Axiologix Issues First Quarter Results. Revenues Up from Last Quarter. Positive Cash from Operations.
BEDMINSTER, N.J.--(BUSINESS WIRE)-- Axiologix Inc. (www.axiologix.net) (AXLX.PK), an International Technology and Services Organization focused on delivering 'Cloud' Products and Services today announced that it has reported results for its first quarter ended August 31, 2012, via the filing of its Quarterly Report with the OTC Markets Group.
The Company generated revenues of $207,600 for the quarter, an increase of 7.7% over the last quarter ending May 31, 2012 and bringing revenues since inception to $394,738. Gross margins were maintained at 95%. Operating costs were $277,488, of which $116,445 were non-cash items. Net loss for the quarter was $209,942 after interest and depreciation charges of $129,145 and the Company had positive cash flows from operations of $10,404 for the quarter and $46,878 since inception. The Company's cash increased by $14,520 during the quarter.
Full details of the Company's Quarterly Report can be found at http://www.otcmarkets.com/stock/AXLX/financials.
Vincent Browne, Chairman and Chief Executive of Axiologix, Inc., said, "This was a solid start to the year with results pretty much in line with expectations with the exception of higher non-cash charges related to the hiring of Dennis Mitrano as President of Telecom Operation during the quarter. Dennis has already had a very positive impact since joining us and we continue to make strong progress in building our acquisition pipeline and deal flow as well as developing organic growth activities. We look forward to making more announcements on these activities as they become tangible."
About Axiologix, Inc.
Axiologix Inc. is an International Technology and Services Organization focused on delivering Cloud-based Products and Services to small and medium sized businesses primarily in the United States and to operators globally. Axiologix is headquartered in New Jersey, with international operations in Dublin, Ireland. Additional information may be found at www.axiologix.net.
This press release contains forward-looking statements. Words such as "expects", ``intends'', ``believes'', and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the Securities and Exchange Commission and the OTC Markets Group. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Investor Relations Contact:
Vincent Browne, 908-719-8920
KEYWORDS: United States North America New Jersey
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