New Mexico Software Announces First Quarter 2008 Financial Results
2008-05-14 01:57:01 -
www.nmxs.com/ - New Mexico Software, Inc. (OTCBB:NMXC), a leading provider of Internet based business and medical information services, today announced financial results for the first quarter of FY '08 ending March 31, 2008. It is reported that the net loss for the first quarter was reduced by 57%, to $73,000 from $168,000 in the first quarter of 2007. This significant reduction in net loss for the first quarter of 2008 is a direct result of the company's continued cost-reduction strategies.
First Quarter Highlights and Segment Performance
-- A marginal decrease of 2% in revenue to $235,000 for the first quarter of 2008, as compared to $240,000 for the first quarter of 2007.
-- An increase of 39% in software usage fees, primarily due to a 37% increase from the reports generated by XR-EXpress mobile medical solution.
-- A 4% decrease in gross profit to $161,000 for the first quarter of 2008 as compared to $167,000 gross profit for the first quarter of 2007.
-- A substantial decrease of $106,000, or 31%, in operating costs and expenses, primarily due to reduced marketing expenses and personnel costs.
New Mexico Software CEO, Dick Govatski, said, "For the first quarter of 2008, we have seen a continued increase of our customer base. We expect to sustain the positive revenue trend in the customer usage segment of our business. Simultaneously, we narrowed our focus on sales of enterprise-level systems requiring substantial customization. Our effective approach to cost control has eliminated $106,000 in operating costs for this quarter, compared to the same quarter a year ago. Looking forward, we will continue to acquire new customers from the series of new products we introduced last year, and we will still concentrate on recurring revenue from repeat customers in medical applications.
"Since the end of the first quarter, we are amidst several other positive developments. We look forward to sharing this information and updating shareholders on these significant developments in the weeks ahead."
About New Mexico Software, Inc.
New Mexico Software, Inc. is a leading services provider of information management solutions that significantly improve the interface between the paper world and the digital world, facilitating a true paperless environment. For more information, visit www.nmxc.net or www.nmxs.com, or contact Dick Govatski, president and CEO, at 505-255-1999 or ceo@nmxs.com.
An investment profile on New Mexico Software may be found at www.hawkassociates.com/profile/nmxc.cfm. For an online investor relations kit, visit www.hawkassociates.com or www.americanmicrocaps.com. For more investor-related questions, contact Frank Hawkins, Hawk Associates, at 305-451-1888 or New.Mexico.Software@hawkassociates.com. To subscribe to future releases via e-mail alert, visit www.hawkassociates.com/about/alert/.
The foregoing press release contains forward-looking statements including statements regarding the company's expectation of its future business. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the company's control. Actual results could differ materially from these forward-looking statements.
New Mexico Software, Inc.
Dick Govatski, President and CEO, 505-255-1999
ceo@nmxs.com
