Business
CounterPath Reports Fourth Quarter and Fiscal 2020 Financial Results
Year-over-Year Recurring Revenue Growth of 17% VANCOUVER, BC / ACCESSWIRE / July 20, 20...
About this update from Newpath Resources Inc
[{"type":"text","content":"CounterPath Reports Fourth Quarter and Fiscal 2020 Financial ResultsYear-over-Year Recurring Revenue Growth of 17%VANCOUVER, BC / ACCESSWIRE / July 20, 2020 / CounterPath Corporation (NASDAQ:CPAH)(TSX:PATH) (the \"Company\" or \"CounterPath\"), a global provider of award-winning Unified Communications and Collaboration (UCC) solutions for enterprises and service providers, today announced the financial and operating results for its fourth quarter and fiscal year ended April 30, 2020.Fourth Quarter Fiscal 2020 Financial HighlightsRevenue of $4.0 million for the fourth quarter of fiscal 2020, an increase of 42% compared to revenue of $2.8 million for the fourth quarter of fiscal 2019.Subscription, support and maintenance revenue (revenue of a recurring nature) for the fourth quarter of fiscal 2020 grew by 25% year-over-year to $1.8 million.Billings (revenue plus change in deferred revenue) increased by 79% to $5.0 million for the fourth quarter of fiscal 2020, compared to $2.8 million for the fourth quarter of fiscal 2019.Gross margin of 85% in the fourth quarter of fiscal 2020, compared to gross margin of 85% in the fourth quarter of fiscal 2019.Income from operations of $0.8 million for the fourth quarter of fiscal 2020, compared to loss from operations of $1.0 million for the fourth quarter of fiscal 2019.Non-GAAP income from operations of $0.9 million for the fourth quarter of fiscal 2020, compared to non-GAAP loss from operations of $0.9 million for the fourth quarter of fiscal 2019.Net income of $0.9 million, or $0.15 per share for the fourth quarter of fiscal 2020, compared to net loss of $0.9 million, or $0.15 per share, for the fourth quarter of fiscal 2019.Non-GAAP net income of $0.8 million, or $0.13 per share for the fourth quarter of fiscal 2020, compared to non-GAAP net loss of $1.0 million, or $0.16 per share, for the fourth quarter of fiscal 2019.Fiscal 2020 Financial HighlightsAnnual revenue of $12.1 million for fiscal 2020, an increase of 12% compared to the $10.8 million in revenue for fiscal 2019.Subscription, support and maintenance revenue for fiscal 2020 grew by 17% year-over-year to $6.3 million, representing 52% of total sales for fiscal 2020 compared to $5.4 million or 50% of total sales for fiscal 2019.Gross margin of 82% for fiscal 2020, compared to gross margin of 79% for fiscal 2019.Loss from operatio...