Business
CounterPath Reports Third Quarter Fiscal 2019 Financial Results
Year-over-Year Recurring Revenue Growth of 22% VANCOUVER, BC / ACCESSWIRE / March 18, 20...
About this update from Newpath Resources Inc
[{"type":"text","content":"CounterPath Reports Third Quarter Fiscal 2019 Financial ResultsYear-over-Year Recurring Revenue Growth of 22%VANCOUVER, BC / ACCESSWIRE / March 18, 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 January 31, 2019, being the third quarter of fiscal year 2019.Third Quarter Financial Highlights (unaudited) Revenue of $2.6 million compared to revenue of $3.1 million for the third quarter of fiscal 2018. Growth in subscription, support and maintenance revenue (revenue of a recurring nature) of 22% for the quarter compared to the third quarter of fiscal 2018. Non-GAAP loss from operations of $1.0 million compared to non-GAAP loss from operations of $0.3 million for the third quarter of fiscal 2018. Net loss of $1.1 million, or $0.18 per share, compared to net loss of $0.8 million, or $0.14 per share, for the third quarter of fiscal 2018. Non-GAAP net loss of $1.0 million, or $0.17 per share, compared to non-GAAP net income of $0.3 million, or $0.06 per share, for the third quarter of fiscal 2018. Cash of $1.7 million as of January 31, 2019 compared to cash of $2.3 million as of April 30, 2018.Management Commentary''We continue to make progress on our strategy of growing our recurring revenue business in the quarter, which contributed 53% of total revenue and grew 22% over the same quarter last year'' said David Karp, interim CEO and CFO. ''We recorded $1.4 million in recurring revenue, the highest level on record at CounterPath. Contributing to this growth included our channel partner program and e-store Software-as-a-Service (SaaS) offerings. We also sold our first on-premises collaboration solution to a North American service provider that offers cloud communication services to small and medium sized businesses. The CounterPath solution is intended to displace their legacy BroadSoft solution over time. Our solution will extend the customer's internally developed PBX to enable a complete unified communications and collaboration offering to their customers powered by Bria softphones and the Stretto Platform. During the quarter, we also received recognition for our innovation as Bria Teams was named a fina...