Angoss Reports First Quarter Fiscal 2012 Results
Angoss Software Corporation (Angoss) (TSX-V: ANC) today announced unaudited results for the first quarter ended February 29, 2012. (See attached). This is the first quarter for which the company has reported applying International Financial Reporting Standards (IFRS).
- (1888PressRelease) May 11, 2012 - For that reason the company has taken advantage of the securities regulatory relief permitting reporting issuers additional time to file their first interim financial statements prepared under IFRS.
For the first quarter of 2012, the Company reported a net loss of $313,263 compared with first quarter 2011 net loss of $260,535, based on earned revenues. The increase in the 2012 net loss was primarily the result of sales, marketing and infrastructure investments made in the first quarter to support the Company's revitalized go-to-market strategy. Earned revenue in the reporting period was down 12%. This was expected as earned revenues are calculated from previous year billed revenues.
"We are very pleased with the 30.3% year over year growth in billed revenue achieved in the first quarter; and we will see the continued benefit of this performance in the future as earned revenues are reported for these sales. Moreover, our key in-process metrics, such as sales activity and pipeline growth, are exceeding expectations," said Martin Galligan, President & CEO of Angoss. "We made significant investments in sales, marketing and our predictive analytics in the Cloud offerings during the first quarter. These investments are required to improve performance in 2012 and beyond. The loss in this period is attributable to these investments. We are confident that we enter the balance of the year having made shrewd investments to support our growth plans, and remain highly positive about the prospects for the balance of the year. We have a lot to be excited about, and the entire Angoss team is united in its singular focus to compete and win in the advanced analytics market. Our products and solutions have never been stronger—we are well positioned for success."
About Angoss Software Corporation
Angoss is a global leader in delivering predictive analytics to businesses looking to improve performance across sales, marketing and risk. With a suite of desktop, client-server and in-database software products and Cloud solutions, Angoss delivers powerful approaches to turn information into actionable business decisions and competitive advantage. Angoss software products and solutions are user-friendly and agile, making predictive analytics accessible and easy to use. Many of the world's leading financial services, insurance, retail, health care and information communication and technology organizations use Angoss predictive analytics software products and solutions to grow revenue, increase sales productivity and improve marketing effectiveness while reducing risk and cost. Headquartered in Toronto, Canada, Angoss has offices in the United States and United Kingdom. For more information, visit www.angoss.com.
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, Angoss' objectives, goals, future plans. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including: the risk that the sale of our products and services involves a long sales cycle; the risk that the economic environment and business conditions will remain difficult to predict; the risk of competition in our target markets; the risk that we may not respond adequately to evolving technologies; the risk that we or our customers may have difficulties in introducing our products or services; the risk that we will encounter difficulties in continuing to offer services; the risk that we will encounter difficulties in integrating the operations of acquired companies with our own; the risks of conducting our operations in a variety of international locations; the risk that we may need to record future write-downs of assets arising from our investments in other companies; the risks relating to the costs that we may incur as a result of litigation against us; and other risks described in our filings with securities regulatory authorities, including our annual reports, interim financial statements and similar disclosure documents. Angoss does not undertake any obligation to update this forward-looking information after the date of its initial publication, except as required under applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
PDF available at: http://stream1.newswire.ca/media/2012/05/11/20120511_C6669_DOC_EN_13571.pdf
For further information:
Contact:
Lon Vining
Chief Financial Officer
416-593-2420
Email: lvining ( @ ) angoss dot com
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