Business
CounterPath Reports Third Quarter Fiscal 2020 Financial Results
Year-over-Year Recurring Revenue Growth of 13% VANCOUVER, BC / ACCESSWIRE / March 11, 2...
About this update from Newpath Resources Inc
[{"type":"text","content":"CounterPath Reports Third Quarter Fiscal 2020 Financial ResultsYear-over-Year Recurring Revenue Growth of 13%VANCOUVER, BC / ACCESSWIRE / March 11, 2020 / CounterPath Corporation (NASDAQ:CPAH) (TSX:PATH) (the \"Company\" or \"CounterPath\"), a global provider of award-winning Unified Communications and Collaboration (UCC) solutions for enterprises and service providers, today announced the financial and operating results for its quarter ended January 31, 2020, being the third quarter of fiscal year 2020.Third Quarter Financial Highlights (unaudited)Revenue increased by 8% to $2.8 million compared to revenue of $2.6 million for the third quarter of fiscal 2019.Growth in subscription, support and maintenance revenue (revenue of a recurring nature) of 13% for the quarter compared to the third quarter of fiscal 2019.Gross margin of 83% compared to gross margin of 78% for the third quarter of fiscal 2019.Loss from operations of $0.2 million compared to loss from operations of $1.0 million for the third quarter of fiscal 2019.Non-GAAP loss from operations of $0.0 million compared to non-GAAP loss from operations of $1.0 million for the third quarter of fiscal 2019.Net loss of $0.3 million, or $0.04 per share, compared to net loss of $1.1 million, or $0.18 per share, for the third quarter of fiscal 2019.Non-GAAP net loss of $0.1 million, or $0.02 per share, compared to non-GAAP net loss of $1.0 million, or $0.17 per share, for the third quarter of fiscal 2019.Cash of $1.8 million as of January 31, 2020 compared to cash of $1.9 million as of April 30, 2019.Management Commentary\"During the quarter, we saw continued growth in our recurring revenue which reached a record level of $1.5 million during the quarter, or 56% of total revenue\" said David Karp, Chief Executive Officer. \"Our operating costs were their lowest in two years, contributing to break even at the non-GAAP operating income (loss) level. During the quarter we entered into a contract with Honeywell International to provide Honeywell with a new unified communications software solution. Honeywell Smart Talk enables mobile workers to collaborate, enhance productivity and provide superior customer experiences. We are currently working with Honeywell on the Smart Talk go-to-market strategy for its customers, primarily in the retail, healthcare and logistics verticals. We were a...