Open EC Technologies, Inc. Reports Fiscal 2011 Results with 113% Increase In Revenue
October 13 2011 - 12:30PM
Marketwired
Open EC Technologies, Inc. ("Open EC" or the "Company") (TSX
VENTURE:OCE) reported today the consolidated financial and
operating results for the year ended June 30, 2011.
The revenues for the year increased 113% to $1,573,409 with
EBITDA improving 48% to ($403,747) as compared with revenues of
$737,183 and an EBITDA of ($778,653) last year.
The reported net loss for the year ended June 30, 2011 reduced
20% to $702,147, compared to $873,957 last year. The decrease in
loss was primarily due to the increase in software licensing
revenue and the addition of new subscription based Medical Claims
Clearing and Billing Revenue.
The company's available cash and short term investments at June
30, 2011 was $447,385, a decrease of 4% from the June 30, 2010
balance of $465,742. The company's accounts receivable increased
248% to $307,765 as at June 30, 2011 from $88,362 at June 30, 2010.
The company's total liabilities increased 454% to $1,464,258 as at
June 30, 2011 from $264,250 at June 30, 2010. Total working capital
(total current assets less total current liabilities) as at June
30, 2011 decreased 183% to ($252,812) from $306,019 as at June 30,
2010.
Highlights for the Quarter Ended June 30, 2011
Highlights of the consolidated financial results during the
fourth quarter ended June 30, 2011 compared to last year's fourth
quarter ended June 30, 2010 are as follows:
-- Fourth quarter revenues were $594,397, an increase of $504,652 (562%)
compared to revenues of $89,745 in the same quarter last year. Of that
amount, 75% was recurring revenue compared to 57% last year.
-- Gross Profit was $364,162 for the fourth quarter compared to ($15,288)
in Q4 last year.
-- EBITDA was ($172,176) for the fourth quarter compared to ($361,217) in
Q4 last year, a decrease in loss of 52%.
-- The Net Loss in the fourth quarter was ($311,022) compared to ($384,561)
in Q4 last year, a decrease of 19%.
-- The company's assets at June 30, 2011 were $2,342,865 compared to
$939,298 last year, an increase of 149%.
The Company continued to develop its business in the US
health-care sector and is rapidly increasing its recurring revenue.
The Company has over 5,500 US Medical Physician and Billing Service
customers under subscription revenue agreements which has
materially increased Open EC's share of the HealthCare EDI and
Revenue Cycle Management market in the United States.
Martyn Armstrong, CEO of Open EC States, "We are very pleased
with our overall Fiscal Year and Q4 F2011 financial results. In
particular, our strong growth in recurring subscription revenue
from our HealthCare EDI Claims Processing business. With the
addition of recently announced subscription revenue development
agreements with Gen4 Solutions, and the revenue launch of the
NetCare subscriptions to our VeraPoint Care Collaboration Platform
we expect to continue to see strong growth in our recurring revenue
business."
The comparative financial statements for the year ended June 30,
2011, along with other information, may be obtained through the
Company's website at www.openec.com or on SEDAR at
www.sedar.com.
About Open EC Technologies, Inc.
Open EC is a TSX Venture Exchange listed company. Its
subsidiary, SoftCare EC Solutions Inc. is an e-business software,
services and solution provider. SoftCare's OpenEC® TradeLink
e-business software includes solutions for Electronic Data
Interchange (EDI), Healthcare Interoperability and Business Process
Management. The Company sells the OpenEC® products and solutions to
the healthcare, financial services and retail supply chain in North
America. The company has a growing focus on turnkey solutions for
US Healthcare Information Technology Reforms funded by the US
Federal Government ARRA programs for Healthcare IT Interoperable
mandates. Additional product and solution information is available
on the web at www.SoftCareHealthcare.com, www.iPlexus.net and
www.softcare.com and additional public company information is
available on the web at www.openec.com. The Company's common shares
trade on the TSX Venture Exchange under the symbol: OCE.
ON BEHALF OF THE BOARD
Martyn A. Armstrong, President and CEO
Further information about the Company can be found on SEDAR
(www.sedar.com) or by contacting Mr. Martyn A. Armstrong, President
& CEO of the Company
This news release may contain forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Forward-looking statements address future events and
conditions and therefore, involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Open EC Technologies, Inc. - Corporate Inquires Martyn
Armstrong President & CEO (604) 983-8083 (604) 983-8056
(FAX)investors@openec.comwww.openec.com
Open EC Technologies (TSXV:OCE)
Historical Stock Chart
From Sep 2024 to Oct 2024
Open EC Technologies (TSXV:OCE)
Historical Stock Chart
From Oct 2023 to Oct 2024