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Results include recently acquired European Aeronautical Group
Waterloo, ON September 11, 2006:
Navtech, Inc. (OTCBB: NAVH), a leading international provider of flight operations software and services, today announced its financial results for its third quarter ended July 31, 2006.
Financial Highlights (USD)
Financial results include the operating results of the recently acquired European Aeronautical Group AB (“EAG”) from November 22, 2005, the date of acquisition, to July 31, 2006 (approximately 8 1/3 months).
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Three Months Ended July 31, |
Six Months Ended July 31, |
| 2006 |
2005 |
2006 |
2005 |
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Revenue |
$9,827,000 |
$2,516,000 |
$27,024,000 |
$7,664,000 |
Operating expenses |
$9,268,000 |
$2,382,000 |
$24,761,000 |
$7,353,000 |
Income from operations |
$559,000 |
$134,000 |
$2,263,000 |
$311,000 |
Net earnings |
$131,000 |
$127,000 |
$616,000 |
$294,000 |
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End of period stock price |
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$2.90 |
$2.80 |
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Total revenue for third quarter of 2006 was $9.8 million, an increase of $0.5 million or 6%, over the previous quarter. Both periods include the results of EAG for the full quarter.
Revenue for the nine months ended July 31, 2006 increased to $27.0 million compared to $7.7 million in the same period last year primarily as a result of the inclusion of results from EAG. Subscription-based recurring revenues accounted for over 90% of total revenues to date in fiscal 2006, compared with approximately 80% in the same period in 2005.
Income from operations for the nine months ended July 31, 2006 was $2.3 million after $1.7 million of depreciation and amortization expense.
“We are pleased with the increases in revenue and earnings resulting from the acquisition of EAG and other initiatives”, said David Strucke, Navtech’s President and CEO. “We see exciting growth opportunities for all products in our expanded portfolio.”
Cash flow from operating activities for the nine months ended July 31, 2006 was $1.6 million, resulting in a cash balance of $4.8 million and working capital of $3.3 million.
About Navtech Inc.
Navtech creates and supports superior flight operations software and services for airlines. With more than 250 airline customers around the world, Navtech's products directly support millions of flights around the globe each year. Navtech’s product portfolio includes aeronautical charts, navigation data, flight planning, crew planning, runway analysis, and weight & balance systems. Navtech has more than 250 employees with offices in the United States, Canada, Sweden, the United Kingdom and Singapore. For more information, please go to www.navtechinc.com.
FORWARD-LOOKING STATEMENTS
This release may include forward-looking statements concerning the Company's intent, belief or current expectations with respect to, among other things, trends affecting its financial condition or results of operations and its business and growth strategies. Such forward-looking statements are based upon assumptions that may not be correct, are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from those projected, expressed or implied. The Company does not undertake any obligation to update or revise any forward-looking statements. All forward-looking statements are subject to the risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission, including those set forth under "Other Considerations" in the "Management's Discussion and Analysis or Plan of Operation" section of the Company's Annual Report on Form 10-KSB for the year ended October 31, 2005.
For further information please contact:
Navtech, Inc.
Gordon Heard
Chief Financial Officer
Tel: +1 519 747 1170 x288
Fax: +1 519 747 5282
gheard@navtechinc.com
www.navtechinc.com
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