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New Mexico Software Announces Third Quarter Financial Results

New Mexico Software, Inc. (OTCBB: NMXC) announced today the company’s financial results for the third quarter of 2010.

Revenue for the third quarter ended September 30, 2010 was $913,000, an increase over $908,000 reported in the same quarter a year ago. Net income was $11,000 compared with a loss of ($64,000) in the third quarter of 2009.

For the first nine months of 2010, revenue was $2.596 million versus $2.719 million in the same period in 2009. Net loss for the first nine months of 2010 was ($34,000) versus a loss of ($124,000) in the comparable 2009 period.

New Mexico Software Dick Govatski said, “The announcement of a profitable quarter is an important inflection point for our company. It appears our lawsuit with former customer Premier Medical is stopped because Premier Medical filed bankruptcy, cancelling our trial. We are exploring our options regarding this new development, including how to recover the money owed to us. Once this matter is finally concluded, it will significantly improve our cost structure with a diminution of legal fees.

“In operations, we have seen steady growth in our TeleRad radiological services segment and we are continuing to find new ways to build this business. We began providing telecardiology services during the first quarter. We began providing nuclear scans in the past month. We completed programming for our Remote Dicom to Dicom server, which provides communications between dissimilar picture archiving systems and we expect to see initial revenue from this service in the fourth quarter. We expect to add Telemed video as well as services for orthopedics and ophthalmology in the next six months.

“In addition, we previously announced that our XR-EXpress service is now available through iPhone™ and iPod touch™. This is our first medical Picture Archiving Communication System (PACS) compatible with Apple’s Smart Phones and portable devices through the Apple App Store™ and can be quickly and easily downloaded without a charge. We expect to release an iPad™ application later this month.

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