Business
Crexendo Announces Third Quarter 2020 Results
PHOENIX, AZ / ACCESSWIRE / November 10, 2020 / Crexendo, Inc. (NASDAQ:CXDO), an award-winning premier provider of cloud communications, UCaaS (Unified
About this update from Crexendo, Inc.
[{"type":"text","content":"PHOENIX, AZ / ACCESSWIRE / November 10, 2020 / Crexendo, Inc. (NASDAQ:CXDO), an award-winning premier provider of cloud communications, UCaaS (Unified Communications as a Service), call center, collaboration services, and other cloud business services that are designed to provide enterprise-class cloud services to any size business at affordable monthly rates, today reported financial results for the third quarter ended September 30, 2020. Third Quarter Financial Highlights:15% increase in total revenue year-over-year to $4.1 million.GAAP net income of $131,000 or $0.01 per basic and diluted common share.Non-GAAP net income of $290,000 or $0.02 per basic and diluted common share.Financial Results for the Third Quarter of 2020Consolidated total revenue for the third quarter of 2020 increased 15% to $4.1 million compared to $3.6 million for the third quarter of 2019.Consolidated service revenue for the third quarter of 2020 increased 12% to $3.7 million compared to $3.3 million for the third quarter of 2019.Cloud Telecommunications Segment UCaaS service revenue for the third quarter of 2020 increased 14% to $3.5 million compared to $3.1 million for the third quarter of 2019.Web Services Segment service revenue for the third quarter of 2020 decreased 19% to $129,000, compared to $159,000 for the third quarter of 2019.Consolidated product revenue for the third quarter of 2020 increased 43% to $489,000 compared to $343,000 for the third quarter of 2019.Consolidated operating expenses for the third quarter of 2020 increased 22% to $4.0 million compared to $3.3 million for the third quarter of 2019.The Company reported net income of $131,000 for the third quarter of 2020, or $0.01 per basic and diluted common share, compared to $334,000 or $0.02 per basic and diluted common share for the third quarter of 2019.Non-GAAP net income of $290,000 for the third quarter of 2020, or $0.02 per basic and diluted common share, compared to a non-GAAP net income of $454,000 or $0.03 per basic and diluted common share for the third quarter of 2019.EBITDA for the third quarter of 2020 decreased to $212,000, compared to $361,000 for the third quarter of 2019. Adjusted EBITDA for the third quarter of 2020 decreased to $348,000, compared to $468,000 for the third quarter of 2019.Financial Results for the nine months ended September 30, 2020Consolidated t...