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iPerceptions Reports First Quarter 2011 Financial Results

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Posted June 23, 2011

MONTREAL--(BUSINESS WIRE)-- iPerceptions Inc. (TSX-V: IPE), a leading provider of web-focused Voice of Customer (VoC) analytics using advanced intercept survey technology to gather feedback from representative samples of actual visitors, today reported its financial results for the three months ended March 31, 2011. The first quarter of 2011 represents iPerceptions’ first financial reporting under IFRS. All amounts in Canadian dollars unless otherwise stated.

Highlights for the first quarter of 2011 include:

  • First quarter revenue of $1,231,774, an increase of 3% over the corresponding period in the previous year excluding the adverse effect of foreign exchange.
  • Operating loss of $326,663 in the quarter, a 21% improvement from the corresponding period in the previous year.
  • The addition of multiple high-profile companies to the Corporation’s customer portfolio including PetSmart, Travelocity, Toyota-Lexus and Frontier Communications. We also renewed annual contracts with high profile clients such as Chrysler, Workopolis, Vonage, LG, Choice Hotels, IBM, Fedex, Altria, Intercontinental Hotels and Canadian Tire.
  • The launch of 4Q Suite – a low-cost Voice of Customer solution for companies of all sizes and levels of sophistication, that includes many new features such as Google Analytics integration, automatic alerts of significant changes in data and global industry benchmarks.
  • A 4Q WordPress plugin, that provides WordPress users a simple way to enable 4Q on their websites.
  • Certification to display the TRUSTe Privacy Seal, demonstrating the Corporation’s commitment to customer trust and privacy online.
  • The release of WASP version 2.4, which is fully compatible with Firefox 4.

“We’re extremely excited to announce the general availability of 4Q Suite,” said Claude Guay, President and CEO of iPerceptions. “Now companies have the choice of using the free 4Q survey solution, or upgrading seamlessly to 4Q Suite Basic, Plus or Premium, depending on their needs.”

webValidator Continuous Listening Solution

The Corporation added multiple high-profile companies to their webValidator solution customer portfolio in Q1 2011, including PetSmart, Travelocity, Toyota-Lexus and Frontier Communications. We also renewed several annual contracts with clients such as Chrysler, Workopolis, Vonage, LG, Choice Hotels, IBM, Fedex, Altria, Intercontinental Hotels and Canadian Tire.

The Corporation also added new features to its webValidator Continuous Listening Solution, including automatic alerts of significant changes in data, email reports of feedback from specific open-ended questions, survey statistics, new user management tools and a new discrete invitation option. As well, it revitalized the main user interface of its portal to ensure a more intuitive navigation and shorter new-user familiarization time.

4Q Suite

In May 2011, the Corporation announced the general availability of 4Q Suite, an upgraded version of its original 4Q survey solution, that offers an array of new features all designed to help businesses increase site satisfaction, build engagement and optimize conversion. These features include Google Analytics integration, automatic alerts of significant changes, email reports, global industry benchmarks, word clouds and text categorization features, CRM capabilities such as email collection, ads and coupons on the survey thank-you page, and many more. 4Q Suite is simple-to-deploy, low-cost, scalable and offers website owners actionable insights based on real-time user feedback.

Web Analytics Solution Profiler (WASP)

The Corporation released WASP version 2.4 in Q1 2011. The new version is fully compatible with Firefox 4, features a better detection engine, mobile site audit support and a built-in ability to change user agents. Version 2.4 also offers faster report generation and tag execution time, sequencing in the reports and localization in English, French, Spanish and German.

WASP version 2.5 is in beta, with a full release scheduled for July 2011.

First quarter 2011 financial highlights:

  • For the first quarter of 2011, revenue was $1,231,774 compared to $1,246,623 in the same period in 2010, representing a decrease of $14,849 or 1%. Gross margin as a percentage of revenue was 57% for the first quarter of 2011 as compared to 59% for the same period in 2010.
  • Comprehensive income for the first quarter of 2011 was $93,770 compared to comprehensive loss of $673,505 for the same period in 2010, including a non-cash gain on extinguishment of convertible debentures in the amount of $716,390 (Q1 2010: nil) and non-cash charges for interest and accretion of discount on convertible debentures in the amount of $261,646 (Q1 2010: $201,095). The basic and diluted income per share for the first quarter of 2011 was $0.00 compared to a loss per share of $0.02 for the same period in 2010.
  • Cash and cash equivalents totaled $865,098 as of March 31, 2011. During the first quarter of 2011, cash provided by operating activities amounted to $202,248 compared to cash used in operating activities of $128,214 in the same period in 2010, representing an improvement of $330,462 over the same period in 2010.

This press release includes reference to operating loss, which is a non-IFRS financial measure. Operating loss does not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers. It is not intended to replace financial information prepared in accordance with IFRS. For more information please consult our Consolidated Financial Statements and Management Discussion and Analysis available on SEDAR at www.sedar.com.

About iPerceptions:

iPerceptions is a leading web-focused Voice of Customer analytics provider, gathering feedback from a representative sample of actual visitors. Its webValidator Continuous Listening solution, 4Q Suite solution, Web Analytics Solution Profiler (WASP) and proprietary iPerceptions Satisfaction Index (iPSI) turn millions of data points into easy-to-understand strategic and tactical decision support for website marketers. iPerceptions’ clients include such well-known brands as Dell, InterContinental Hotels, General Motors, Canadian Tire, Hyundai, LG Electronics, Choice Hotels International, BMW and Monster Worldwide. For more information, please visit http://www.iperceptions.com.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.



CONTACT:

iPerceptions Inc.
Claude Guay – President and Chief Executive Officer
514-488-3600

KEYWORDS:   North America  Canada

INDUSTRY KEYWORDS:   Technology  Data Management  Telecommunications

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