Texada Software, last week announced its unaudited interim operating results for the first quarter ended March 31. Total revenue for the period was $4.0 million, compared with $1.1 million for the quarter ended March 31, 2011. Adjusted EBITDA accelerated to $0.52 million compared to a loss of $0.06 million in 2011.
The company had a net loss for the period of $0.41 million, compared to a net loss of $0.17 million in 2011. Operating expenses for the first quarter increased to $3.18 million from $1.01 million for the year-ago quarter while direct cost of revenue increased to $1.06 million from $0.17 million due to depreciation expense rising to $0.68 million for the current years' period, driven by capital assets used in rental operations.
"The company continues to experience significant growth in all aspects of our operations," said Willie Swisher, Texada CEO. "This is a seminal moment for the company; the exemplary first-quarter results, the signing of the exclusive LiuGong dealership in Houston, and the debt refinancing of our U.S. rental operations. We have the tools and the personnel in place to continue taking these controlled growth steps and look forward to creating value for all stake holders for the balance of 2012."
Texada Software, Guelph, Ontario, operates in three complementary businesses; construction and industrial equipment rental, construction and industrial equipment distribution and enterprise asset management software. The company, through its wholly owned U.S. subsidiaries, is expanding its presence in the construction and industrial equipment industry and conducts business as Noble Rents in Southern California and Noble Equipment in Houston. Noble Equipment is the exclusive distributor of LiuGong Construction Machinery equipment in Southeast Texas.
