02:13:44 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



iLookabout Corp
Symbol ILA
Shares Issued 60,313,784
Close 2015-05-25 C$ 0.36
Market Cap C$ 21,712,962
Recent Sedar Documents

iLookabout loses $619,000 in Q1

2015-05-25 18:55 ET - News Release

Ms. Robin Dyson reports

ILOOKABOUT CORP. ANNOUNCES FIRST QUARTER RESULTS

iLookabout Corp.'s unaudited condensed interim consolidated financial statements for the three months ended March 31, 2015, and 2014, and the related management's discussion and analysis are available at SEDAR and on the company's website. Shareholders may request a hard copy of this material by directing their request to: iLookabout Corp., office of the chief financial officer, 408-383 Richmond St., London, Ont., N6A 3C4.

Highlights of financial results for the first quarter of 2015 were provided by the company.

Revenue increased 35 per cent to $1,516,000 for the three months ended March 31, 2015, compared with the same period in the prior year. This increase is primarily attributable to: (i) the delivery of imagery for a significant sales contract, based in the United States, for which there was not a comparable delivery in the first quarter of the prior year, (ii) the launch of municipal property tax consulting services, for which revenue commenced in January, 2015, and (iii) three months of revenue recognized in the first quarter of 2015, with respect to a multiyear services contract, for which only two months of revenue was recognized in the first quarter of the prior year, as the production phase of this agreement commenced in February, 2014.

Comprehensive loss increased from $272,000 to $619,000 for the three months ended March 31, 2014, and 2015, respectively. While revenue increased for the first quarter on a year-over-year basis, the following more than offset the revenue increase: (i) the increase in human resource, consulting and sales-related expenses to support the development and launch of new product and service offerings, (ii) increase in third party property-related licensing fees to support the relicensing of these data to end customers, and (iii) increased share-based compensation expense due to the one-time grant of 2,233,000 options to purchase common shares of the company, which options were granted in accordance with the executive chair employment agreement, which became effective Jan. 1, 2015.

The company is pleased to confirm that, as previously reported, in February, 2015, the company closed a software purchase transaction in respect of certain technology assets to augment the company's existing software platforms, namely a property tax analytics platform referred to as RPTA, and a property tax workflow management platform known as RTM. The company has commenced marketing of this new offering.

The company reported that the newly launched municipal property tax consulting group, the municipal tax advisory group, commenced the delivery of billable services early in 2015. It is expected that the purchased software will be integral to the service offering of the municipal tax advisory group.

© 2024 Canjex Publishing Ltd. All rights reserved.