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NTG Clarity Networks Announces 2013 Year-End Financial Results
(via Thenewswire.ca) Toronto, ON / TNW-ACCESSWIRE / April 15, 2014 / NTG Clarity Networks ...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Announces 2013 Year-End Financial Results(via Thenewswire.ca)\n \n \nToronto, ON / TNW-ACCESSWIRE / April 15, 2014 / NTG Clarity Networks Inc. (TSX.V:NCI), today reported its year end results for the fiscal year ended December 31, 2013 (all figures in Canadian Dollars). \n\n\n \n2013 continued the positive trend for NTG Clarity with record performance on all fronts. The Company reported a 111% increase in revenues and a 151% improvement in net income for the year. The majority of the increase resulted from new orders totaling over $9.5 million being booked in the final 9 months of the year. In addition, NTG significantly strengthened its balance sheet during 2013 with the successful completion of a convertible debenture financing which was subsequently converted to common shares prior to year-end.\n\n\n \nRevenues for the year ended December 31, 2013 were $10,571,915 versus $5,002,537 for 2012. The gross profit margin was 46% in 2013 compared to 51% in 2012. The small decrease in margins was due to higher costing of some of the resources. The Company recorded net income before taxes of $1,947,314 or $0.062 per share in 2013 as compared to $776,688 or $0.026 in 2012. \n\n \n \nGeneral and administration expenses for 2013 were $1,117,671 as compared to $491,972 in 2012. Selling and marketing expenses were $866,681 compared to $634,423 and total other expenses were $1,151,093 compared to $562,835. Most of the increase in expenses was directly proportional to the increase in overall revenues. Some of the more notable changes in other expenses included a 38% increase in amortization to $349,155, a 97% increase in depreciation to $50,936, a 231% increase in foreign taxes to $67,426, a 756% increase in share based compensation to $513,261, and a 10% decrease in interest expense to $154,821. Share based compensation was significantly higher due to the granting and exercise of options. \n\n \n \nNTG Clarity also continued to strengthening its balance sheet during 2013 which has been instrumental in the Company being able to acquire new work. Shareholders' Equity improved by 97% during the year to $7.26 million and long-term debt was eliminated. As at December 31, 2013, NTG Clarity had positive working capital of $4,444,547 or $0.12 per basic share.\n\n \n\nIncome Statement Highlights for the Year Ended December 31, 2...