Business
CounterPath Reports First Quarter Fiscal 2019 Financial Results
Year-over-Year Recurring Revenue Growth of 29% VANCOUVER, BC / ACCESSWIRE / September 13...
About this update from Newpath Resources Inc
[{"type":"text","content":"CounterPath Reports First Quarter Fiscal 2019 Financial ResultsYear-over-Year Recurring Revenue Growth of 29%VANCOUVER, BC / ACCESSWIRE / September 13, 2018 / CounterPath Corporation (NASDAQ: CPAH) (TSX: PATH) (the ''Company'' or ''CounterPath''), a global provider of award-winning over-the-top (OTT) Unified Communications (UC) solutions for enterprises and service providers, today announced the financial and operating results for its quarter ended July 31, 2018, being the first quarter of fiscal year 2019.First Quarter Financial Highlights (unaudited) Revenue of $2.9 million compared to revenue of $3.1 million for the first quarter of fiscal 2018. Growth in subscription, support and maintenance revenue (revenue of a recurring nature) of 29% for the quarter compared to first quarter of fiscal 2018. Non-GAAP loss from operations of $0.8 million compared to non-GAAP loss from operations of $0.2 million for the first quarter of fiscal 2018. Net loss of $1.0 million, or $0.17 per share, compared to a net loss of $1.2 million, or $0.23 per share, for the first quarter of fiscal 2018. Non-GAAP net loss of $0.8 million, or $0.14 per share, compared to non-GAAP net loss of $0.2 million, or $0.05 per share, for the first quarter of fiscal 2018. Cash of $1.9 million as of July 31, 2018 compared to cash of $2.3 million as of April 30, 2018.Management Commentary''We are pleased with the progress we continue to make on growing our recurring revenue through new accounts as well as through our current customer base'' said Donovan Jones, President and CEO. During this quarter, we signed an agreement with a leading contact center solution provider that has over 100,000 Bria licenses to deploy the CounterPath hosted Stretto Platform™ for provisioning and remote support of their Bria. Additionally, the full service, award-winning telecommunications service provider Vonex Ltd., announced a partnership agreement with CounterPath and will jointly market a combined product offering for the Australian market. In a recent research report from telecoms & IT analyst firm, MZA Limited, CounterPath is listed as the fourth largest vendor in desktop and mobile UC client markets behind industry leaders Cisco, Microsoft, Avaya with double-digit market share in 2017i. Building on the momentum, we look forward to an upcoming refresh of our highly scala...