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Financial Review
For the second quarter of 2010 revenues increased to $8,586,323 compared to $3,075,716 for the same period a year ago, an increase of 179%. Revenues for the first six months of 2010 totaled $16,260,859 compared to $5,877,636 for the first six months of 2009, an increase of 177%. Revenue in the period reflects a broader base of customers, growth in the size of enterprise customer initiatives and contribution from assets purchased in fiscal 2009.
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Gross profit for the three-month period ended June 30, 2010 was $5,448,119 compared to $2,285,520 for the three months ended June 30, 2009.
Operating income for the three months ended June 30, 2010 reached $1,381,166 reversing an operating loss of ($430,387) for the comparable period a year ago. For the six-month period ended June 30 2010, the operating income reached $1,936,984 reversing an operating loss of ($897,890) for the same period in 2009.
Net loss for the three months ended June 30, 2010 was ($305,787) or ($0.0016) per share compared to a net loss of ($440,862) or ($0.0026) per share for the comparable period a year ago.
Sales and marketing expenses for the second quarter of 2010 totaled $1,972,423 compared to $1,289,360 for the second quarter of 2009. General and administrative ("G&A") expenses for the second quarter of 2010 increased to $1,001,748 compared to $881,432 in the second quarter of 2009. Increases in expenditures were primarily driven by the integration of the purchased assets.
In the second quarter ended June 30, 2010, the Company generated positive cash-flow from operations of $1,957,277, before net change in non cash working capital item of ($2,166,106). In the year prior period, cash flows used in operating activities totaled ($16,324), before net change in non cash working capital item of ($544,573).
As at June 30, 2010, the Company's working capital position includes the short-term portion of a promissory note payable in connection to the previously announced business acquisition. Working capital totaled ($722,319) including cash and cash equivalents and restricted cash of $2,946,066 compared to ($3,501,970) in working capital, which included cash and cash equivalents and restricted cash of $2,056,741, at December 31, 2009.
The Company had 208,510,865 common shares outstanding (fully diluted) at June 30, 2010.
AxcelRx(SM) and ReachNet(SM) are service marks of Aptilon Corporation.
Aptilon enables pharmaceutical, biotech and medical device companies to effectively reach, advertise to and interact with more than 500,000 US physicians via the Internet through its innovative AxcelRx(SM) service offering including video detailing, ReachNet(SM) Physician Access Channel and the DMD database and permission-based email services. Top ten US pharmaceutical companies and respected healthcare organizations have adopted Aptilon's solutions to market to and engage leading physicians. For more information, visit www.aptilon.com.
This news release contains forward-looking information. These statements relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management of Aptilon. A number of factors could cause actual events, performance or results to differ materially from the events performance and results discussed in the forward-looking statements. These forward-looking statements are made as of the date hereof and Aptilon does not assume any obligation to update or revise them to reflect new events or circumstances.
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.
Q2 2010 Summary - Revenues reached $8.59 million, compared to $3.08 million in Q2 2009; YTD revenue $16.3 million - Gross profit reached $5.45 million compared to $2.29 million in Q2 2009; gross margin YTD $9.7 million - Operating income reached $1.38 million compared to an operating loss of ($0.43) million in Q2 2009 and YTD operating income reached $1.94 million compared to a loss of ($0.9) million in 2009 - Net loss of ($305,787) for the quarter compared to a loss of ($440,862) in Q2 2009 and YTD net loss of ($249,460) compared to a loss of ($914,629) in 2009 - Generated positive net cash flow from operations of $1.96 million (before net change in non cash working capital item of ($2.17 million) for the second quarter of 2010 and $2.99 million YTD.
SOURCE Aptilon Corporation
