ELandia Posts Solid First Quarter 2010

• Q1 Revenue: $38.5 million in the first quarter of 2010 versus $30.9 million in the first quarter of 2009 -- a 25% increase  
• EBITDA at near break-even: ($201,000) in the first quarter of 2010 versus ($5.3 million) in the first quarter of 2009 – a 96% improvement  
• Net loss reduced dramatically: ($3.2 million) in the first quarter of 2010 compared to ($21.3 million) in the first quarter of 2009 -- an 85% decrease

MIAMI, May 17, 2010 (GLOBE NEWSWIRE) -- eLandia International, a leading technology enabler in emerging markets, today announced its first quarter results ending March 31, 2010.

eLandia showed improvement in its key metrics, including a 25% growth in revenues over the same quarter last year. Excluding Venezuela, revenues increased 96% over the same quarter last year. eLandia's operations in Venezuela have been strategically reduced from 42% of the company's revenues in the first quarter of 2009, to 8.5% of revenues in the first quarter of 2010.

The company continues to drive increased sales and develop growth initiatives in Latin American markets, with a commitment to the region that encompasses a presence in 13 countries. Product and Information and Communications Technology professional services sales have increased in several key markets.

The company improved earnings before interest, taxes, depreciation and amortization, or EBITDA, to nearly break-even, to ($201,000) in the first quarter of 2010 compared to ($5.3 million) loss in the same quarter the previous year, representing a 96% improvement over the prior year. 

eLandia reported an 85% decrease in losses compared to the same period in 2009, with a first quarter 2010 net loss of ($3.2 million) on a generally accepted accounting principles (GAAP) basis, compared to a net loss of ($21.3 million) for the first quarter of 2009.