Guestlogixs financial results

By Administrator |

Guestlogix Inc. has released its financial and operational results for the three and six-month periods ended May 31, 2009 showing revenue up 150% to C$4.6m ($3.9m), up from C$1.8m ($1.5m) in the second quarter of

fiscal 2008 and a net profit of C$30,000 ($25,953), up from the negative C$1.1m ($951,629) reported in fiscal Q2 2008.

‘Our strong momentum continued in second quarter, resulting in our first quarter of profitability, which we believe is sustainable,’ said Tom Douramakos, President and CEO, Guestlogix. ‘With our success in expanding our deployed customer base, we achieved more than 100% of our total fiscal 2008 revenue in the first half of fiscal 2009.

?In the coming quarters, as we execute on our strategy to grow our passenger trip footprint and deploy our sizeable customer pipeline, we believe we are well positioned to improve our top line, capitalize on the leverage in our business model and, in turn, further strengthen our bottom line results.’

Management said that its second quarter fiscal 2009 operational highlights included growing its customer footprint; completed deployment on board United Airlines; completed deployment with British Airways (BA), which will use GXI's platform to transact duty free and other merchandise purchases on board; completed deployment on board Saudi Arabian Airlines, subsequent to quarter end; and a renewed contract with American Airlines where it has incorporated GXI's platform into the air carrier's new cashless cabin in its new inflight retailing initiative.

The company said that it also launched OnTouch, the company's new merchandising division, to offer airlines a complete portfolio of products and services to sell on board, further facilitating the airline industry's shift toward driving ancillary revenue growth.

It also completed its inflight SkyMall shopping pilot and commenced North American fleet-wide deployment on board ?a major U.S. airline?.As a result of the rapid adoption of its Mobile Virtual Store technology, Guestlogix now claims to have more than 30 of the world's leading airlines under agreement.

The company says it continues to work to sign new customers, particularly in the Asia Pacific region. As such, the company believes it will achieve its goal of one billion passenger trips under agreement in fiscal 2009.

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