ENP Newswire - 31 October 2013
Release date- 25102013 - EDMONTON, Alberta, Canada-Serenic Corporation (TSX-V: SER), an international software developer specializing in integrated financial management and human capital management ('HCM') solutions for Non-Profit organizations, government agencies, and Microsoft Dynamics NAV announces its financial results for the three and six months ended August 31, 2013.
Financial results are summarized as follows:
(1) EBITDA represents earnings before interest, taxes, depreciation, amortization, and stock based compensation. Please review the Serenic Management Discussion and Analysis for the three and six months ended August 31, 2013 for more information.
Firstly, with respect to the historical on-premise license business, both the direct and partner channel sales teams focused on specific market segments to improve sales process and close ratios. The Company entered into an alliance with a new third party product which management believes will allow Serenic to present a more powerful solution into the ministry, faith-based market. The recent adoption of Serenic's Total Care Plan ('TCP') (whereby customers who were sold directly will pay a one-price fee for software maintenance, unlimited product support and software upgrades), has garnered interest, particularly by customers who have expressed interest in upgrading to the newer versions of Serenic Navigator. The Company continued its program to revitalize sales of its HCM products. Additional staff were hired during the past two quarters to round out the HCM team, and development efforts continue to integrate a highly functional and scalable advanced human resource management solution to the Company's payroll offerings for both Navigator and Dynamics NAV users. Initial interest for the advanced human resource solution appears to be strong as we progress development of the integration of this functionality to our other products. Expectations are to release these new advanced HR solutions by fiscal year end.
Secondly, with respect to the new cloud based solutions being developed to align with Microsoft'sGlobal Road to Repeatability ('GR2R') volume strategies, we continued to make organizational changes to address the new volume markets that Serenic has not historically addressed. Webcasts with selected prospective clients to present, demonstrate and sell Serenic Navigator on-premise and cloud solutions continued during the quarter, which yielded good attendance and interest. Efforts to align Serenic's strategies with Microsoft's GR2R plan continued during the quarter, and included several specialized partner conferences hosted by Microsoft wherein they continued their mentorship and education regarding revised marketing and sales efforts that will drive the volume business model. The Company continued to work on a simplified version of Serenic Navigator which is expected to be released to market prior to the end of Fiscal 2014. Concurrently, our Client Services team continued to advance and integrate Microsoft's 'RapidStart' processes into our software implementation methodologies, in order to better accommodate customers who more aptly fit the volume sales and deployment strategies, which in some cases may provide customers with reduced and/or fixed-price implementation costs.