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Toronto based Workbrain Corporation announced yesterday their first quarter results for the period ending March 31, 2007. Workbrain provides web-based workforce management solutions for large enterprises such as British Airways, General Mills and Target.

Summary of Results (in USD):

- Quarterly revenues of $25.3 million compared with $24.9 million for the first quarter of 2006. The increase was due primarily to growth in license revenue to $7.5 million, a new high for the Company, compared to $7.1 million for the first quarter of 2006. Services, maintenance, and other revenue was $17.9 million, in-line with the first quarter of 2006.
- Gross profit for the three months ended March 31, 2007, increased by $0.8 million to $12.6 million. Gross profit as a percentage of revenue rose to 49.6% in the first quarter compared to 47.1% for the same period last year, primarily due to increases in the contribution from license and maintenance revenue.
- Operating expenses increased to $12.2 million in the first quarter of 2007 from $11.8 million for the same period last year. Sales and marketing expenses rose $0.3 million in the first quarter due to variable compensation expenses associated with increased license sales and to severance charges.
- General and administrative expenses increased by $0.8 million in the first quarter of 2007 due primarily to a $0.5 million charge for restructuring costs associated with consolidating facilities and severance, which are not expected to be ongoing. Research and development expenses were reduced by $0.8 million in the first quarter due primarily to a reduction in the average number of research and development employees.

Categories: Financial Results, For The Books