Post by
thedave2006 on Feb 18, 2014 8:57am
good earnings
. WANTED Technologies Reports a 37% Revenue Increase with $2.4 Million and Record Profit for the Second Quarter of Fiscal 2014 CNW GroupPress Release: WANTED Technologies Corp. – 26 minutes ago.. . . Email Print ... . .RELATED QUOTES. . Symbol Price Change WAN.V 1.25 +0.0300 . .. . . . WANTED leverages "big data" in the Human Capital Marketplace to achieve all-time highs in revenue and EBITDA Q2-2014 Highlights • Revenues of $2,360,917 , an increase of 37% or $635,108 compared to revenues of $1,725,809 in the second quarter of fiscal 2013. Excluding a significant one-time, non-recurring revenue agreement in the quarter, revenues grew 21% over the prior year. • Net income of $1,015,618 ( $0.042 per share) compared to a net income of $331,808 ( $0.014 per share) in the second quarter of fiscal 2013, an increase of $683,810 . • EBITDA of $1,215,854 , compared to an EBITDA of $447,530 in the second quarter of fiscal 2013, an increase of $768,324 . • Net income and EBITDA for the second quarter of fiscal 2014 positively affected by the recording of non-recurring tax credits receivable amounting to $482,640 . • Growth of 25% in the Company's recurring revenue base in US dollars, from an annualized value of US$6.5 million as of December 31, 2012 to US$8.1 million as of December 31, 2013 . • Significant agreement with a financial services firm seeking to leverage WANTED historical database of more than one billion records. The contract has an aggregate value of US$1.08 million over 12 months, US$900,000 of which represents non-recurring revenue. QUEBEC CITY , Feb. 18, 2014 /CNW Telbec/ - WANTED Technologies (WAN.V), the leading source of business intelligence for the talent marketplace, reported today revenues of $2,360,917 for the second quarter ending December 31, 2013 , a 37% gain over the same quarter of the prior year. For the first six months of fiscal 2014, revenues increased 32% to reach $4,348,269 , compared to $3,303,770 for the first six months of the previous fiscal year. Net income also rose to $1,015,618 in the second quarter compared to a net income of $331,808 for the same period last year, leading to a cumulative net income of $1,474,122 for the first half of the year, an improvement of $1,025,342 over the prior year. All amounts are in Canadian dollars, unless otherwise indicated. During the second quarter of fiscal 2014, net income was positively affected by the recognition of non-recurring tax credits totalling $482,640 . Net income for the second quarter was also impacted favourably by the signature of a significant contract that resulted in non-recurring revenues of $273,574 . Additional non-recurring revenues of approximately US$640,000 associated with this contract are expected to be recorded in the third quarter of fiscal 2014. This significant contract executed during the second quarter demonstrated how the Company's proprietary analytical processes can convert a sizeable data warehouse of information into compelling products. In this instance, the Company has shown how its database of more than one billion records on the supply and demand for talent can enable financial services companies making better analytical decisions. This type of application of large data assets is an example of how "big data" is beginning to transform business decision-making. Quarterly revenues for the Corporate and Staffing segments were up 71% year-over-year. During the quarter, revenue from the Corporate and Staffing segments represented 36% of total revenue, compared with 29% of the total one year ago. "In addition to the one significant non-recurring agreement, we saw solid results across all of our customer segments," said Bruce Murray , President and CEO. "This includes new client agreements and upgrades in the Corporate HR sector; continued growth in the Staffing segment and solid renewal rates in the Government and Media segment," said Murray. The Company's core product set describes supply and demand for talent, and helps human resource professionals and others focus on objective market data when making important personnel decisions. As employers are adding more and more employees, the competition for rare talent rises, and the Company's products and services become more essential. "WANTED benefits from the continued improvement in the economy, and in particular, from growth in the employment sector," said Murray. "All segments of our customer base are becoming more proficient in the use of analytics to drive their businesses, and WANTED's cloud-based tools are designed to help them perform more efficiently." In addition to the gains in topline revenues, the Company continued to record strong gains in recurring revenues, EBITDA and net income. As of December 31, 2013 , contracts in hand, in US dollars, represented approximately 8.1 million dollars in annualized recurring revenues. This compares with 6.5 million dollars as of December 31, 2012 , an increase of 25%. At the end of second quarter of fiscal 2014, 70% of the recurring revenue base, in US dollars, was supported by contracts from the Staffing, Corporate and Government sectors. This compares to 65% at the end of the previous fiscal year. Following several quarters of uninterrupted profitability and following the recent signature of a significant contract, the Company recognized in the second quarter certain tax assets and a tax credits that it had accumulated over prior years. As a result, the Company recognized during the quarter ended December 31, 2013 an amount of $482,640 as a non-current "Tax credits receivable" which have been applied as a reduction in "Research and development expenses". Excluding the recognition of the $482,640 tax credits against the research and development expenses described above, operating costs would have increased to $1,715,306 in the second quarter of fiscal 2014, up $411,600 from the $1,303,706 recorded in the second quarter of fiscal 2013. For the first six months of fiscal 2014, and excluding the above noted tax credits adjustments, operating costs would have totalled $3,122,956 , compared to $2,610,632 for the first six months of the previous fiscal year, an increase of $512,324 or 20 percent. The increase in operating costs is mostly due to deploying additional software development resources to accelerate the release of new features and product enhancements. The Company expects to continue to increase the size of its research and development team to accelerate its development and release of new products. It also expects to increase investments in sales and marketing to increase awareness of the Company's products and to maintain consistent levels of revenue growth.