NextBus Parent Company Hits Record Q2 2009 Revenues

Filed Under Feature Stories, Grey Island Systems, NextBus, Inc., Uncategorized

US Revenues Also Increase Dramatically over Q2 2008

The parent company of NextBus, Inc., Grey Island Systems International Inc.(GIS) reports record revenue of $6.35-million in the second quarter of fiscal 2009. This represented an increase of 43 percent as compared with revenue of $4.44-million in the second quarter of fiscal 2008 and represented an increase of 32 percent quarter over quarter with the first quarter of fiscal 2009 revenue of $4.80-million.

At the same time, the company posted net income of $0.282-million during the second quarter fiscal 2009, an increase of 485 percent as compared with a net income of $0.058-million for the second quarter of 2008 and a marked improvement over the first quarter of 2009 in which the company incurred a net loss of $0.264-million.

Moreover, the company improved its cash and short-term investments by $1.15-million during the quarter bringing total cash and short-term investments to $12.53-million. The company’s stated future goal is to maintain only moderate increases in operating expenses on a quarter-by-quarter basis when compared with expected revenue increases.

Among key financial highlights:

Record Revenues of $6.35-million, up $1.91-million or 43 per cent from second quarter of fiscal 2008 and up 32 percent from the previous quarter;
Income of $0.282-million, up from a net income of $0.058-million in second quarter of fiscal 2008 and compared with a net loss of $0.264-million in the previous quarter;
Recurring revenues increased by 51 percent to $2.67-million for the second quarter 2009 compared to the second quarter of 2008 recurring revenues of $1.77-million;
US revenue increased by 75 percent to $4.20-million for the second quarter 2009 from $2.40-million for the second quarter of 2008;
Cash and short-term investments improved to $12.53-million during the quarter.

Owen Moore, President at Grey Island stated: “Our results this quarter are indicative of a company which can quickly adapt to economic uncertainty and re-focus efforts on business units which are insulated to a recessionary impact, as a result, the company illustrated significant organic growth, both year over year and quarter over quarter, through new client acquisition while limiting operating expense expansion. Further, we have a solid balance sheet with a healthy cash position that will allow us to continue to capitalize on future opportunities”.
Andrew Moore, Grey Island’s CEO added, “Factors such as increasing fuel prices, increased funding for public transit, a need for improved mobile work force accountability in government fleets will continue to drive demand for our products and services.”

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