Carbiz Inc. Announces Year-End 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), has announced the company's results for the year ended Jan. 31, 2005. Revenue increased by $398,686 U.S. or 13.46 percent compared to the prior year. The increase was primarily due to the incremental revenue increase from the Carbiz Auto Credit division, which contributed $594,722 U.S. in sales for the year. Software product sales and consulting revenues increased year-to-year. The increase was offset by a decrease in TaxMax sales and in services provided by the software division. 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 pursuing a listing on the U.S. Over-the-Counter Bulletin Board (OTC-BB), as well as reporting changes resulting from adopting 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. Ritter rit·ter n. pl. ritter A knight. [German, from Middle High German riter, from Middle Dutch ridder, from r , "The majority of expenses for the OTC-BB application have been absorbed in the fiscal year ended Jan. 31, 2005. Our auto-credit business will continue to increase over the next quarter in both sales and profit. Revenues from the tax season for the TaxMax division will be reflected in the first quarter ending Apr. 30, 2005."
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Year Ending Year Ending
Jan. 31, 2005 Jan. 31, 2004
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Revenue $ 3,359,551 $ 2,960,865
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Cost of sales $ 1,486,506 $ 1,491,122
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Operating expenses $ 3,167,490 $ 1,974,437
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Operating loss $ (1,294,445) $ (504,694)
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Interest income (expense) $ (171,722) $ (137,786)
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Amortization/Depreciation $ (515,126) $ (566,673)
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Net loss $ (1,981,293) $ (1,209,153)
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Loss per common share $ (0.05) $ (0.04)
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About Carbiz 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 at a facility in Sarasota, Florida that employs 90 people on a seasonal basis. In calendar year 2004, Carbiz began to leverage 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 Tampa, Florida in mid 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. |
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