Intrinsyc Software International, developer of intelligent connected devices, announced its financial results for the fourth quarter and full year ended December 31, 2011, reported in United States dollars and in accordance with International Financial Reporting Standards. The Company’s results are presented in comparison to the three months and twelve months ended December 31, 2010, also in accordance with IFRS.

"We are pleased with achievement of positive EBITDA for our second consecutive year," said Tracy Rees, President and Chief Executive Officer. "In 2011, the Company continued to focus on operational efficiency and the stabilization of the company, resulting in improvements in the company’s working capital and other balance sheet measures. In the fourth quarter of 2011, we began a progressive series of investments in new solutions that will provide the company with new and scalable sources of revenue."

The Company reported revenue of approximately $2.6 million for the three months ended December 31, 2011 as compared to approximately $2.9 million for the three months ended December 31, 2010. The decrease in revenue is primarily attributable to the decrease in revenues of the Company’s Device Development Solutions. Total revenue attributable to the Company’s Software Solutions was 26 percent of revenues, compared to 17 percent in the comparative quarter with revenue attributable to the Company’s Device Development Solutions decreasing to 74 percent in the three months ended December 31, 2011 from 82 percent in the prior year period. Overall, gross margin was 46 percent in the fourth quarter of 2011 representing a decrease from 63 percent in the three months ended December 31, 2010.

Total expenses (excluding other operating expenses) for the three months ended December 31, 2011 were approximately $1.2 million representing a decrease of 27 percent from the approximately $1.6 million for the three months ended December 31, 2010.

EBITDA for the three months ended December 31, 2011 was $399 compared to EBITDA of $243,902 for the three months ended December 31, 2010.

The Company reported revenue of approximately $10.3 million for the year ended December 31, 2011 as compared to approximately $12.7 million for the year ended December 31, 2010. Total revenue attributable to the Company’s Software Solutions decreased to 29 percent of revenues, including software licensing, maintenance/support and software-related services, as compared to 31 percent in the respective comparative period. Gross margin was 52 percent for the year ended December 31, 2011, a decrease from 57 percent in the year ended December 31, 2010.

Total operating expenses (excluding other operating expenses) for the year ended December 31, 2011 were approximately $4.6 million, compared to approximately $6.9 million for the year ended December 31, 2010. EBITDA for the year ended December 31, 2011 was $718,432 compared to $420,619 for the year ended December 31, 2010.

Working capital as of December 31, 2011 was approximately $11.9 million (which included cash and cash equivalents of approximately $9.4 million and short-term investments of approximately $2.7 million). This is compared to net working capital of approximately $11.6 million as of December 31, 2011 (which included cash and cash equivalents of approximately $11.2 million).

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