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NTG Clarity Networks Announces 2015 Year-End Financial Results
(via Thenewswire.ca) Toronto, ON / TheNewswire / April 7, 2016 - NTG Clarity Networks Inc....
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Announces 2015 Year-End Financial Results(via Thenewswire.ca)\n\n \nToronto, ON / TheNewswire / April 7, 2016 - NTG Clarity Networks Inc. (TSX.V:NCI) reported its year end results for the fiscal year ended December 31, 2015 (all figures in Canadian Dollars).\n\n \n \nAnnual and Quarterly highlights\n\n \n \nThe following are some of the key achievements in 2015 that will enable us to achieve our success and growth objectives in the coming years: \n\n \n \n-Diversified our customer base both numerically and geographically, more than tripling the number of active customers during the year. \n\n\n \n-In December 2015 we signed an $11 Million, 3 year agreement from our new Kuwait branch, our largest contract to-date. Services under this contract commenced in January 2016 and should have a meaningful impact on financial performance over the course of the next 3 years.\n\n\n \n-Introduced our new product Stage Enterprise Management (StageEM) which was very positively received by our customers (www.stageem.com).\n\n\n \n-Actively promoted our products and services in the US, through our involvement in the Plug and Play Center in Silicon Valley, California.\n\n\n \n-Started providing Network Build services in Saudi Arabia. We are expecting to build several hundred sites throughout 2016.\n\n\n \n-Implemented our water billing system in a few more water utilities in Egypt, making our system the leading water utility billing system in that market.\n\n\n \n-Hired new senior management to assist in developing and marketing our products and services.\n\n\n \n-Remained free of long-term debt with positive working capital of $4.7 Million.\n\n\n \n2015 has been an exciting and challenging year in terms of new projects, customers, products and senior management. Though revenue stayed steady at $15.5 Million, we ended the year in much stronger position, and we look forward to capitalizing on these positive factors in 2016 and beyond. At the same time, our net income was impacted as cost of sales increased by 14%, and selling and G&A costs increased by 33% and 40%, respectively, due to expenses for our new offices in the U.S., Egypt, Oman and Kuwait. In 2016 we will continue to work on balancing between growth and expenses to help generate higher margins.\n\n \n \nDuring the year, we continued delivering NTS - our Operation...