Thursday, 23 August 2012

TrueContext Mobile's Q2 revenue grows 75% as losses trimmed

Mobile business apps maker TrueContext Mobile Solutions(CVE:TMN) reported Thursday that second quarter sales jumped more than 75 per cent on the back of sharp increases in all revenue channels. 
For the three months that ended June 30, the maker of the ProntoForms app said it trimmed losses to $564,897, compared to a loss of $689,813 a year ago. 
Total revenue rose just over 75 per cent to $593,646. 
In early 2010, TrueContext announced its reseller partnership with AT&T for its ProntoForms app - a mobile form solution that is meant to increase business productivity by improving the quality and speed of data collected in the field. The app allows mobile workers to access business data directly on their smart phone or tablet devices.
The web management portal component of the app allows account managers to create forms, manage mobile users and access usage reports. The portal allows administrators to configure their back office system connectivity, and/or connect collected data to cloud platforms such as Dropbox, Google Docs and Microsoft SharePoint.
Subscription license revenue grew 89 per cent to $416,931 from $359,090 in the second quarter of 2011, while operator channel subscription sales, such as those from the AT&T partnership, more than doubled to $244,432. 
Second quarter services revenue rose 49 per cent to $176,715 from $118,358 in the year-earlier period. 
"Our second quarter 2012 results show continued steady growth in customers, subscribers and revenues with operator channel subscription revenue growing by 125% over last year," said CEO of TrueContext, Alvaro Pombo. 
"We are pleased that we obtained this growth while also achieving our second consecutive quarter of reduced net loss for the company."   
Pombo added that the company's primary goal is subscriber growth through established and new channels as the business is focused on optimizing the sales process with these partners. 
"We are actively diversifying and expanding our channel subscriber base and we have recently announced important new relationships with Rogers Communications and Bell in Canada.
"Additionally, we are experiencing significant interest from carriers globally. Carriers introduce ProntoForms because it's a strategic subscriber service that helps improve sales of related voice and data plans, smartphones and helps reduce customer churn."
Pombo said the marketing and sales processes that it has built with AT&T is being deployed to new partners. 
"Furthermore, our secured co-marketing partnerships with the global top four mobile smartphone brands help expand awareness and representation of our products through the mobile operator channels globally," he added.
The simple-to-add app, which does away with paperwork and redundant data entry, lets field workers 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.
At the end of the quarter, the company had cash and equivalents of over $1 million.             
The ProntoForms app is used by 1,800 business customers, including Toshiba and RentoKil.

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