Business
AirIQ Announces March 31, 2019 Year End Results, Delivers 22% Recurring Revenue Growth
TORONTO, ON / ACCESSWIRE / July 11, 2019 / AirIQ Inc. (“AirIQ”) (TSXV...
About this update from Airiq Inc.
[{"type":"text","content":"AirIQ Announces March 31, 2019 Year End Results, Delivers 22% Recurring Revenue GrowthTORONTO, ON / ACCESSWIRE / July 11, 2019 / AirIQ Inc. (“AirIQ”) (TSXV:IQ), a supplier of wireless asset management services, today announced its financial results for the year ended March 31, 2019, reporting the following increases compared to the previous year:\t22% increase in recurring revenue, \t6% increase in gross profit, and\t44% increase in total net income.“We are very pleased with the year over year increases in recurring revenue, gross profit and net income,” said Michael Robb, President and Chief Executive Officer of AirIQ. “The increase in recurring revenue is a result of the Company’s initiatives which have been focused on growth of this key metric,” continued Mr. Robb.Unless otherwise noted herein, and except share and per share amounts, all references to dollar amounts from this point forward are in thousands of Canadian dollars.Highlights for the year are as follows:Annual Highlights \tRecurring revenue of $2,722 for the year ended March 31, 2019 increased by 22% or $493 compared to $2,229 for the prior year. Recurring revenue represented 74% of total revenue compared to 68% in the prior year.\tGross margin of 57% for the year ended March 31, 2019 decreased by 4% compared to 61% for the prior year.\tEBITDAS of $503 for the year ended March 31, 2019 did not change when compared to the prior year.\tNet income of $231 for the year ended March 31, 2019 increased 44% or $71 compared to $160 for the prior year. \tNet cash flows generated $190 of cash for the year ended March 31, 2019, a decrease of 52% or $205 compared to $395 for the prior year.\tWorking capital of $1,122 for the year ended March 31, 2019 improved by 52% or $385 compared to $737 for the prior year. (Working capital has been calculated by netting current assets, excluding current costs of deferred revenues, and current liabilities, excluding deferred revenue that are non-cash items.)Business ReviewThe Company is focusing its efforts and resources on revenue growth and profitability by continuing to offer leading-edge technology solutions for existing and new customers. We continue to focus on recurring revenues, gross profits and improving cash-flows to build a sustainable business.The Company adopted IFRS 15 effective...