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IGEN Networks Files Q1 Report and Announces Quarterly Highlights
IGEN Networks Files Q1 Report and Announces Quarterly Highlights.
About this update from Igen Networks Corp.
[{"type":"text","content":"\nIGEN Networks Files Q1 Report and Announces Quarterly Highlights\n\nIGEN Networks Files Q1 Report and Announces Quarterly Highlights\n\n\nUpcoming Events: IGEN's Nimbo Tracking to Sponsor AE Agent Summit and CEO to Present at LD Micro Invitational\n\nMURRIETA, CA--(Marketwired - May 23, 2017) - IGEN Networks Corporation (OTCQB: IGEN) (CSE: IGN), a Company that offers a range of cloud-based wireless IoT solutions with a focus on asset management and tracking for the automotive dealership industry, announces that it filed its first quarter 2017 financials. In addition, IGEN's Nimbo Tracking will attend & sponsor the AE Agent Summit May 21-24 at the Paris Hotel in Las Vegas, and CEO Neil Chan will present at the 7th Annual LD Micro Invitational that takes place in Los Angeles, CA June 6-7.Notable achievements for the quarterly period ended March 31, 2017 include the following:On January 17, 2017, IGEN announced a new nationwide marketing initiative for increased exposure of Nimbo Tracking's solutions through Verizon Wireless' B2B channels to automotive dealerships across the United States. On March 7, 2017, the Company announced receipt of new orders for its pre-loaded automotive dealership product and services, and expansion of Nimbo Tracking's sales force that includes increased staffing in California and the opening of a new sales office in Charlotte, NC.Quarterly revenues were $323,376, an improvement of 3% over the previous quarter and 18% increase from the same period in 2016. Gross profit of $133,567 was an improvement of 49% over the previous quarter.Gross margins were 41%, up from 29% in the previous quarter and 34.5% for all of 2016There was a net loss of $234,761, reflecting an 18% improvement over the previous quarter.CEO Neil Chan stated, \"We continue to see growth in revenues and are particularly pleased with the significant improvement in gross margins.\" Mr. Chan added, \"We are on track to achieve our 2017 goals of converting dealership groups to our pre-load model and to achieve profitability by year end 2017.\" IGEN subsidiary Nimbo Tracking will attend and sponsor the AE Agent Summit 2017. Designed exclusively for automotive general agents, the goal of this event is to educate top GAs on the latest training techniques, trends and challenges to help them better serve their dealer clients.The 7th Annual LD ...