Business
NTG Clarity Announces Positive Financial Results for First Quarter 2021
(TheNewswire) Toronto, ON – TheNewswire - May 19, 2021 - N...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Announces Positive Financial Results for First Quarter 2021\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n Toronto, ON –\n \n \n TheNewswire -\n \n \n May 19, 2021 - NTG Clarity Networks Inc.\n(TSXV:NCI)\n \n \n (OTC:NYWKF)\n \n \n , announces\n \n \n its first quarter results for the period ended March 31, 2021\n(all figures in Canadian Dollars).\n \n \n \n \n In 2021, we have continued our road back to\nprofitability with the third straight quarter of positive results.\nThis quarter’s net income was $249,727, making the total for the\nthree consecutive positive quarters of $769,562. Our gross margin for\nthis quarter was 47% and the income from operations was $444,890.\n \n \n \n \n The COVID-19 pandemic continues to present a\nsignificant source of economic uncertainty however despite\nrestrictions on travel, market/trade shows and client/potential client\nvisits, our collections have remained current and we have no bad debt\nrecorded in Q1 2021. Our outsourced resources and project-focused\nstaff are continuing to work remotely as much as possible. Office\nstaff in Egypt is rotating between working from the office and working\nremotely.\n \n \n \n \n In February, we announced the signing of a Memo of\nUnderstanding (MOU) with a major bank in the Gulf region to provide\noffshore software development and IT resources and facilities through\nour Egypt subsidiary.\n \n \n \n \n In February we also announced the receipt of multiple\npurchase orders for a total estimated amount of over $1.1 Million CAD\nin contract value. Some of this was for renewal of existing work\nhowever the majority was for new work.\n \n \n \n \n In March we soft-launched our latest software called\nSmart2Go (a Digital Transformation product). We also announced the\nreceipt of a CAD$550,000 PO for it from a major Health Care Provider\nto deliver their digital products on the Smart2Go platform.\n \n \n \n \n Consolidated revenue for the three months ended March\n31, 2021 was $2,298,307 compared to $2,474,766 for the same period in\n2020. Due to the exchange rate differences, our revenue is lower this\nquarter than Q1 2020, as most of our income is in USD (exchange rate\nof 1.25 compared to 1.42 in Q1 2020).\n \n \n \n \n Professional service revenue continues to be an\nimportant strategic source of revenue for us, given it...