B2Gold Corp. press release
OneMove(TM) Reports First Quarter Fiscal 2008 Results
TSX - Toronto Stock Exchange · Gold · Canada
Company achieves 129% year-over-year revenue growth
VANCOUVER, Nov. 26 /CNW/ - OneMove Technologies Inc. ("OneMove" or the "Company") (TSX-V: OM) announces its financial results for the three-month period ended September 30, 2007. All results are reported in Canadian dollars unless otherwise stated.
First Quarter Fiscal 2008 Summary Revenue of $0.5 million, a 129% increase over Q1 2007 Cumulative transactions processed in B.C. increased to approximately 15,000, compared to approximately 7,000 in Q1 2007 Average daily revenue in B.C. grew to $6,000 from approximately $3,000 in Q1 2007 EBITDA(x) (as defined at the end of the release) of $(1.1) million, compared to $(1.0) million in the first quarter of 2007 Net loss of $1.1 million, or $0.02 per share, compared to net loss of $1.2 million, or $0.11 per share, in the first quarter of 2007 Signed Home Information Pack (HIP) distribution agreement with MacDonald Dettwiler and Associates (MDA), the U.K.'s primary HIP provider Completed software integration with Expert Agent, the U.K.'s leading real estate agency web-enabled administration system Launched econveyance 7.0, adding web-based mortgage processing to OneMove's offering in B.C.
"Fiscal 2007 was about building a platform for growth, and in Q1 2008, we began to leverage that platform and deliver measurable results," said Martin Johnson President and CEO, OneMove. "In B.C. we saw continued rapid adoption of econveyance with our user base doubling over last year. In the U.K., as a result of our software integration with Expert Agent, customer sign-ups significantly increased."
Johnson continued: "Going forward, we expect this growth momentum to continue. In B.C. we are working to increase revenue per transaction, by integrating with other real estate industry service providers to enhance our overall offering. In the U.K., we remain focused on bringing estate agents onto our technology platform to drive an increase in transaction volume."
First Quarter Review
Revenue for Q1 fiscal 2008 grew 129% to $0.5 million, compared to $0.2 million for the same period in fiscal 2007. Revenue from Canadian operations were $0.4 million, and revenue from U.K. operations were $0.07 million, representing a 124% and 163% increase over Q1 fiscal 2007, respectively.
During Q1 2008, OneMove processed 15,000 econveyance transactions in B.C., compared with 7,000 transactions in Q1 of last year, resulting in an increase in average daily revenue to approximately $6,000, compared to approximately $3,000 in Q1 of 2007. In the U.K., as a result of the Company's commercial release of its MMS in the previous year and its software integration with Expert Agent during the quarter, OneMove realized a significant increase in customer sign-ups in Q1 2008.
Total expenses for Q1 fiscal 2008 were $1.7 million, compared to $1.5 million for fiscal 2007. The year-over-year increase in expenses was driven by public company costs and increased investment in the Company's B.C. and U.K. operations.
EBITDA was $(1.1) million for Q1 fiscal 2008, compared to $(1.0) million in fiscal 2007. EBITDA for Canadian operations was $(0.02) million, compared to $(0.3) million in fiscal 2007, and Q1 EBITDA for U.K. operations was $(0.7)million, relatively similar to $(0.7) million in fiscal 2007. Although the Company experienced year-over-year improvements in revenue, during the first quarter OneMove continued to invest in its operations and further enhancements to its product and service offering in B.C. and the U.K. Management expects quarterly fluctuations in EBITDA due to the seasonality of the real estate market.
For Q1, net loss was $1.1 million, or $0.02 per share, compared to $1.2 million, or $0.11 per share, in Q1 of fiscal 2007. Operating loss from Canadian operations was $0.06 million, compared to a loss of $0.5 million for Q1 fiscal 2007. For its U.K. operations, OneMove's operating loss for the quarter was $0.8 million, compared to a loss of $0.7 million the prior year.
Cash and cash equivalents were $2.5 million at September 30, 2007. In addition, the Company had working capital of $2.0 million at September 30, 2007, compared to $3.0 million at June 30, 2007.
To view full financial statements and MD&A for OneMove, visit www.onemovetech.com or www.sedar.com
(x)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-V: OM) is a real estate transaction platform, currently serving the British Columbia, England and Wales real estate markets. By combining personal service, unique products and leading edge technology, OneMove(TM) simplifies and expedites the process of buying and selling real estate. The Company's product and service offerings include: econveyanceTM in British Columbia, and a Move Management System, Personal Moving Consultants, Home Buyer Expense Insurance, and the largest free online real estate listing database in England and Wales. Additional information about OneMove can be found at www.onemovetech.com or www.sedar.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.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
ONEMOVE TECHNOLOGIES INC.
