Nstein Technologies announces its 2009 Q1 results
2009-05-14
Montréal, Québec, May 14, 2009 - Nstein Technologies inc. www.nstein.com (TSX-V: EIN), today announced its results for the first quarter of 2009.
Nstein revenues for the first quarter of 2009 were $5.4 million, down 11% compared to $6.03 million a year earlier. The Company posted a loss before financial expenses, exchange losses, income tax, depreciation, amortization and restructuring fees (EBITDA) of $752,970 compared to a negative EBITDA of $467,026 for the first quarter of 2008. Restructuring fees of $304,380 were incurred during the quarter from the elimination of certain positions within the Company. The net loss was $1,236,375 or $0.024 per share, compared to a net loss of $891,890 or $0.019 per share for the same period last year.
"Although these results are somewhat disappointing, they are in line with our expectations given the difficult economic environment. The company's target clientele, publishers of newspapers and magazines, have seen their advertising revenues plummet during the first quarter as advertisers substantially reduced their spending in this recession. Obviously, this situation delays their decisions to invest in solutions like those we offer. We nevertheless remain convinced of the value of our offering, given that we were able to sign $1.5 million worth of new contracts during the period with existing customers and a leading publisher in the United Kingdom. We intend to manage the company prudently during this period of uncertainty while positioning ourselves advantageously for the future recovery", said Luc Filiatreault, President and CEO of Nstein Technologies.
On March 31, 2009, the Company had cash of $6.7 million, working capital of $7.6 million and longterm debt of $0.4 million.
About Nstein Technologies Inc.
Nstein Technologies (TSX-V: EIN) develops and markets multilingual solutions that power digital publishing for the most prestigious newspapers, magazines, and content-driven organizations. Nstein's solutions generate new revenue opportunities and reduce operational costs by enabling the centralization, management and automated indexing of digital assets. Nstein partners with clients to design a complete digital strategy for success using publishing industry best practices for the implementation of its Web Content Management, Digital Asset Management, Text Mining Engine and Picture Management Desk products. www.nstein.com
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For more information:
Nstein Technologies inc.
Investor Relations
Bruno Martel
Chief Financial Officer
Tel.: (514) 908-5406
bruno.martel@nstein.com
Media
David Crouy
Marketing Director
Tél. : (514) 908-5406
david.crouy@nstein.com