FutureIT Announces Third Quarter 2009 Results.Summary: FutureIT Inc. (FITI.OB), a leading provider of software solutions for the FutureIT Inc. (FITI.OB), a leading provider of softwaresolutions for the automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. and effective management of Microsoft SQLservers, today announced its financial results for the third quarter of 2009. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). revenue for the third quarter ended September 30, 2009was $160,698 compared to $140,483 in the third quarter of 2008 and $155,270in the second quarter of 2009. Total GAAP revenue in the first nine months of2009 was $442,981 compared to $493,554 in the first nine months of 2008.Total 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. were reduced in the third quarter of 2009 to$301,613 compared to $436,755 in the third quarter of 2008 and $345,191 inthe second quarter of 2009. Non-GAAP sales for the third quarter 2009 were $93,198compared to $140,687 in the third quarter of 2008 and $171,185 in the secondquarter 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 operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the third quarter ended September 30, 2009declined and was $153,379 compared to an operating loss of $341,443 in thethird quarter of 2008 and $220,443 in the second quarter of 2009. Operatingloss 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 decreasein operational loss in the third quarter was not reflected due to theincrease in financial expenses of $169,810. Net loss for the third quarter of2009 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 thenine months ended September 30, 2009 was $ 818,682 or $(0.03) per sharecompared 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. said "Although we have decreasedour negative operational cash flow by $387,426 from $724,003 in the ninemonths ended September 2008 to $336,577 in the nine months ended September2009, an influx of cash is still required. We maintain our efforts to raisecapital, but understand that we cannot continue to successfully operate inthe company's current framework without additional funding. Our limited cashflow continues to restrict our available budget for overseas sales andmarketing and slows down the advancement of our research and development. Inspite of this, we continue to market ourselves domestically, and in CentralAmerica, Russia, South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. and Australia, and are receiving positivefeedback from these regions". 2009 Al Bawaba (www.albawaba.com) 2009 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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