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Wireless Matrix Corporation, the leading provider of wireless data solutions targeting field service organizations is pleased to provide the results for its three months ended July 31, 2008 (first quarter of fiscal 2009).

All currency expressed in U.S. dollars.

Wireless Matrix continued to strengthen its leadership position in the mobile resource management space through increased adoption of its software-as-a-service solution suite, FleetOutlook. FleetOutlook has attracted key enterprise clients resulting in a 14% increase in total subscribers over the first quarter 2008 and 2,654 gross subscriber additions with sales wins across all vertical markets and service lines. This growth in subscribers fueled a 25% increase in service revenue and generated $1,022,000 in adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA") for the quarter. The Corporation also achieved $371,000 in net income for the three months ended July 31, 2008 (first quarter of fiscal 2009), an increase over the prior year's first quarter of 193%.

"The first quarter of fiscal 2009 was another quarter of strong execution for Wireless Matrix" said J. Richard Carlson, president and chief executive officer of Wireless Matrix. "Despite challenges in the overall economy, we grew our top line revenue and our higher margin service revenues by double digits leading to a 307% increase in adjusted EBITDA, our second consecutive quarter of net income and strong cash flows. Most importantly, enterprise clients continue to embrace our application suite, especially those concerned with high fuel prices."

The Corporation's feature-rich FleetOutlook application has lead to sizable subscriber gains to end the first quarter of fiscal 2009 with 65,508 application and data communication subscribers, a growth of 16% in application subscribers alone from the same period last year. During the quarter, Wireless Matrix experienced growth in each of its key vertical markets. The quarter included subscriber additions in the rail industry from major operators including CSX and Union Pacific; additional activations in the cable & broadband space from Cable One and Time Warner; further penetration of the utility vertical from Dominion Resources and several rural cooperatives; and additions in other vertical markets including the oil and gas sector.

"Many companies have adopted Wireless Matrix's solutions to reduce operating costs, particularly fuel costs which has hurt their operating results", said Maria C. Izurieta, chief financial officer of Wireless Matrix. "Our FleetOutlook solution suite includes easy-to-use tools which drive reduced fuel costs, creating a rapid return on our clients' investment which in turn has generated a healthy and growing sales pipeline for Wireless Matrix despite challenging economic times."

Other financial highlights include:

• Grew hosted applications subscribers base to over 37% of total subscribers, the Corporation's fastest growing segment.
• Generated recurring subscriber service revenue of $6,687,000, with growth over last year's comparable quarter of 25%. Of which, application revenues accounted for 27% of service revenues, an increase of 34% over the first quarter of fiscal year 2008.
• Total revenue growth of 17% over the first three months of fiscal 2008 to $9,214,000.
• Increased service gross margin to $4,958,000, an increase of 31% over the prior year's comparable quarter.
• Achieved adjusted EBITDA of $1,022,000 for the first quarter fiscal 2009, an increase over the prior fiscal year's first quarter of 307%.
• Generated net income for the first quarter 2009 of $371,000 and an increase of 193% over the net loss in the first quarter 2008 of $397,000.
• Drove cash flows from operations of $1,044,000, an improvement of $2,499,000 when compared with the same period in the last fiscal year.
• Grew the cash balance from $14,078,000 at the end of fiscal 2008 to $14,572,000 at the end of the first quarter fiscal 2009, resulting in a solid balance sheet.

About Wireless Matrix Wireless Matrix provides enterprise-class wireless data solutions for business-critical mobile and remote asset operations. The Corporation delivers real-time data services across cellular, satellite and WiFi networks; a variety of modems and hardware platforms; and transportation applications that increase productivity and reduce operating expenses with service fleet operations. Wireless Matrix is headquartered in Reston, VA, and has offices in San Francisco, CA, and Burnaby, British Columbia. For more information visit www.wrx-us.com.

SOURCE: Wireless Matrix