VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/28/13 -- OneMove Technologies Inc. ("OneMove" or the "Company") (TSX VENTURE: OM), the provider of the leading web-based real estate transaction platform and the creator of the largest and fastest growing online community of conveyancing professionals, announced today its financial results for the six months period ended December 31, 2012. All figures are reported in Canadian dollars.
The second quarter saw the Company continue to build its membership and brand by concentrating on adding new users and expanding the largest network of conveyance professionals. For the quarter ended December 31, 2012, MLS® listed sales in British Columbia were down by 17% compared to the same period a year ago.
Second Quarter Operational Highlights
-- MLS® listed sales in BC decreased 17% from 15,691 in 2012 to 12,967 in 2013.-- Q2 Revenue remained flat from $491,000 to $493,000 from Q2 fiscal 2012.-- Transactional volume remained stable from 16,029 to 16,075. Daily average revenue also remained stable from $7,816 to $7,751-- Member firms increased 5% or 34 from 650 to 684 and our retention rate continues to be strong at 99.0% of user/members for the Q2 of fiscal 2013.-- Ongoing business expenses increased from $712,000 to $916,000 from Q2 of fiscal 2012 as a result of the expansion of the sales team, travels to the UK to discuss market entry plans and legal costs associated with the private placement and buy-out undertakings.-- As a result of higher operational expenses and the softening of the BC market, losses increased to $(422,000) from Q2 of last year $(222,000).
Fiscal 2013 Q2 Financial Summary
Q2 Q2 FY 2013 FY 2012 % Change Revenue $ 493,000 $ 491,000 0.41% Adjusted EBITDA(ii) ($348,000) $ (106,000) (228%) Net Income (loss) ($422,000) ($222,000) (90%) Net Income (loss) p/s $0.00 $0.00 0%
Operations in British Columbia
Concurrent with Q1, the results for this quarter have been negatively affected by the downturn in the British Columbia real estate market which is due to the tighter mortgage credit regulations. The number of real estate transactions recorded through the MLS have declined, respectively, 10%, 17% and 27% in October, November and December of this year versus a year ago.
Although there is no certitude of when the market will pick up again, analysts are predicting that such decline will be temporary and that the calendar year 2013 will see such a decline being re-absorbed due to an expanding population, strong full-time employment growth and persistent low mortgage interest rates.
Our sales teams have started to commercialize our large volume project version of econveyance in BC which has been and continues to be in beta testing. Prospects for this platform are promising and we expect being able to book first revenues from this version in Q3 of this year.
Operations in Alberta
Most of the Company's commercial efforts are now in the province of Alberta, which is currently enjoying a more stable real estate market. We are still assessing our growth in Alberta and hope to increase our market penetration. Alberta is different from BC as more competitors are present, the market is more fragmented and there are many prospects that have not yet embraced an electronic conveyancing platform.
The Company continued to invest in sales and marketing in Q1 and Q2. Our sales teams, some of which have been recruiting in the Q1 and Q2 are constantly building their pipelines and we expect that this materialize in stronger Q3 sales.
Full financial statements and MD&A for OneMove will be available at www.onemovetech.com and www.sedar.com.
(ii)EBITDA is used internally by the Company to compare cash operating resulted from one period to another. EBITDA for the purposes of this analysis also excludes stock based compensation, shares issued for services and "Other income/losses" per the financial statements. EBITDA does not have any standardized meaning prescribed by GAAP and therefore may not be comparable to similar measures presented by other companies.
About OneMove Technologies Inc.
OneMove Technologies Inc. (TSX VENTURE: OM) is the leading provider of web-based real estate transaction platforms and the creator of the largest and fastest growing online community of conveyancing professionals. Through econveyance, its proprietary web-based conveyancing software solution, OneMove simplifies and expedites the process of buying and selling real estate. Econveyance connects all participants in the property transfer process, offering a secure and efficient means of completing the transaction online. Additional information about OneMove can be found at www.onemovetech.com or www.sedar.com. Professional users site www.econveyance.com.
Forward Looking Statements
This press release contains certain "forward looking statement". These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and OneMove Technologies Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
OneMove Technologies Inc.