- Highlights include record recurring and total revenue
- Company increases revenue guidance for the full year of 2013
OTTAWA, Nov. 7, 2013 /CNW/ – Halogen Software Inc. (“Halogen” or the “Company”) (TSX: HGN), a leading provider of cloud based talent management solutions, today announced its financial results for the three and nine months ended September 30, 2013. All figures are stated in United States dollars unless otherwise noted.
Third Quarter 2013 Financial Highlights
- Recurring revenue increased 30% from Q3 2012 to a record $10.7 million, representing 87% of total revenue in the quarter.
- Total revenue increased 27% from Q3 2012 to a record $12.3 million.
- Revenue generated in international markets outside Canada and the United States increased 66% over Q3 2012.
- Strong new customer growth across a broad set of verticals and geographies including names such as the Bank of Queensland (AUS), Laird Technologies, Inc. (US), St. Joseph’s Health System (US), Promega Corporation (US), Cleveland Indians Baseball Company (US), Bukhatir Group (UAE), BMJ Publishing Group (UK), and Lutheran Schools Association of South Australia (AUS).
- Customer retention continued to be greater than 90%1 and dollar retention greater than 100%2.
- Positive cash flow from operations of $2.2 million.
- Net loss was $(718,000), or $(0.03) per basic and diluted share, compared to net loss of $(1.9) million, or $(0.15) per basic and diluted share, in Q3 2012.
- Adjusted EBITDA3 was $(751,000) in Q3 2013 and $(740,000) in Q3 2012; Adjusted EBITDA per share3 was $(0.03) per share in Q3 2013, versus $(0.06) per share in Q3 2012.
- Total cash, cash equivalents and investments was $58.1 million at September 30, 2013 compared to $8.9 million at December 31, 2012.
“The third quarter was extremely positive for Halogen, both from a financial and operational perspective,” said Paul Loucks, Halogen’s President and CEO. “The strong growth in our customer base over the past year contributed greatly to us generating record recurring revenue in the quarter. We also had a record number of new customer wins in our international markets, which are an important focus for us. As part of our growth strategy, we are continuing to increase our global presence, including the expansion of our sales office in Australia in the quarter.
“Additionally, at our 8th annual customer conference in September, we unveiled two new modules that we will be introducing to our suite of talent management software solutions, increasing our total addressable market. These modules will help customers improve leadership and coaching skills among managers and executives, and build and foster a culture of understanding, collaboration and respect throughout their organizations.”
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