Business
CounterPath reports fiscal 2010 financial results
CounterPath reports fiscal 2010 financial results
About this update from Newpath Resources Inc
[{"type":"text","content":"\n\n\n\n Jul. 27, 2010 (Canada NewsWire Group) -- \n \n \n VANCOUVER, July 27 /CNW/ - CounterPath Corporation ("CounterPath" or the "Company") (OTCBB: CPAH; TSX-V: CCV), an award-winning provider of desktop and mobile VoIP software products and solutions, today announced financial and operating results for the year ended April 30, 2010.\nFinancial and operating highlights for the year include:\n\n\n >\n\n\n"We are starting to see many positive signs that we are emerging from the economic downturn that persisted through most of calendar year 2009 including the increase in orders reflected in our Q4 results," stated Donovan Jones, President and CEO, CounterPath. "Fiscal 2010 was a challenging year for us, but we have come out of it stronger. We made significant reductions in expenses providing a competitive cost profile while continuing to innovate and deliver to the expectations of our customers and partners. As a leading provider of softphones, mobile clients, integrated unified communications (UC) and fixed mobile convergence (FMC) solutions, CounterPath is uniquely positioned for growth and market share expansion as enterprise and service providers rapidly embrace VoIP and new forms of communications," continued Jones.\n\nFinancial Results\n\n(All amounts in U.S. dollars and in accordance with accounting principles generally accepted in the United States ("GAAP") unless otherwise specified.)\n\nFor the fiscal year ended April 30, 2010, revenue was $8.0 million compared to $9.8 million for fiscal 2009. Software revenue for the fiscal year ended April 30, 2010 was $6.0 million compared to $6.9 million for the previous year. Service revenue for the fiscal year ended April 30, 2010 was $2.0 million compared to $3.0 million for fiscal 2009.\nOperating expenses for the fiscal year ended April 30, 2010 were $13.3 million compared to $26.2 million for fiscal 2009. The decrease in operating expenses was primarily due to the restructuring of operations in fiscal 2009 which reduced operating costs in fiscal 2010. Sales and marketing expenses were $3.1 million for the fiscal year ended April 30, 2010 compared to $4.1 million for the previous year. For the fiscal year ended April 30, 2010, research and development expenses were $3.6 million and general and administrative expenses were $3.7 ...