Monexa Technologies Corp. Reports Q3 2011 Results

    




 VANCOUVER, Nov. 29, 2011 /CNW/ - Monexa Technologies Corp. (TSX-Venture:  MXA) today announced its quarterly results for the nine month period  ended September 30, 2011. The financial statements were prepared in  accordance with International Financial Reporting Standards. 

 For the three months ended September 30, 2011, revenue totaled $809K, a  1% decrease from $817K in the corresponding quarter in 2010 as a result  of a decline in ISP revenue of $80K, or 13%, offset by a $72K, or 39%,  increase in SaaS revenue.  The net loss for the quarter was $314K, a  19% improvement from the $390K loss incurred in Q2 2010.  Adjusted  EBITDA loss for the quarter ($193K) was down from the ($287K) loss in  the corresponding quarter in 2010. 

 John Jacobson, President and CEO said "Through the third quarter, we  continued working toward an infusion of growth capital, but progress  has been challenging with the ongoing turmoil in financial markets  around the world.  In spite of the challenges we've been able to  continue to improve the margin performance and invest in our technology  and markets." 

 Garth Albright, CFO said "Monexa continues to successfully roll out its  business model with increased SaaS sales and product wide overall gross  margin improvement.  The company has also reinvested in its future  growth with a 50% increase is the size of our development group in Q3  and a further two developers were hired in Q4. 

 Milestones in Q3 2011:   




        --  SaaS higher margin recurring revenue increased by $72K, or 39%
            as compared to Q3 2010, while ISP traditional revenue declined
            by $79K or 13% as compared to the prior year comparable
            quarter.  Overall revenue declined quarter over quarter by $8K.

        --  Direct cost of sales dropped by $80k to $297K for Q3 2011 as
            compared to $377K for the prior year's comparable quarter.

        --  Gross margin percentage increased to 63% in Q3 2011 vs. 54% in
            Q3 2010 as the higher margin SaaS revenue increased quarter
            over prior year quarter.

        --  Operating expenses decreased by $16K or 2% to $730K in the
            third quarter of 2011, as compared to $746K in 2010.  This
            decrease reflects the streamlining of the operations.

        --  Net loss of $314K for the quarter represents a 19% reduction
            from the net loss of $390K incurred in the third quarter in
            2010.




 The quarterly and year-end results, including the audited Consolidated  Financial Statements and Management Discussion and Analysis, are  available at www.sedar.com under Monexa Technologies Corp. 

 Monexa Technologies Corp. confirms that the Company has terminated their  June 27, 2011 agreements with MPartners Inc and Versant Partners Inc to  raise funding for the Company. 

 About Monexa Technologies Corp 

 Monexa offers a flexible on-demand subscription billing solution that  provides a scalable environment for expediting the launch of products,  services and applications online.  This accelerates our customers' time  to market and revenue return. 

 Monexa pioneered the on-demand subscription billing space and has worked  with hundreds of businesses to help monetize their services. Having the  most capable and open subscription billing solution in the cloud,  combined with proven billing industry expertise, sets Monexa apart from  other service providers. Monexa's customers range in size from high  growth SaaS and Cloud Infrastructure companies like Untangle and  ActiveState to large household name companies like Pitney Bowes  Business Insight, AOL Canada, Sprint, Amway and Bell Mobility. For more  information visit http://www.monexa.com. 

 Forward-Looking Statements 

 This news release contains forward-looking statements. Actual events or  results may differ materially from those described in the  forward-looking statements due to a number of risks and uncertainties,  including changes in financial and product market conditions.  Forward-looking statements are based on management's estimates,  beliefs, and opinions. The Company assumes no obligation to update  forward-looking statements, other than as may be required by applicable  law. 

 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.  

Monexa Technologies Corp.


CONTACT:  Investor Contact: Garth Albright CFO     D: 604.630.5657E:[e-mail] 


    

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