RSI International Systems Inc (CVE:RSY), which has developed a web-based property management system, told investors it was back on track to become operating free cash flow positive, as it posted first quarter numbers.
"We are pleased to resume our progress in becoming operating free cash flow positive after getting off trend in third quarter and fourth quarter last year," said Tim Major, the group's president and chief executive.
"With the payments resulting from a customer billing dispute and the costs of significantly reducing our monthly office space fully provided for in fourth quarter 2017, two major cost hurdles are behind us, and this will help our financial performance going forward."
Major added: "We had some difficult decisions to make in 2017, and in particular towards the end of the year.
"We believe that the company is now set to reap the financial benefits of these and other decisions, as we continue to improve the company's financial health and best position ourselves to deliver value to our shareholders."
The firm sold 33 new PMS to properties in the first compared to 41 in the same period last year and customer revenue was C$1.174mln compared to C$1.324mln in the same period in 2017, a decrease of 11%.
The net loss was C$151,853, compared to a loss of C$69,206 for Q1 2017.
In order to realise its near term goal of being free cash flow positive, RSI confirmed again that it is implementing cost rationalization strategies as well as ways to increase the speed of software development.