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Industry News Desk CloudBench Applications Reports Q3 2009 Results and Business Highlights
Revenues from BasicGov, the Company's cloud computing solution, grew to $66,649 in the third quarter, a 140 percent increase
By: Pat Romanski
Nov. 27, 2009 05:15 PM
CloudBench Applications, Inc. announced its financial results for the three months and nine months ending September 30, 2009. All amounts are stated in Canadian dollars unless otherwise noted. Revenues from BasicGov, the Company's cloud computing solution for local government, grew to $66,649 in the third quarter, a 140% increase from $27,822 in the same quarter of the prior year. The Company's annualized committed recurring revenues, a non-GAAP measure, increased 220% to US$288,000 compared to US$90,000 for the same period last year.
At September 30, 2009 the total value of the Company's cash position and net holdback receivable was $739,193. Of this amount $215,119 was cash and $524,074 was net holdback receivable related to the sale of the Company's CityView business to N. Harris Computer Corporation in 2008. On October 21, 2009, the Company increased its cash position through a private placement of 250,000 Series 1 7% Convertible Retractable Preferred Shares each with 12.5 common share purchase warrants attached that raised gross proceeds of $500,000. A comparison of operating results to the prior period is not meaningful since the Company sold CityView, its on-premises business, on July 18, 2008. Net loss for the quarter was $420,030 or ($0.02)/share compared to a loss for the second quarter of $183,868 $(0.01)/share. A complete set of financial statements and analysis is available at www.sedar.com.
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"Our revenues grew significantly as local governments switched from traditional, on-premise software to our BasicGov cloud computing modules. To accelerate revenue recognition we streamlined our implementation process so new customers go live quickly," said David Roberts, President and Chief Executive Officer of CloudBench. "We think we're in a great position to grow. Our partnership with Salesforce.com and the Force.com cloud computing platform ensures that BasicGov is scalable, reliable and secure; our recently launched Citizen Portal opens BasicGov to citizen access; we've added an experienced Vice President of Marketing and Sales; and, we've received additional equity financing. We believe we can make BasicGov the natural choice for cost-conscious cities and counties across North America."
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