Business
AirIQ Announces 258% Increase in Net Income
TORONTO, ON / ACCESSWIRE / November 21, 2019 / AirIQ Inc. ("AirIQ") (TSXV:IQ), a supplier ...
About this update from Airiq Inc.
[{"type":"text","content":"AirIQ Announces 258% Increase in Net IncomeTORONTO, ON / ACCESSWIRE / November 21, 2019 / AirIQ Inc. (\"AirIQ\") (TSXV:IQ), a supplier of wireless asset management services, today announced its financial results for the three months and six months ended September 30, 2019, reporting a 258% increase in net income for the three months ended September 30, 2019, when compared to the same period the prior year. (All dollar amounts noted herein are in Canadian dollars.)\"We are very pleased with our progress this quarter and with increases to all of our key financial metrics. Net income, recurring revenue, total revenue, operating profits and working capital were all up compared to the same quarter in the prior year, and 2019 is proving to be a milestone year for us,\" said Michael Robb, President and Chief Executive Officer of AirIQ. \"These results are from continued successes with our customers, recurring revenue contracts, and the previously announced large orders from one of our major customers,\" stated Mr. Robb. \"In addition, our cash balance of over $1.8 million for the quarter will allow us to continue to pursue strategic partnerships and other recurring revenue growth initiatives,\" continued Mr. Robb.Highlights of the quarter are as follows:Second Quarter Highlights (for the three months ended September 30, 2019)The Company achieved increases in a majority of its key metrics during the quarter when compared to the same quarter in the previous year, including the following:Total revenue increase of 39% or $397,170 to $1,420,464 from $1,023,476Recurring revenue increase of 10% or $70,792 to $762,063 from $691,271Hardware and other revenue increase of 98% or $326,196 to $658,401 from $332,205Gross profit increase of 26% or $145 to $706,235 from $560,724Operating profits increase of 96% or $148,262 to $302,113 from $153,851Net income increase of 258% or $173,364 to $240,496 from $67,132Cash balance increase of 113% or $962,930 to $ 1,817,043 from $854,113Working capital increase of 120% or $1,181,711 to $2,168,034 from $986,323 (Working capital is defined as total current assets, excluding current costs of deferred revenues, less total current liabilities, excluding deferred revenue and lease obligation. Costs of deferred revenues, deferred revenues, and lease obligations are non-cash items.)These increases were primarily due ...