Texada Software Inc. ("Texada") /quotes/comstock/11v!e:txs (CA:TXS 0.13, 0.00, 0.00%) , the premier provider of equipment rental and mobile asset management software, announces today its unaudited interim financial results for the third quarter and nine month period ended September 30, 2010.

The three month period ended September 30, 2010 marked the seventh consecutive quarter of profitability for Texada resulting in net earnings for the first nine months of 2010 of $0.29 Ml. compared to $0.21 Ml. in 2009, an improvement of 35%. The Company achieved an improvement in net earnings year over year for the nine month period of 93% after removing the effect of the lease settlements gains realized in 2009 as outlined below.

For the quarter ended September 30, 2010, the Company generated total revenues of $1.05 Ml. and net earnings of $0.04 Ml. Adjusted EBITDA (defined as net earnings (loss) for the period adjusted for amortization, accretion on convertible debt, interest expense, foreign exchange loss (gain), stock based compensation expense and gain on lease settlement) was $0.14 Ml.

Revenues declined by 6.0% in the quarter and 1.4% in the nine month period compared to 2009. Operating expenses for the nine month period were virtually the same as the prior year and up 5.6% for the current quarter. An increase in the proportion of total revenue from licenses versus services and a resulting decline in cost of revenue in the nine month period resulted in an Adjusted EBITDA improvement of $0.15 Ml. in 2010. Non-operating expenses increased by $0.08 Ml. year to date due to an expense reduction of $0.06 Ml. being recorded in 2009 for a gain on the settlement of property leases which were not repeated in the current year.

"We continue to be pleased with our operating results which on an Adjusted EBITDA basis are improved considerably compared to 2009 despite the ongoing difficult environment in the equipment rental industry" commented Texada's President, Brian Spilak. "We see some signs of some improvement in outlook in our key markets and are hopeful that 2011 will show a more robust level of activity for software expenditures in our marketplace."

Incoming Chief Executive Officer Willie Swisher commented, "I look forward to working with Brian and his team in assisting them in any way I can to expand our business. They are to be commended for their efforts and results over the past seven quarters and we look forward to the balance of 2010 and into 2011 with optimism for our current business and the expansion initiatives recently announced, for which I am excited to have rejoined the Company to spearhead."