September 30, June 30, 2007 2007 CONSOLIDATED BALANCE SHEETS (Unaudited) (Audited)
ASSETS
Current Cash and cash equivalents $ 2,456,588 $ 3,877,897 Receivables 236,435 267,386 Government assistance receivable 6,727 98,474 Prepaid expenses and deposits 151,296 76,010
2,851,046 4,319,767 Equipment 814,832 843,231 Intangible asset 8,100 10,800 Long term deposits 296,307 299,434 $ 3,970,285 $ 5,473,232
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Accounts payable and accrued liabilities $ 576,244 $ 877,828 Deferred income 17,594 22,867 Current portion of loans payable 236,216 434,555 Current portion of capital lease obligations 38,304 33,528 868,358 1,368,778 Loans payable 284,871 312,652 Capital lease obligations 70,977 72,882 1,224,206 1,754,312
Shareholders' equity Capital stock 18,692,624 18,550,451 Contributed surplus 1,638,014 1,607,344 Deficit (17,584,559) (16,438,875) 2,746,079 3,718,920 $ 3,970,285 $ 5,473,232
ONEMOVE TECHNOLOGIES INC. Three months ended CONSOLIDATED STATEMENTS OF September 30, OPERATIONS AND DEFICIT ---------------------------- (Unaudited) 2007 2006
REVENUES $ 497,879 $ 217,610 EXPENSES Advertising 102,564 160,850 Amortization of deferred development costs - 62,945 Amortization of equipment 92,705 27,974 Amortization of intangible asset 2,700 2,997 Commissions and fees 161,831 51,751 Consulting fees - 12,980 Insurance 14,395 15,404 Interest and bank charges 6,713 14,106 Interest on convertible loans - 54,243 Interest on loans 13,673 34,844 Investor relations and filing fees 48,222 5,097 Office and general 87,585 64,817 Professional fees 76,992 29,402 Rent and utilities 80,396 66,969 Stock based compensation (Note 8) 30,670 54,942 Salaries and wages 796,885 607,382 Telephone 54,383 79,369 Travel 123,510 135,534 Web site planning and design 10,000 - 1,703,224 1,481,606 Loss before other items (1,205,345) (1,263,996)
OTHER ITEMS Other income 31,024 5,835 Dividends on preferred shares (Note 8) - (6,000) Foreign exchange gain (loss) 28,637 7,786 59,661 7,621 Net loss for the period before non-controlling interest (1,145,684) (1,256,375)
Non-controlling interest - 69,493
Net loss for the period (1,145,684) (1,186,882) Deficit, beginning of period (16,438,875) (8,230,384)
Deficit, end of period $(17,584,559) $ (9,417,266) $(17,584,559) Net loss per common share Basic $ (0.02) $ (0.11) Fully diluted $ (0.02) $ (0.11)
Weighted average number of common shares Basic 49,902,937 11,149,272 Fully diluted 49,902,937 11,149,272
ONEMOVE TECHNOLOGIES INC. Three months ended September 30, CONSOLIDATED STATEMENTS OF CASH FLOW ---------------------------- (Unaudited) 2007 2006 CASH FLOWS FROM OPERATING ACTIVITIES Loss for the period $ (1,145,684) $ (1,186,882) Items not affecting cash: Amortization of deferred development costs - 62,945 Amortization of equipment 92,705 27,974 Amortization of intangible asset 2,700 2,997 Stock-based compensation 30,670 54,942 Unrealized foreign exchange (21,914) - Accrued interest on convertible loans - 54,243 Dividends on preferred shares - 6,000 Non-controlling interest - (69,493)
Changes in non-cash working capital (Increase) decrease in receivables 23,034 (53,849) Decrease in government assistance receivable 91,747 210,682 Increase in prepaid expenses and deposits (80,156) (62,322) Increase (decrease) in accounts payable (255,388) 390,153 Increase in deferred revenue (4,492) -
Net cash used by operating activities (1,266,778) (562,610) CASH FLOWS FROM FINANCING ACTIVITIES Convertible loan proceeds - 422,500 Loan proceeds - 685,211 Loan repayments (77,567) (112,311) Share issuance costs (2,627) - Capital lease payments (7,864) - Long term deposits 1,120 - Deferred financing fees - (50,995)
Net cash provided (used) by financing activities (86,939) 944,405 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of equipment (53,108) (175,083) Long term deposits (2,650) -
Net cash used by investing activities (55,758) (175,083)
Effect of foreign exchange on cash and cash equivalents (11,834) -
Change in cash and cash equivalents during the period (1,421,309) 206,712
Cash and cash equivalents, beginning of period 3,877,897 2,680
Cash and cash equivalents, end of period $ 2,456,588 $ 209,392
Cash paid during the period for interest $ 13,673 $ 34,844
Cash paid during the period for income taxes $ - $ - Supplemental disclosure with respect to cash flows (Note 13)
%SEDAR: 00023118E