TORONTO, May 11, 2012 /CNW/ - 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). 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
