Business
NTG Clarity Networks Announces 2017 Year-End Financial Results
(via TheNewswire) Toronto, ON / TheNewswire / April 30, 2018 - NTG Cl...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Announces 2017 Year-End Financial Results(via TheNewswire)\n \n \nToronto, ON / TheNewswire / April 30, 2018 - NTG Clarity Networks Inc. (TSX.V:NCI) reports its year end results for the fiscal year ended December 31, 2017. (all figures in Canadian Dollars).\n\n \n \nNTG Clarity made great strides in 2017 as we worked to optimize costs and increase cash flow, while increasing our revenue by 26% over last year. The aggressive cost reduction strategy initiated by management in Q3 2016, began to show results in the second half of 2017, and the focus on collections has helped to steady our cash flow. We anticipate that these measures will continue to lead to improvement throughout 2018.\n\n \n \nConsolidated revenues for the three months ended December 31, 2017 was $3,893,502 compared to $599,251 for the same period in 2016. Revenue for the year increased by 26% to $14,359,523 compared to $11,372,455 reported in the prior year and is primarily made up of product-related revenue, professional services and hardware sales. \n\n \n \nThe Corporation's operating expenses decreased by 28% in 2017 to $5,364,665 compared to $7,401,310 in the prior fiscal year. \n\n \n \nG&A expenses for the three months and year ended December 31, 2017 were $819,940 and $3,170,997 respectively, compared to $637,528 and $4,488,100 in 2016. Year to date, G&A costs were 29% lower than in 2016 as we reduced staff, salaries and consultants in Canada and KSA. We also reduced the occupancy costs in Kuwait.\n\n \n \nGross margin for Q4 2017 was 34% or $1,320,427, compared to ($2,394,476) in 2016. Gross margin for the year ended December 31, 2017 was 35% compared to 17% in 2016. Margins are stronger based on our continuing efforts to optimize costs with our revenue stream. Realistic margins are anticipated to be between 35-40%, based on the current product mix.\n\n \n \nFor Q4 2017, the Corporation recorded a net loss of ($409,372) compared to ($8,649,235) for the same period in 2016. For the year ending December 31, 2017, the Corporation recorded a net loss of ($1,116,183) compared to ($12,526,486) in 2016. \n\n \n \nIncome Statement Highlights for the Year Ended December 31, 2017 and 2016\n\n \n\n\nDecember 31, 2017\n\n\n\n\nDecember 31, 2016\n\n\n \n\n\nREVENUE\n\n\n\n\n$\n\n\n\n\n14,359,523\n\n\n\n\n$\n\n\n\n\n11,372,455\n\n\n \n\n\nC...