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OneMove(TM) Announces Fiscal 2012 First Quarter Results(November 23, 2011)
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/23/11 -- OneMove Technologies Inc. ("OneMove" or the "Company") (TSX VENTURE:OM), the provider of the leading web-based real estate transaction platform and the creator of the largest and fastest growing online community of conveyancing professionals, announced today its financial results for the three months ended September 30, 2011. All figures are reported in Canadian dollars.
Q1 Fiscal 2012 Operational Highlights
-- Achieved positive EBITDA in Q1 and for the second quarter in a row -- Highest revenue for a Q1 and the second highest revenue for a quarter since inception -- Revenue increased 24% or $115,000 from $472,000 to $587,000 from Q1 fiscal 2011 -- Member firms up 26% or 117 to 542 from 425 a year ago and up of 7% or 37 from June 30, 2011 -- Beta Release of Connections for Western Canada in July 2011 -- Let's Connect Marketing Campaign launched September 12, 2011 -- MLS?? listed sales in BC increased 13% from 16,855 to 19,032 from Q1 of fiscal 2011 -- Transactional volume increased 27% or 4,000 from 15,000 to 19,000 -- Daily average revenue increased 26% or $1,900 from $7,200 to $9,100 -- Total expenses decreased slightly or $8,000 from $628,000 to $620,000 quarter over quarter -- 97% retention rate of user/members for the past 5 years remains unchanged
Q1 Fiscal 2012 Financial Summary
Q1 FY 2012 Q1 FY 2011 % Change Revenue $ 587,000 $ 472,000 +24% EBITDA (loss) $ 82,000 $ (54,000) +252% Net income (loss) $ (33,000) $ (156,000) +79% Net income (loss) per share $ 0.00 $ 0.00 0%
Mr. Johnson commented: "Results for the first quarter of fiscal 2012 show significant improvement with the Company achieving positive EBIDTA again for the second quarter in a row. Continued growth in membership has improved top line revenue performance with the Company achieving the highest Q1 revenue and the second highest revenue quarter in the Company's history. A combination of the strategic release of our innovative new Connections feature in July and the 'Let's Connect' membership marketing campaign this fall are showing positive results and revenue growth.
The Connections feature not only allows the member firms to connect, communicate and collaborate with each other but also allows them to easily invite non member firms to become members of the econveyance community. Members are excited about this new feature as evidenced by hundreds of non-member invitations that have already been sent.
The growth in revenue has occurred while management continues to hold the line on expenses which have remained relatively static for the past several years. We are expecting greater revenue growth from existing econveyance users as a result of capturing more transactions through Connections which streamlines the ability to share file data. Revenue will also increase from the expected growth in membership in western Canada which continues to be strong as a result of efforts by our expanded sales team. The final push of the awaited implementation of electronic submission in BC, the viral impact of the Let's Connect campaign and the continued expansion in Alberta will prove to accelerate adoption and growth as we anticipate oncoming headwinds of seasonality in the real estate market.
Shareholders can expect our scalable business model and trajectory will show continued growth as there are several new features and enhancements scheduled for release in the coming year that will further differentiate us as the leading provider and solution innovator for the conveyancing community."
Fiscal 2012 Q1 Financial Review
For the three months ended September 30, 2011 total revenue for the first quarter of fiscal 2012 increased 24% to $588,000 from $472,000 for Q1 of fiscal 2011 and $587,000 for Q4 of fiscal 2011. During the current quarter, OneMove processed approximately 19,000 transactions, compared to 15,000 transactions in Q1 of fiscal 2011 and 18,300 for Q4 of fiscal 2011. Compared to the same period a year ago the number of real estate sales reported by MLS?? in BC increased 13% from 16,855 to 19,032 unit sales. Average daily revenue increased to approximately $9,100 from approximately $7,200 in Q1 of fiscal 2011.
For Q1 2012, total expenses decreased slightly from $628,000 to 620,000 and down from 674,000 from the previous quarter. Management continues to focus on maintaining tight cost controls and believes that expenses have stabilized at current levels and does not anticipate significant changes in the coming year.
EBITDA was $82,000 compared to $(54,000) in Q1 fiscal 2011. This is the second quarter in a row that the Company has achieved positive EBITDA
The net loss was $(33,000), or $(0.00) per share, compared to $(156,000), or $0.00 per share for Q1 fiscal 2011.
In Q1 fiscal 2012, cash provided by (used in) operations was $29,000, compared to $(66,000) in Q1 fiscal 2011. Cash provided by financing activities decreased to nil from $487,000 in Q1 fiscal 2011. As at September 30, 2010, OneMove had cash on hand of $126,000, compared to $176,000 as at June 30, 2011. The Company had a working capital deficit of $(230,000) as at September 30, 2011, compared to a deficit of $(237,000) as at June 30, 2011.
As at September 30, 2011, total shares issued and outstanding were 84,115,110.
(ii) EBITDA is used internally by the Company to compare cash operating resulted from one period to another. EBITDA for the purposes of this analysis also excludes stock based compensation, shares issued for services and "Other income/losses" per the financial statements. EBITDA does not have any standardized meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other companies.
About OneMove Technologies Inc.
OneMove Technologies Inc. (TSX VENTURE:OM) is the leading provider of web-based real estate transaction platforms and the creator of the largest and fastest growing online community of conveyancing professionals. Through econveyance(TM), its proprietary web-based conveyancing software solution, OneMove(TM) simplifies and expedites the process of buying and selling real estate. Econveyance connects all participants in the property transfer process, offering a secure and efficient means of completing the transaction online. Additional information about OneMove can be found at www.onemovetech.com or www.sedar.com. Professional users site www.econveyance.com.
Forward Looking Statements
This press release contains certain "forward looking statements". These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and OneMove Technologies Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.
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.
OneMove Technologies Inc.
Martin R. Johnson, CA
President & CEO
604.662.8207 ext 116
OneMove Technologies Inc.
Corporate and Investor Communications
604.662.8207 ext 114
Stone Communication Services Limited
800.336.9528 ext 4428
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