Business
CounterPath Reports Fiscal 2009 Financial Results
VANCOUVER, July 27 /CNW/ - CounterPath Corporation ("CounterPath" or the "Company") (OTCBB: CPAH;...
About this update from Newpath Resources Inc
[{"type":"text","content":"\n\n\n\nVANCOUVER, July 27 /CNW/ - CounterPath Corporation ("CounterPath" or the\n"Company") (OTCBB: CPAH; TSX-V: CCV), a leading provider of desktop and mobile\nVoIP software products and solutions, today announced financial and operating\nresults for the fiscal year ended April 30, 2009.\n\n\nFinancial and operating highlights for the year include:\n\n\n- Record revenues of $9.8 million for fiscal 2009 compared to\n $9.1 million for fiscal 2008.\n\n- Aggressive cost reduction throughout the year. Excluding non-cash,\n stock-based compensation, amortization and impairment of intangible\n asset charges and onetime restructuring costs, non-GAAP operating\n expenses fell from a peak of $7.1 million for the first quarter ended\n July 31, 2008 to $2.7 million for the fourth quarter ended April 30,\n 2009.\n\n- A net loss for the fiscal year ended 2009 of $15.8 million ($0.57 per\n share) compared to a net loss of $12.5 million ($0.70 per share) for\n fiscal year 2008.\n\n- Integration of FirstHand Technologies Inc. and BridgePort Networks,\n Inc. broadening the Company's focus beyond the consumer VoIP market\n to include mobility markets.\n\n- The successful introduction of softphone and mobility products:\n Bria 2.5, Messaging Convergence Gateway (MCG) and Bria for\n BroadWorks, a strategic partner solution.\n\n\n"Economic activity slowed beyond our expectations in the middle part of\nthe year and we acted quickly to reduce our cost structure and mitigate the\nimpact," said Donovan Jones, President and CEO, CounterPath. "Despite the\nslowdown, we grew revenue by 8% to just under $10 million in a market that saw\ntelecom spending contract significantly. Our costs have been brought more in\nline with revenues and as the market recovers we are poised to capitalize on\nthe operational improvements, integrated technologies, and investments that we\nhave made over the past year. We continue to execute on our strategy of\nbuilding market leadership with our desktop softphone and leveraging that\nleadership into the mobile space."\n\n\nFinancial Results\n\n(All amounts in U.S. dollars and in accordance with accounting principles\ngenerally accepted in the United States ("GAAP") unless otherwise\nspecified. Consolidated financial results include the financial results\nof NewHeights Software ...