Business
CounterPath Reports Third Quarter Fiscal 2009 Financial Results
VANCOUVER, March 12 /CNW/ - CounterPath Corporation ("CounterPath" or the "Company") (TSX-V: CCV,...
About this update from Newpath Resources Inc
[{"type":"text","content":"\n\n\n\nVANCOUVER, March 12 /CNW/ - CounterPath Corporation ("CounterPath" or the\n"Company") (TSX-V: CCV, OTCBB: CPAH), a leading provider of desktop and mobile\nVoIP software products and solutions, today announced financial results for\nthe third quarter of fiscal year 2009, which ended January 31, 2009.\n\n\nFinancial and operating highlights for the quarter include:\n\n- Revenue for the third quarter of $2.0 million compared to\n $2.6 million for the third quarter ended January 31, 2008, and\n $3.0 million for the previous quarter ended October 31, 2008.\n\n- Aggressive cost reduction primarily through employee rationalization,\n resulting in a reduction of operating expenses from a peak of\n $8.3 million for the first quarter ended July 31, 2008 to\n $4.3 million for the third quarter ended January 31, 2009. Excluding\n non-cash stock-based compensation and acquisition related\n amortization of intangible asset charges of $0.7 million, the non-\n GAAP operating expenses for the third quarter were $3.6 million.\n\n- A net loss for the third quarter of $2.2 million, or a loss of\n $0.08 per share based on 28.5 million weighted average shares\n outstanding. Excluding non-cash stock-based compensation and\n amortization of intangible asset charges of $0.7 million, the non-\n GAAP net loss for the third quarter was $1.5 million.\n\n- A cash position of $3.4 million at January 31, 2009, up from\n $3.2 million at the end of the previous quarter, October 31, 2008.\n\n\n"Our third quarter financial results reflect the decrease in bookings\nfrom key OEM customers in the quarter as a direct result of the global\neconomic downturn," said Donovan Jones, President and Chief Executive Officer,\nCounterPath Corporation. "In the current economic downturn, CounterPath is\nfollowing a well developed plan to strengthen our business through more\nefficient operations in an effort to drive profitability. The steps that we\nhave taken are necessary to meet current business trends and position the\ncompany well for when the environment improves. While it is unclear how long\nthe global downturn will last, we have the right strategy, the right value\nproposition and our customer pipeline is growing. We will continue to invest\nin our core desktop softphone offerings as well as strategic growth areas such\nas mobi...