Business
CounterPath Reports Second Quarter Fiscal 2020 Financial Results
Year-over-Year Recurring Revenue Growth of 14% VANCOUVER, BC / ACCESSWIRE / December 11...
About this update from Newpath Resources Inc
[{"type":"text","content":"CounterPath Reports Second Quarter Fiscal 2020 Financial ResultsYear-over-Year Recurring Revenue Growth of 14%VANCOUVER, BC / ACCESSWIRE / December 11, 2019 / CounterPath Corporation (NASDAQ:CPAH)(TSX:PATH) (the \"Company\" or \"CounterPath\"), a global provider of award-winning Unified Communications (UC) solutions for enterprises and service providers, today announced the financial and operating results for its quarter ended October 31, 2019, being the second quarter of fiscal year 2020.Second Quarter Financial Highlights (unaudited)Revenue increased by 11% to $2.7 million compared to revenue of $2.4 million for the second quarter of fiscal 2019.Billings (revenue plus change in deferred revenue) increased by 19% to $3.0 million, compared to $2.5 million for the second quarter of fiscal 2019.Growth in subscription, support and maintenance revenue (revenue of a recurring nature) of 14% for the quarter compared to the second quarter of fiscal 2019.Non-GAAP loss from operations of $0.7 million compared to non-GAAP loss from operations of $2.0 million for the second quarter of fiscal 2019.Net loss of $0.8 million, or $0.13 per share, compared to net loss of $2.1 million, or $0.35 per share, for the second quarter of fiscal 2019.Non-GAAP net loss of $0.7 million, or $0.12 per share, compared to non-GAAP net income of $2.0 million, or $0.34 per share, for the second quarter of fiscal 2019.Cash of $1.9 million as of October 31, 2019 compared to cash of $1.9 million as of April 30, 2019.Management Commentary\"Several financial metrics were strong during the quarter,\" said David Karp, CEO. \"While overall revenue grew, our recurring revenue reached a record level of $1.5 million during the quarter, or 56% of total revenue owing to our continuing effort to move our licensing model to recurring revenue. Our billings reached $3 million, which included the renewal of two significant annual contracts by longtime customers in the call center vertical. At the same time, we have been gradually reducing our costs over the last year, without significantly impacting our ability to maintain and grow revenue. As a result, our operating expenses declined by 25% from the same quarter in previous year. Next quarter we expect to see our cash operating costs to be at their lowest level in the last two fiscal years.Our sales focus will continue to be on ...