TrueContext Mobile Solutions Corp (CVE:TMN) reported Monday that first quarter revenue almost doubled as the mobile app company continued to show growth in customers and subscribers.
For the first three months of the year, total revenue came in at
$558,437, 93 per cent higher than sales of $288,788 in the same period
one year ago.
The company's ProntoForms mobile business app does away with
paperwork and redundant data entry, allowing field workers in the retail
inspection arena, for example, to fill business forms out of the office
from all major mobile device platforms such as Apple's (NASDAQ:AAPL) iPad, RIM's (NASDAQ:RIMM)(TSE:RIM) Blackberry, Google's (NASDAQ:GOOG) Android platform and Microsoft's (NASDAQ:MSFT) Windows Mobile platform.
The simple to add app is meant to improve overall business
productivity, and allows users in the field to create forms, generate
reports, as well as capture signatures and photos within minutes.
Data on the mobile form is maintained securely in a data-center, and
can be turned into emails or PDF reports, instantly accessible with an
internet connection or connected to back office systems.
The company announced earlier this month that its ProntoForms app now fully supports the Microsoft Windows Phone 7.5 operating system, for such devices as the Nokia Lumia 900 from AT&T (NYSE:T).
In early 2010, TrueContext announced its reseller partnership with AT&T.
Subscription license revenue in the latest period more than doubled
to $359,090 from a year earlier, while operator channel subscription
revenue, such as those from the AT&T partnership, grew to $218,630
from $52,429 in the first quarter of 2011.
Earlier this month, TrueContext announced a Canadian carrier agreement with Rogers Communications (NYSE:RCI) (TSE:RCI.B), broadening distribution for its mobile app.
Services revenue in the most recent period rose by 48 per cent to
$199,347. Professional services sales improved by 64 per cent, while
maintenance revenue from legacy perpetual licenses fell by 31 per cent.
"Our first quarter 2012 results show continued growth in customers, subscribers and revenues," said CEO Alvaro Pombo.
"In our 2012 first quarter, we made significant strides in reducing
our cost structure by transitioning from our legacy 4.8 services and
"While this caused some small turbulence in our subscriber growth, we
were able to achieve significant savings in cost of sales and research
and development and provide long term value for scaling our offering in a
cost effective manner.
"We also recently modified our sales process to increasingly funnel
customer activity through our web portal providing better access to
customer information and we introduced product improvements such as
standardized data destinations and dispatch functionality intended to
improve and simplify ProntoForms and shorten the sales cycle."
Indeed, in March, TrueContext released a new dispatching feature for
ProntoForms, expanding the app's functions and broadening the company's
Dispatching with ProntoForms allows managers to partially populate
mobile forms and to dispatch them to specific team members directly into
the field. This means field workers do not have to make head office
return visits to be assigned key information, nor do they have to fill
out entire mobile forms on their own when on location.
Managers and administrators can also control company dispatching through the back office system or the ProntoForms Web Portal.
Data can be dispatched to select teams or individuals, and can be
handled manually, scheduled with look-up tables, or machine-driven
through API calls.
"We continue to focus on maximizing subscriber growth primarily through our mobile operator channel partners," said Pombo.
"We have witnessed solid traction in the US and we recently announced a resell arrangement with Rogers Communications
in Canada. In addition, we have made significant progress in other
geographies and intend to continue building a diversified base of
In the last two quarters, Pombo said the company has also secured
co-marketing partnerships with "global top four mobile device brands",
which will help expand its products' presence through the mobile
For the three months that ended March 31, the company booked a net
loss of $585,975, slightly wider than the $582,158 loss a year ago, but
smaller than the $748,856 loss seen in the fourth quarter of 2011.
At the end of the first quarter, TrueContext, which last week also
completed a $1.0 million private placement financing, had cash and
equivalents of $642,057, and net working capital of $104,404.
The ProntoForms app hits the sweet spot in terms of what small and
medium businesses desire for mobile applications. Subscribers can also
download templates and customize forms as they wish through the
Ottawa-based TrueContext, formed in 2001, has a proprietary patent
portfolio, from which ProntoForms' mobile app and web-reporting portal