May 21, 2009
New Mexico Software Q1 Revenue Up 289% to $915K
Rapidly Growing Radiological Services Contributed 77% to Q1 Revenue
ALBUQUERQUE, NM, May 21-- New Mexico Software, Inc. (OTC Bulletin Board: NMXC), www.nmxc.net, a leading services provider of next-generation business and medical products, announced today its financial results for the first quarter ended March 31, 2009.
First Quarter 2009 Financial Highlights:
Revenue increased 289% to a record $915,000 from $235,000 in Q1 2008
On a sequential basis, Q1 revenue increased 35% from $679,000 in Q4 2008
Telerad Radiological Services (TRS) division revenue was $708,000, or 77% of total Q1 revenue. TRS operating loss was ($26,000)
Software division revenue was $207,000 or 23% of total Q1 revenue. Software division operating income was $11,000
Cash and cash equivalents totaled $103,000, an increase of 51% from $68,000 as of December 31, 2008
Gross profit increased 61% to $259,000 from $161,000 in Q1 2008
Net loss decreased 84% to ($12,000) from ($73,000) a year ago
Sequentially, the net loss represented a 94% decrease from ($194,000) in Q4 2008
New Mexico Software CEO Dick Govatski said, “The pace of our revenue growth accelerated in the first quarter with a year-over-year increase of 289% and a sequential increase of 35%, as driven primarily by our teleradiology services. Our TRS subsidiary, which started operations in May 2008, contributed 77% of our revenue in the quarter”
“Because of the growing opportunities in telemedicine and teleradiology in particular, we expect to see continued improvement throughout 2009 as we focus our teleradiology marketing efforts to further expand our customer and recurring revenue base.”
Govatski added, “Our primary goal for 2009 is to keep the momentum going forward and become profitable by the end of the year.”
About New Mexico Software
New Mexico Software, Inc. develops and provides medical IT services and solutions that enable improved and faster communication within the preventative, comprehensive and critical healthcare segments. New Mexico Software also provides software and hardware that streamlines administrative processes for a more efficient working environment. Telerad Radiological Services (TRS) is a wholly owned subsidiary of New Mexico Software whose primary focus is to deliver interpretive radiological cases studies for medical facilities. For more information, visit www.nmxc.net or www.nmxs.com, or contact Dick Govatski, president and CEO, at (505) 255-1999 or ceo@nmxs.com.
An investment profile on New Mexico Software may be found at www.hawkassociates.com/nmxcprofile.aspx. For an online investor relations kit, visit www.hawkassociates.com or www.americanmicrocaps.com. For more investor-related questions, contact Frank Hawkins or Susan Zhou, Hawk Associates, at (305) 451-1888 or New.Mexico.Software@hawkassociates.com. To subscribe to future releases via e-mail alert, visit http://www.hawkassociates.com/about/alert/.