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Cytiva Software Inc.: Cytiva Achieves 30% Revenue Growth for First Six
Months of 2008
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:21082008
Vancouver, British Columbia CANADA -- Cytiva Software Inc. (CRX - TSX
Venture, CRXFF - OTCBB_Pink_Sheets), a leading provider of on-demand
talent management software solutions, announced today unaudited results
from the quarter ended June 30, 2008.
Deferred revenue balance grew 48 percent over the first six months in
2008 from $1,727,101 to $2,555,714. In Cytiva's subscription based
Software as a Service business model, deferred revenue represents
revenues collected from clients that will be recognized over the next
12 months.
Second quarter recognized revenue increased 25 percent to $1,603,248
compared with $1,279,235 for the same period in 2007. For the
three-month period, the company had a net loss of $616,157 (three cents
per share), compared with a net loss of $219,942 (one cent per share)
for the same period in 2007. The increase in net loss is attributed to
increased headcount to service the rapidly growing client base,
amortization of customer lists related to the acquisition of one45
software and amortization of development costs for Cytiva's new
SonicPerform product.
Net cash provided by operations was $102,186 for the three month period
2008 compared to $114,564 - Q2 2007. Net cash from operations for the
first six months 2008 was $247,290 compared to $145,250 in 2007.Because
of its Software as a Service model where expenses are immediate, while
revenue is deferred, Cytiva believes cash flow from operations, growth
in deferred revenue and increasing sales figures are key indicators of
the long term health of the business than profits.
In addition, Cytiva reported over $1,300,000 in new contracted business
for the period, a 67-per-cent increase over the same period last year.
In addition to new contracted sales, Cytiva achieved 100 per cent
renewal revenue. Revenue from new contracted business will be deferred
and recognized over the life of the contracts on a monthly basis. Of
the new contracted business, 39 percent will be recognized over the
next 12 months with the remaining 61 percent being recognized over the
subsequent 24 to 36 months.
"The fact that we are making large investments in acquisitions and new
products, while increasing our deferred revenue, cash flow from
operations and sales, shows we are prudently and successfully executing
our rapid growth strategy," said Jason Moreau, CEO of Cytiva Software.
"The combination of continued demand, expansion of our product line and
our Software as a Service revenue model has allowed Cytiva to continue
strong growth in the face of uncertain economic times."
Second quarter highlights include:
-48% deferred revenue growth in the first six months 2008
-25% year over year revenue growth
-Cash flow positive from operations, $102,186
-Over $1,300,000 in new contracted business
-100% renewal revenue -21 new SonicRecruit customers
-4 new Medical Education customers
-Closed first SonicPerform deal
-16th consecutive period of quarter-over-quarter growth
-Extended and increased the convertible debenture
About Cytiva Software Inc.
Cytiva Software Inc. (CRX: TSX.V) provides innovative on-demand talent
management software and services to mid-sized and Fortune 500
companies. Its flagship talent acquisition product, SonicRecruit,
allows corporations to screen applicants, automate recruiting
departments, customize corporate career sites and hire great people.
This premier applicant tracking system improves recruiting
effectiveness, speeding up the hiring process and reducing cost per
hire. Cytiva's SonicPerform employee performance management system
automates employee evaluations, aligns employees around key goals and
encourages year round feedback. For more information, visit
http://www.sonicrecruit.com.
The TSX has not reviewed and does not accept responsibility for the
accuracy or adequacy of this news release, which has been prepared by
management.
Forward-looking Statements: This news release contains forward-looking
statements related to the future financial condition and results of
operations of Cytiva. These statements are based on current
expectations and estimates about the human resources markets in which
Cytiva operates and management's beliefs and assumptions regarding
these markets. These statements are subject to important risks and
uncertainties which are difficult to predict and assumptions which may
prove to be inaccurate. Some of the factors which could cause results
or events to differ materially from current expectations include but
are not limited to: general economic conditions, market or business
conditions; changing competitive environment; changing regulatory
conditions or requirements; changing technology; and success in
implementing productivity initiatives. Some of these factors are
largely beyond the control of Cytiva. Should any factor impact Cytiva
in an unexpected manner, or should assumptions underlying the
forward-looking statements prove incorrect, the actual results or
events may differ materially from the results or events predicted. All
of the forward-looking statements made in this document are qualified
by these cautionary statements, and there can be no assurance that the
results or developments anticipated by Cytiva will be realized or, even
if substantially realized, that they will have the expected
consequences for Cytiva. Readers should not place undue reliance on any
forward-looking statements. Further, Cytiva disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events, or any other occurrence.
Source: Cytiva Software Inc. (CRX - TSX-V) (CRXFF - Pink Sheets)
http://www.careerexchange.com
CONTACT: Ian Alexander, Cytiva Software Inc
Tel: +1 510 984 1986
e-mail: mediarelations@sonicrecruit.com
WWW: http://www.careerexchange.com
Filing Services Canada Inc
Tel: +1 403 717 3898
Fax: +1 403 717 3896
WWW: http://www.usetdas.com
((M2 Communications Ltd disclaims all liability for information
provided within M2 PressWIRE. Data supplied by named party/parties.
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Copyright ? 2008 M2 Communications Ltd.
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