Cytiva Achieves 30% Revenue Growth for Nine Months of 2008
17 Novembro 2008 - 12:00PM
Marketwired
Cytiva Software Inc. (TSX-V: CRX), a leading provider of on-demand
talent management software solutions, announced today unaudited
results from the quarter ended September 30, 2008.
Third quarter highlights:
- Third quarter recognized revenue increased 28 percent to
$1,686,776 compared with $1,317,951 for the same period in
2007;
- 2008 year-to-date GAAP revenues at $4,810,469 (non-GAAP
$5,290,046), representing a 30-percent increase over the same
nine-month period in 2007;
- Cytiva reported over $1,600,000 in new contracted business for
the period, a 98 percent increase over the same period last
year;
- 38% deferred revenue growth for the nine months 2008;
- Posted a net loss for the third quarter of 2008 of $255,947,
as compared with a net income of $23,295 in the same period of
2007. The increase in net loss is attributed to increased headcount
to service the rapidly growing client base, acquisition costs for
one45 software and amortization of development costs for Cytiva's
new SonicPerform product;
- The company ended the quarter with cash and equivalents
balance of $1,252,975;
- Net cash used by operations was $39,988 for the three month
period 2008 compared to $149,102 - Q3 2007;
- 2008 year-to-date net cash provided from operations was
$207,302 compared to ($3,852) in 2007;
- 17th consecutive period of quarter-over-quarter growth
- 11 new SonicRecruit customers;
- Two new one45 customers;
- Two new SonicPerform customers;
- SonicRecruit named to the work force magazine applicant
tracking system hotlist;
- SonicPerform featured in the Bersin & Associates report:
The Essential Guide to Performance Management Systems
- Released case study detailing client, Ocean Spray's success
with SonicRecruit. "We continue to achieve strong growth and
positive year to date cash flow from operations," said Jason
Moreau, CEO of Cytiva Software. "These key success indicators
remain constant despite uncertain financial times."
About Cytiva Software Inc.
Cytiva Software Inc. (TSX-V: CRX) provides innovative on-demand
talent management software and services to mid-sized and Fortune
500 companies. Its flagship talent acquisition product,
SonicRecruit, allows corporations to screen applicants, automate
recruiting departments, customize corporate career sites and hire
great people. This premier applicant tracking system improves
recruiting effectiveness, speeding up the hiring process and
reducing cost per hire. Cytiva's SonicPerform employee performance
management system automates employee evaluations, aligns employees
around key goals and encourages year round feedback.
For more information, visit http://www.sonicrecruit.com.
The TSX has not reviewed and does not accept responsibility for
the accuracy or adequacy of this news release, which has been
prepared by management.
Forward-looking Statements: This news release contains
forward-looking statements related to the future financial
condition and results of operations of Cytiva. These statements are
based on current expectations and estimates about the human
resources markets in which Cytiva operates and management's beliefs
and assumptions regarding these markets. These statements are
subject to important risks and uncertainties which are difficult to
predict and assumptions which may prove to be inaccurate. Some of
the factors which could cause results or events to differ
materially from current expectations include but are not limited
to: general economic conditions, market or business conditions;
changing competitive environment; changing regulatory conditions or
requirements; changing technology; and success in implementing
productivity initiatives. Some of these factors are largely beyond
the control of Cytiva. Should any factor impact Cytiva in an
unexpected manner, or should assumptions underlying the
forward-looking statements prove incorrect, the actual results or
events may differ materially from the results or events predicted.
All of the forward-looking statements made in this document are
qualified by these cautionary statements, and there can be no
assurance that the results or developments anticipated by Cytiva
will be realized or, even if substantially realized, that they will
have the expected consequences for Cytiva. Readers should not place
undue reliance on any forward-looking statements. Further, Cytiva
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, or any other occurrence.
Distributed by Filing Services Canada and retransmitted by
Marketwire
CONTACT: Ian Alexander Email Contact 510-984-1986
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