Business
CounterPath Reports Second Quarter Fiscal 2019 Financial Results
Year-over-Year Recurring Revenue Growth of 34% VANCOUVER, BC, / ACCESSWIRE / December 12...
About this update from Newpath Resources Inc
[{"type":"text","content":"CounterPath Reports Second Quarter Fiscal 2019 Financial ResultsYear-over-Year Recurring Revenue Growth of 34%VANCOUVER, BC, / ACCESSWIRE / December 12, 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 October 31, 2018, being the second quarter of fiscal year 2019.Second Quarter Financial Highlights (unaudited) Revenue of $2.4 million compared to revenue of $3.4 million for the second quarter of fiscal 2018. Growth in subscription, support and maintenance revenue (revenue of a recurring nature) of 34% for the quarter compared to second quarter of fiscal 2018. Non-GAAP loss from operations of $2.0 million compared to non-GAAP income from operations of $0.1 million for the second quarter of fiscal 2018. Net loss of $2.1 million, or $0.35 per share, compared to net income of $0.2 million, or $0.03 per share, for the second quarter of fiscal 2018. Non-GAAP net loss of $2.0 million, or $0.34 per share, compared to non-GAAP net income of $0.1 million, or $0.01 per share, for the second quarter of fiscal 2018. Cash of $1.8 million as of October 31, 2018 compared to cash of $2.3 million as of April 30, 2018.Management Commentary''Continuing with the trend we experienced in the first quarter, we had strong growth in recurring revenue'' said David Karp, Interim CEO and CFO. ''Our recurring revenue business contributed to more than 50% of the total revenue, and was at the highest level ever for CounterPath. Another milestone for the Company was achieved in the second quarter with the launch of Bria Teams. This latest Software-as-a Service (SaaS) offering combines all of CounterPath's core technologies with newly introduced services such as team voice and video calling; in addition to secure corporate instant messaging, presence, message synchronization and screen sharing, all hosted by CounterPath from the cloud. This subscription-based offering will contribute to additional recurring revenue growth and is targeted towards new users within the small and medium-sized business (SMB) enterprise market. Furthermore, we are expanding our product portfolio to address the demand for support in virtu...