Perth developer targets 50% growth rate

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ASX-listed developer Working Systems Solutions has announced a record operating cash surplus of $858,000 for the quarter ending 30 June 2003, adding to an unaudited EBITDA of $1.1 million representing an 178 percent rise on last financial year's $1.4 million loss.

Mathew Cherian, CEO at the Perth-based software developer, said in his statement to the ASX that the company was now expanding its sales and market development activities with a view to achieving annual earnings growth in excess of 50 percent per annum for the years ending June 2004 and June 2005.

“The company enters the new financial year with an improved cash position, profitable operations, $600,000 in available credit and record levels of back-orders for our products,” he said.

Working Systems Solutions had completed an operational consolidation phase and retired more than $1.1 million in interest-bearing debt, including all cash obligations related to previous acquisitions and investments, Cherian said. According to its quarterly report, the company has made substantial savings in staff costs, advertising and marketing, research and development and leased assets in the year to date.

Total operating and investing cash flows for this quarter come to $594,000, compared with a $319,000 loss for the year to date, and making for a $259,000 increase in the amount of cash held this quarter, the report said.

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