Business
AirIQ Announces Continued Growth; 100% Increase in Net Income
TORONTO, ON / ACCESSWIRE / February 13, 2020 / AirIQ Inc. ("AirIQ") (TSXV:IQ), a supplier of...
About this update from Airiq Inc.
[{"type":"text","content":"AirIQ Announces Continued Growth; 100% Increase in Net IncomeTORONTO, ON / ACCESSWIRE / February 13, 2020 / AirIQ Inc. (\"AirIQ\") (TSXV:IQ), a supplier of wireless asset management services, today announced its financial results for the three months and nine months ended December 31, 2019, reporting continued improvement in all of its key financial metrics including a 100% increase in net income for the three months ended December 31, 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 continued progress this quarter and the increases to all of our key financial metrics,\" said Michael Robb, President and Chief Executive Officer of AirIQ. \"Net income, recurring revenue, hardware revenue, total revenue, operating profits and working capital were all up compared to the same quarter in the prior year,\" stated Mr. Robb, \"which, combined with a strong cash balance of $1.8 million at the end of the quarter, positions us extremely well as we continue to pursue strategic partnerships and other recurring revenue growth initiatives,\" continued Mr. Robb.Highlights of the quarter are as follows:Third Quarter Highlights (for the three months ended December 31, 2019)The Company achieved increases in all of its key metrics during the quarter when compared to the same quarter in the previous year, including the following:Net income increase of 100% or $31,160 to $62,310 from $31,150Cash balance increase of 109% or $949,752 to $1,819,840 from $870,088Operating profits increase of 176% or $109,064 to $171,081 from $62,017Total revenue increase of 10% or $81,434 to $864,060 from $782,626Recurring revenue increase of 9% or $61,108 to $742,114 from $681,006Hardware and other revenue increase of 20% or $20,326 to $121,946 from $101,620Gross profit increase of 13% or $62,874 to $564,140 from $501,266Working capital increase of 112% or $1,068,834 to $2,026,450 from $957,616 (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.)Business ReviewThe Company is focusing its efforts and resources on revenue growth and profitability by continuing to off...