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IGEN Announces Record Third Quarter Financial Results
IGEN Announces Record Third Quarter Financial Results.
About this update from Igen Networks Corp.
[{"type":"text","content":"Positioned for Record Fourth Quarter Revenue on New Dealer Wins, Expanded Activations MURRIETA, CA / ACCESSWIRE / November 14, 2018 / IGEN Networks Corporation (OTCQB: IGEN; CSE: IGN), a leading innovator of cloud-based and Internet of Things (IoT) automotive solutions for the protection and management of mobile assets, today announced unaudited financial results and record revenue for its third quarter ended September 30, 2018.Third Quarter 2018 and Recent Highlights Achieved record revenue of $384,074, an increase of 20% from the prior year third quarter; Achieved record gross profit of $269,113, a 128% increase from the same period in 2017 Increased gross margins to 73% from 37% from the same period in 2017 Increased current assets to $266,409, a significant increase of 202% over the nine months Decreased net loss 48% quarter-over-quarter, to $135,634; smallest quartile loss reported to-date Net income or earnings (loss) per share for 3 months was $0.00 per share and for 9 months was $(0.01) per share Grew deferred revenue to $814,102, increasing revenue visibility as subscriber activations continue to grow; Expanded the subscriber base by 2111 asset activations; Announced a nationwide distribution and marketing agreement with Advantage Parts Solutions, which markets solutions to franchised automotive dealerships in the U.S., Canada and the UK; Continued to expand its relationship with Sprint, including the launch of CU Track, a white-label product customized for Sprint's credit union customer needs; Accelerated sales opportunities through an expanded sales force and geographic sales offices in Atlanta, Georgia and Dallas, Texas; Announced a new pre-load automotive dealership agreement with an initial $250,000 payment in the fourth quarter, the company's first East-coast based dealership relationship; and Launched the industry's first consumer driver scorecard and announced full integration with 9,000+ end users on Dealership Management Systems (DMS) as part of IGEN's next generation platform unveiled at SEMA 2018.CEO Neil Chan stated, ''IGEN reported record third quarter revenue as activations continued to accelerate due to our expanded sales channels, new partnerships and growing direct sales team. In addition to record third quarter revenue and a significant reduction in net loss, we believe IGEN is now positioned for furt...