Amadeus discloses the results of its second quarter of fiscal 2008
Quebec City, February 29th, 2008 — Amadeus International Inc. (TSX-V: Aii), a pioneer and leading provider of Enterprise Quality and Compliance Management software solutions, today announced its results of its second quarter ended December 31, 2007.
Amadeus’ revenues have decreased by 28% to $324,278 for the quarter ended December 31, 2007, compared with $447,678 for the corresponding period last year. For the first six months of fiscal 2008, revenues have decreased by 29% to $737,294, compared with $1,037,813 for the same period a year earlier. The Company incurred a net loss from Continuing Operations of $352,551, or $0.02 per share in the second quarter of fiscal 2008, compared to a net loss from Continuing Operations of $ 431,675 or $0,25 per share post consolidation in the corresponding quarter. The net loss from Continuing Operations reduction comes from the continued efforts of optimization of the costs structure of the Company.
“While first semester results were disappointing, our product continues to be well perceived by the North American market, despite the economic uncertainty in the US, ’’ said Yves Leblanc, President and CEO of Amadeus International. “The addition of the internal control manager functionality in the fall of 2007, has generated a lot of interest from companies who are searching for an integrated solution to their governance, risk, and compliance (GRC) challenges. We are intensifying our marketing efforts in very targeted and highly regulated markets,’’ he added.
| (Canadian dollars) | Quarters ended December 31 | |
| 2007 $ |
2006 $ |
|
| Revenues | 324,278 | 447,678 |
| Gross profit | 230,710 | 320,224 |
| Net loss from continuing operations | (352,551) | (431,675) |
| Net earning from discontinued operation | (50,850) | 47,490 |
| Net loss | (403,401) | (384,185) |
| EBITDA* | (289,159) | (318,074) |
* Definition of EBITDA: Earnings (loss) before financial expenses, income tax on earning and amortization. EBITDA is presented as an additional measurement of earnings in order to assist the reader to establish the Company’s ability to generate cash from activities and to acquit its financial charges. It is also an indicator generally used for purposes of evaluation. Canadian generally accepted accounting principles give no standard interpretation to this measurement and it cannot therefore be compared to similar measurements used by other enterprises. For the quarter ended on December 31 , 2007, the $347,946 loss before financial expense is adjusted wuth the amortizationcharge of $58,787, ,resulting in an EBITDA of $289,159.
Current assets amounted to $905,084 as at December 31, 2007, versus $1,363,410 as at June 30, 2007. Current liabilities totaled $906,202 as at December 31, 2007, versus $919,389 as at June 30, 2007. The decrease in assets mostly results from the used of cash to finance its operating activities.
About Amadeus International
Amadeus International is a pioneer and leading provider of Enterprise Quality and Compliance Management software solutions. For over 14 years, customers in the Life Sciences, Manufacturing, Financial Services and other industries have automated their compliance and quality processes using Amadeus software platforms. Its flagship product, eQCM®, offers an integrated and very cost effective solution for enterprise governance, risk management, quality and compliance management. More information on Amadeus and eQCM® can be found at www.amadeussolutions.com.
The information set forth in this press release includes certain forward-looking statements. Such statements are based on assumptions exposed to major risks and uncertainties. Although Amadeus deems the expectations reflected in these forward-looking statements to be reasonable, the Company cannot provide any guarantee as to their materialization. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.- 30 -
For further information:
Isabelle Rivoal
Communications Director
Phone: +1 (418) 525-0606, ext. 2231
E-mail: isabelle.rivoal@amadeussolutions.com
