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July 29, 2005 - CrossOff Incorporated Announces Second Quarter Results |
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(Halifax, Canada) CrossOff Incorporated (TSX:OFF) today reported the financial results for the second quarter of 2005.
For the three-months ended June 30, 2005 revenues were $7,981,413 as compared to $6,038,811 for the same period in 2004. Net loss for the second quarter was $90,743 or 0.4 cents per common share as compared to net earnings of $327,940 or 1.5 cents per common share for the same period in 2004.
For the six-months ended June 30, 2005, revenues were $15,857,611 as compared to $12,829,997 for the same period in 2004. Net income for the six months ended June 30, 2005 was $283,058 or 1.2 cents per common share, as compared to net earnings of $1,035,740 or 4.7 cents per common share for the same period in 2004. |
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| Financial Highlights |
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| Financial Data |
Three months ended June 30th |
Six months ended June 30th |
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Unaudited |
Unaudited |
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2005 |
2004 |
2005 |
2004 |
| Revenues |
$7,981,413 |
$6,038,811 |
$15,857,611 |
$12,829,997 |
| EBITDA* |
800,475 |
529,008 |
1,940,648 |
1,697,530 |
| Net Income (Loss), Cont. Operations |
(90,743) |
78,614 |
283,058 |
763,872 |
| Net Income (Loss), Disc. Operations |
- |
249,326 |
- |
271,868 |
| Net Income (Loss) |
(90,743) |
327,940 |
283,058 |
1,035,740 |
| Earnings (Loss) Per Share, Basic |
($0.004) |
$0.015 |
$0.012 |
$0.047 |
| Earnings (Loss) Per Share, Diluted |
($0.003) |
$0.015 |
$0.010 |
$0.047 | |
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| * EBITDA - Earnings before interest, taxes, depreciation and amortization does not have a standardized meaning under GAAP. However, management believes that this is a useful performance measure as it approximates cash generated from operations. |
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Technology Training Division - Polar Bear Corporate Education Solutions
Revenues for the second quarter in the technology training division increased to $7,868,451 from $5,971,130 for the same period in 2004. Segment earnings from operations decreased to $521,468 as compared to $619,212 for the same period in 2004.
Revenues for the six months ended June 30, 2005 in the technology training division increased to $15,677,905 from $12,670,749 for the same period in 2004. Segment earnings from operations decreased to $1,616,748 as compared to $1,721,871 for the same period in 2004.
Anti-Counterfeiting and Brand Protection Division - DNA Technologies
Revenues for the second quarter in the anti-counterfeiting and brand protection division increased to $112,962 as compared to $67,681 for the same period in 2004. Earnings from operations was $40,909 as compared to a loss of $79,647 during the same period in 2004.
Revenues for the six months ended June 30, 2005 in the anti-counterfeiting and brand protection division increased to $179,706 as compared to $159,248 for the same period in 2004. Loss from operations was $1,275 as compared to a loss of $101,075 during the same period in 2004.
"Effective March 31st we completed the acquisition of Acerra Learning. During the second quarter we began the integration of Acerra into our Ottawa based operations and we are encouraged with the positive results achieved to date through this acquisition." says Donnie Snow, Chief Executive Officer. "We begin the latter half of the year with a renewed focus on increasing revenues and achieving profitability." |
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| Forward Looking Statements |
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| This press release may contain forward-looking statements regarding, among other things, anticipated revenues, earnings and profitability for 2005 and beyond. Such statements involve known and unknown risks, uncertainties, and other factors outside management’s control that could cause actual results to differ materially from those expressed in the forward-looking statements. The statements are not a guarantee of future performance and readers are cautioned not to place undue reliance on forward-looking statements. The Company does not assume responsibility for the accuracy and completeness of the forward-looking statements. |
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For further information, please contact:
Murray Ryan, CMA
Chief Financial Officer
(902) 567-1146
mryan@crossoff.com |
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