Business
CounterPath Reports Second Quarter Fiscal 2021 Financial Results
Year-over-Year Revenue Growth of 34% VANCOUVER, BC / ACCESSWIRE / December 14, 2020 / ...
About this update from Newpath Resources Inc
[{"type":"text","content":"CounterPath Reports Second Quarter Fiscal 2021 Financial ResultsYear-over-Year Revenue Growth of 34%VANCOUVER, BC / ACCESSWIRE / December 14, 2020 / 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, 2020, being the second quarter of fiscal year 2021.Second Quarter Financial Highlights (unaudited)Revenue of $3.6 million for the second quarter of fiscal 2021, an increase of 34% compared to revenue of $2.7 million for the second quarter of fiscal 2020.Subscription, support, and maintenance revenue (revenue of a recurring nature) for the second quarter of fiscal 2021 grew by 53% year-over-year to $2.3 million, and represented 64% of overall revenue.Billings (revenue plus change in deferred revenue) increased by 40% to $4.2 million for the second quarter of fiscal 2021, compared to $3.0 million for the second quarter of fiscal 2020.Gross margin of 84% in the second quarter of fiscal 2021, compared to gross margin of 79% in the second quarter of fiscal 2020.Income from operations of $0.2 million for the second quarter of fiscal 2021, compared to loss from operations of $0.7 million for the second quarter of fiscal 2020.Non-GAAP income from operations of $0.3 million for the second quarter of fiscal 2021, compared to non-GAAP loss from operations of $0.7 million for the second quarter of fiscal 2020.Net income of $0.1 million, or $0.01 per share, for the second quarter of fiscal 2021, compared to net loss of $0.8 million, or $0.13 per share, for the second quarter of fiscal 2020.Non-GAAP net income of $0.2 million, or $0.04 per share, for the second quarter of fiscal 2021, compared to non-GAAP net loss of $0.7 million, or $0.12 per share, for the second quarter of fiscal 2020.Cash of $2.5 million as of October 31, 2020 compared to $2.4 million as of April 30, 2020.Management Commentary\"It was another strong quarter, owing in part to our solutions contributing to the work from home initiatives undertaken as a result of the COVID-19 pandemic\" said David Karp, CEO of CounterPath. \"While we are optimistic about our recent upward trends, we are also preparing for seasonal challenges associated with the winte...