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November 25, 2010

Texada sees marginal decrease in total revenues in Q3

Net earnings down 50% from the previous year's same quarter

By CBR Staff Writer

Texada Software, a provider of equipment rental and mobile asset management software, has reported total revenues of C$1.05m for the third quarter of fiscal 2011, a decrease of 5.4% compared to C$1.11m of the same quarter previous year.

The company also reported net earnings of C$0.04m for the third quarter ended 30 September 2010, down 50% compared to C$0.08m in the previous year’s same quarter.

Adjusted EBITDA, which is defined as net earnings (loss) for the period adjusted for amortisation, accretion on convertible debt, interest expense, foreign exchange loss (gain), stock based compensation expense and gain on lease settlement, was C$0.14m.

Non-operating expenses increased by C$0.08m year to date due to an expense reduction of C$0.06m being recorded in 2009 for a gain on the settlement of property leases which were not repeated in the current year.

Texada also reported net earnings for the first nine months of 2010 of C$0.29m, an increase of 35% compared to C$0.21m in 2009.

The company achieved an improvement in net earnings year-over-year for the nine month period of 93% after removing the effect of the lease settlements gains realized in 2009 as outlined below.

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Texada president Brian Spilak said they continue to be pleased with our operating results which on an adjusted EBITDA basis have improved considerably compared to 2009 despite the ongoing difficult environment in the equipment rental industry.

"We see some signs of some improvement in outlook in our key markets and are hopeful that 2011 will show a more robust level of activity for software expenditures in our marketplace," Spilak said.

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