Wireless Matrix Reports 2010 First Quarter Fiscal Year Results

Wireless Matrix, a provider of service chain performance management solutions targeting field service organizations, announced they have reported results for its three months ended July 31.

In a September 10 release, Wireless Matrix noted that the first quarter of fiscal 2010, Wireless Matrix announced two seminal sales wins in the pay for television space and a new $20,000,000 agreement transitioning a long-standing satellite communications customer to new solutions including applications. These agreements demonstrate tangibly the Corp.'s ability to attract, retain and grow customers and represent over 18,000 new subscribers, which began activating during the first quarter fiscal 2010.

"Wireless Matrix's FleetOutlook solution has been recognized by our Tier 1 customers as integral to their operational success, which is of vital importance in a macroeconomic environment where every dollar and every client counts," said J. Richard Carlson, president and CEO of Wireless Matrix. "These customers alone will propel us to 88,000 subscribers upon the completion of their deployments, which puts us in sight of the 100,000 subscriber milestone."

Wireless Matrix provides service chain management performance on a software-as-a-service basis that provides business optimization, fleet efficiency and customer relationship enhancement by improving operational visibility and execution. Wireless Matrix's approach has lead to growth in its subscriber base to over 25,910 application subscribers and a combined total of 72,014 network and application subscribers at the end of July 31. This growth in subscribers has led to record revenues of $10,682,000 and adjusted EBITDA (earnings before taxes, depreciation and amortization) in the first quarter fiscal 2010 of $1,158,000.

Further financial highlights include the following:

- Grew its subscriber base to 72,014 with approximately 16,000 additional subscribers under contract expected to be deployed within the next two quarters for total active and backlog subscribers of 88,014.

- Accomplished total revenue growth of 16 percent over the first three months of fiscal 2009 to $10,682,000.

- Generated recurring subscriber service revenue of $7,060,000, with growth over last year's comparable quarter of 6 percent.

- Achieved adjusted EBITDA of $1,158,000 for the first quarter fiscal 2010, an increase over the prior fiscal year's first quarter of 13 percent.

- Generated net income for the first quarter of 2010 of $173,000.

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