved. Route1, the Route1 Logo, Mobi, Route1MobiKEY, Route1 TruOFFICE, Route1 PurLINK, Route1 EnterpriseLIVE, andRoute1 MobiNET are either registered Trademarks or Trademarks ofRoute1 Inc. in the United States and or Canada. All other trademarksand trade names are the property of their respective owners.The TSX Venture Exchange has not reviewed or approved the contents ofthis press release and does not accept responsibility for itsadequacy or accuracy.Contacts:Investor RelationsSpinnaker Capital Markets Inc.Ali Mahdavi+1 416-962-3300am(at)spinnakercmi.comRoute1 Inc.Anthony RzepkaExecutive Vice President and CFO+1 416-848-8391ir(at)route1.comMedia ContactRoute1 Inc.Tanieu Tan Director, Marketing and Communications+1 416-814-2615tanieu.tan(at)route1.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 20.07.2009 - 13:47 Uhr
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