FutureIT Announces Third Quarter 2009 Results

Published November 11th, 2009 - 01:09 GMT

FutureIT Inc. (FITI.OB), a leading provider of software
solutions for the automated and effective management of Microsoft SQL
servers, today announced its financial results for the third quarter of 2009.

 

    GAAP revenue for the third quarter ended September 30, 2009
was $160,698 compared to $140,483 in the third quarter of 2008 and $155,270
in the second quarter of 2009. Total GAAP revenue in the first nine months of
2009 was $442,981 compared to $493,554 in the first nine months of 2008.
Total operating expenses were reduced in the third quarter of 2009 to
$301,613 compared to $436,755 in the third quarter of 2008 and $345,191 in
the second quarter of 2009.

 

    Non-GAAP sales for the third quarter 2009 were $93,198
compared to $140,687 in the third quarter of 2008 and $171,185 in the second
quarter of 2009. Non-GAAP sales in the first nine months of 2009 were
$402,813 compared to $413,759 in the first nine months of 2008.

 

    Operating loss for the third quarter ended September 30, 2009
declined and was $153,379 compared to an operating loss of $341,443 in the
third quarter of 2008 and $220,443 in the second quarter of 2009. Operating
loss for the first nine months ended September 2009 declined by $287,908 to
$595,359, from $883,267 in the nine months ended September 2008. The decrease
in operational loss in the third quarter was not reflected due to the
increase in financial expenses of $169,810. Net loss for the third quarter of
2009 was $277,432, or $(0.01) per share. This compares to a net loss of
$292,598 or $(0.01) per share in the third quarter of 2008 and a loss of
$365,167or $(0.01) per share in the second quarter of 2009. Net loss for the
nine months ended September 30, 2009 was $ 818,682 or $(0.03) per share
compared to $937,213 for the first nine months of 2008, or $(0.04) per share.

 

    During the third quarter of 2009, FutureIT sold 55 licenses,
increasing the number of licenses sold from inception to 1471 licenses.

 

    Shmuel Bachar, FutureIT's CEO said "Although we have decreased
our negative operational cash flow by $387,426 from $724,003 in the nine
months ended September 2008 to $336,577 in the nine months ended September
2009, an influx of cash is still required. We maintain our efforts to raise
capital, but understand that we cannot continue to successfully operate in
the company's current framework without additional funding. Our limited cash
flow continues to restrict our available budget for overseas sales and
marketing and slows down the advancement of our research and development. In
spite of this, we continue to market ourselves domestically, and in Central
America, Russia, South Africa and Australia, and are receiving positive
feedback from these regions".

 


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