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CounterPath Reports Third Quarter Fiscal 2018 Financial Results
Company Records 21% Year-Over-Year Revenue Growth VANCOUVER, BC / ACCESSWIRE / Marc...
About this update from Newpath Resources Inc
[{"type":"text","content":"CounterPath Reports Third Quarter Fiscal 2018 Financial ResultsCompany Records 21% Year-Over-Year Revenue Growth\nVANCOUVER, BC / ACCESSWIRE / March 13, 2018 / CounterPath Corporation (\"CounterPath\" or the \"Company\") (NASDAQ: CPAH) (TSX: PATH), a global provider of award-winning over-the-top (OTT) Unified Communications solutions for enterprises and carriers, today announced the financial and operating results for the third quarter ended January 31, 2018 of fiscal year 2018.\nThird Quarter Financial Highlights (unaudited)\n\n Revenue of $3.1 million, an increase of 21% over the $2.6 million recorded in the third quarter of fiscal 2017.\n Growth in subscription, support and maintenance revenue (revenue of a recurring nature) of 9%, compared to the third quarter of fiscal 2017, representing 36% of total revenue for the third quarter of fiscal 2018.\n Gross margin of 88% compared to 86% for the third quarter of fiscal 2017.\n Non-GAAP loss from operations of $0.3 million compared to non-GAAP loss from operations of $0.4 million for the third quarter of fiscal 2017.\n Non-GAAP net loss of $0.3 million, or $0.06 per share, compared to a non-GAAP net loss of $0.4 million, or $0.08 per share, for the third quarter of fiscal 2017.\n Net loss of $0.8 million, or $0.14 per share, compared to net loss of $0.7 million, or $0.14 per share, for the third quarter of fiscal 2017.\n Cash of $3.0 million as of January 31, 2018, compared to cash of $2.1 million as of April 30, 2017.\n\nManagement Commentary\n\"CounterPath grew its subscription, support and maintenance revenue to a record level in the third quarter and I am pleased with the increased customer activity,\" said Donovan Jones, President, and Chief Executive Officer. \"We entered into an agreement with an existing customer worth approximately $2 million over three years, while an international, tier-one service provider for which we completed customization services last quarter, placed their first softphone license order. Our team has also been working towards the recent launch of CounterPath Stretto Collaboration, our new hosted team collaboration service. Stretto Collaboration extends the CounterPath Bria softphone experience by allowing customers to add HD video, voice, messaging, presence, screen sharing and now collaboration to their existing UC deployment without requiring an...