Acceleware Reports Third Quarter Results for Fiscal 2012

Acceleware Reports Third Quarter Results for Fiscal 2012 
CALGARY, ALBERTA -- (Marketwire) -- 11/22/12 -- Acceleware(R) Ltd.
("Acceleware" or the "Company") (TSX VENTURE:AXE), a leading
developer of high performance computing applications, today announced
results for the three and nine months ended September 30, 2012 (all
figures are in Canadian dollars unless otherwise noted). 
During the third quarter of 2012, Acceleware showed robust growth in
consulting revenue, particularly from oil and gas customers. Despite
the increased consulting revenue, overall revenue decreased 2% for
the three months ended September 30, 2012 ("Q3, 2012"), compared to
Q3, 2011 due to a decrease in product revenue. Revenue increased 2%
from Q2, 2012 as a result of the consulting revenue increase and
increased maintenance revenue. During Q3, 2012 the Company recognized
revenue of $743,161 compared to the $761,937 recognized during Q3,
2011, and compared to $732,068 recognized in Q2, 2012.  
Revenue for the nine months ended September 30, 2012 decreased 6% to
$1,899,766 from $2,015,195 during the nine months ended September 30,
2011 due to decreased software product revenue and decreased
maintenance revenue.  
"Acceleware saw healthy growth in consulting revenue from oil and gas
customers in the third quarter of 2012," said Geoff Clark, President
and CEO of Acceleware Ltd. "In addition, we continue to develop and
enhance our state-of-the-art seismic product suite to meet the oil
and gas market's imaging needs. Acceleware's current seismic product
roadmap focuses on Reverse Time Migration enhancements and derivative
products such as elastic forward modeling and full waveform
inversion." 
During the three months ended September 30, 2012, Acceleware's total
comprehensive loss was $145,134 compared to total comprehensive
income of $32,801 for the three months ended September 30, 2011. The
increase in comprehensive loss is due to lower revenue, increased
cost of revenue and general and administrative expense. Comprehensive
loss was $56,253 for Q2, 2012. The increase in comprehensive loss in
Q3, 2012 compared to Q2, 2012 was due to higher cost of revenue and
research and development expense. Loss before income tax increased
77% to $590,911 for the nine months ended September 30, 2
012 compared
to a loss before income tax of $333,872 for the nine months ended
September 30, 2011. The increase is a result of reduced revenue and
increased general and administrative expense, partially offset by
reduced research and development expense and a gain on sale of
assets. Total comprehensive loss was $590,911 for the nine months
ended September 30, 2012, compared to total comprehensive income of
$583,324 for the nine months ended September 30, 2011. The decrease
in comprehensive income is due to an income tax recovery recorded in
the nine months ended September 30, 2011. 
Additional information, including the condensed interim unaudited
financial statements for the three months ended September 30, 2012
and management's discussion and analysis relating thereto, and the
annual audited financial statements for the year ended December 31,
2011 and management's discussion and analysis relating thereto are
available on SEDAR at www.sedar.com. 
About Acceleware: 
Acceleware develops and markets high performance computing (HPC)
software solutions for the engineering and energy industries. These
solutions allow customers to speed-up simulation and data processing
algorithms, benefitting from HPC technologies such as multi-core CPUs
and massively parallel many-core GPUs. Acceleware software,
specialized HPC training and consulting services are deployed by
companies worldwide such as Boston Scientific, Samsung, LG, General
Mills, Nokia, RIM, Medtronic, Hitachi, FDA, Mitsubishi, Sony
Ericsson, Fugro, MicroSeismic and Rock Solid Images to speed up
product design, analyze data and make better business decisions. 
Acceleware is a public company on Canada's TSX Venture Exchange under
the trading symbol AXE. 
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. 
Contacts:
Acceleware Ltd.
Geoff Clark
+1 (403) 249-9099
geoff.clark@acceleware.com 
Acceleware Ltd.
435 10th Avenue SE
Calgary, AB, T2G 0W3
Canada
+1 (403) 249-9099
www.acceleware.com
 
 
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