Carbiz Inc. Announces Third-Quarter Results.SARASOTA, Fla. -- Carl Ritter Carl Ritter (August 7, 1779 – September 28, 1859) was a German geographer. Along with Alexander von Humboldt, he is considered one of the founders of modern geography. From 1825 until his death, he occupied the first chair in geography at the University of Berlin. , Chief Executive Officer of Carbiz Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:CZ) ("Carbiz"), announced the company's third-quarter results. Revenue for the third quarter increased by 17 percent compared to the same period last year. The increase was primarily due to the incremental revenue increase from the Carbiz Auto Credit division, which contributed $255,453 in sales and $21,315 in operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for the third quarter. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased year-to-year based on fees related to pursuit of a listing on the U.S. OTC-BB, as well as reporting changes resulting from adoption of the CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) issued handbook Section 3870, Stock-Based Compensation and Other Stock-Based Payments. Included in the former are legal fees and accrual for professional fees in connection with U.S. tax and legal work. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mr. Ritter rit·ter n. pl. ritter A knight. [German, from Middle High German riter, from Middle Dutch ridder, from r , "Our auto-credit business will continue to increase over the next quarter in both sales and profit and revenues from the TaxMax division will begin to be reflected in the fourth quarter. The majority of expenses for the OTC-BB application will be absorbed by the end of the fiscal year, providing Carbiz an opportunity to reflect results based primarily on operations in the first quarter rather than the addition of several one-time or unique expense items."
Q3 financial summary
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For the 3 For the 3 For the 9 For the 9
months ended months ended months ended months ended
October 2004 October 2003 October 2004 October 2003
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Revenue $ 900,355 $ 765,886 $ 3,221,829 $ 3,251,821
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Gross Profit 446,629 373,376 1,764,004 1,655,449
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Operating
expenses 1,120,177 641,205 3,028,116 2,075,582
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Operating
loss (673,548) (267,829) (1,264,112) (420,133)
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Interest
income
(expense) (29,985) (48,570) (114,469) (144,616)
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Amortization/
Depreciation (64,319) (116,493) (554,884) (348,145)
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Net loss $ (767,852) $ (432,892) $ (1,933,465) $ (912,894)
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Current
Assets $ 1,331,804 $ 281,608
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Capital
Assets 692,387 1,542,931
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Intangible
Assets 23,507 35,085
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Total Assets $ 2,047,698 $ 1,859,624
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Current
Liabilities $ 2,691,042 $ 1,156,410
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Long-term
Debt 579,863 681,974
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Preferred
Shares 230,504 324,167
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Share Capital
& Con. Surplus 27,525,506 26,031,856
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Deficit (28,979,217) (26,334,483)
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Total Liabilities
+ Shareholders'
Equity $ 2,047,698 $ 1,859,624
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Based in Sarasota, Florida Sarasota is a city located in Sarasota County on the central west coast of Florida, USA. Its official limits include Sarasota Bay and several barrier islands between the bay and the Gulf of Mexico. and Toronto, Canada, Carbiz is a leading provider of Internet and software solutions to the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . Carbiz's suite of business solutions includes dealer software products focused on the finance, sub-prime finance and "buy-here, pay-here" markets. Carbiz has 40 full-time employees and provides finance solutions, lead generation, Internet capability and training services. Carbiz supports more than 3,000 dealers with a recurring revenue model, in addition to individual product sales. Carbiz also provides a tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. service and refund anticipation loans A (Tax) Refund Anticipation Loan (RAL) is a high interest rate short-term loan secured by a taxpayer’s expected tax refund. United States In the United States, the taxpayer commonly applies for the loan through a paid tax preparation firm. at a facility in Clearwater, Florida Clearwater is a city located in central Pinellas County, Florida, USA, nearly due west of Tampa. As of the 2000 census, the city had a total population of 108,787; however, according to the 2005 U.S. Census Bureau's estimates, the city's population fell slightly to 108,687. that employs 90 people on a seasonal basis. In 2004, the Carbiz began leveraging its industry knowledge and software products into company-owned credit centers, which are used-car dealerships that offer financing to customers with poor credit. Carbiz opened its first two credit centers in Palmetto and St. Petersburg, Florida St. Petersburg (often shortened to St. Pete) is a city in Pinellas County, Florida, United States. The city is known as a vacation destination for North American and European vacationers, as well as a politically important battleground in U.S. Presidential politics. in 2004. The company intends to open a third credit center in the Tampa, Florida “Tampa” redirects here. For other uses, see Tampa (disambiguation). Tampa is a United States city in Hillsborough County, on the west coast of Florida. It serves as the county seat for Hillsborough County.GR6. area in early 2005. Each credit center originates, funds, manages and collects loans for vehicles sold to customers. For more information about Carbiz and its services, visit Carbiz's web site: www.carbiz.com. Forward-Looking Statements All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Carbiz. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Carbiz assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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