NTG Clarity Networks Announces 2018 Year-End Financial Results

About this update from Ntg Clarity Networks Inc.

[{"type":"text","content":"NTG Clarity Networks Announces 2018 Year-End Financial Results(via TheNewswire)\n \n \nToronto, ON / TheNewswire / April 25, 2019 - NTG Clarity Networks Inc. (TSX.V:NCI) reports its year end results for the fiscal year ended December 31, 2018 (all figures in Canadian Dollars).\n\n \n \nQuarter over quarter revenues remained reasonably consistent for the first three quarters of 2018, however, Q4 2018 had a significant decrease in revenue, resulting in a 18% reduction to $11,706,467 compared to $14,359,523 reported in the prior year. Lower sales in KSA (32%) and Kuwait (27%) were partially offset by an increase in Egypt revenue. The contribution of product-related revenue was higher in 2018, and we anticipate this to continue going forward as we work to make product sales a more balanced part of the Company's revenue stream. \n\n \n \nThe gross margin for the year ended December 31, 2018 was 44% compared to 35% in 2017. Margins were stronger during the year largely as a result of our continuing efforts to optimize costs to our revenue. Realistic margins are anticipated to be between 35-40%, based on product mix.\n\n \n \nNTG Clarity's operating expenses were down 21% to $4,211,666 in 2018, compared to $5,364,665 in the prior fiscal year. These cost savings were highlighted by lower marketing salary costs and a 32% decrease in selling and marketing activities that included fewer trade shows and significantly less travel for sales personnel. The company achieved a 17% decrease in G&A costs as we continue to optimize staff, salaries and consultants in Canada and KSA. The Corporation also recognized a foreign currency exchange gain of $260,104 in 2018, compared to a loss of $41,515 in the year ended 2017.\n\n \n \nFor the year ended December 31, 2018, the Corporation saw a significant progress toward profitability with a net loss of $(366,044) compared to a net loss of $(1,116,183) in 2017. \n\n \n \nThere was also a positive income from operations. \n\n \n \nIncome Statement Highlights for the Year Ended December 31, 2018 and 2017\n\n \n\n\nDecember 31, 2018\n\n\n\n\nDecember 31, 2017\n\n\n \n\n\nREVENUE\n\n\n\n\n$\n\n\n\n\n11,706,467\n\n\n\n\n$\n\n\n\n\n14,359,523\n\n\n \n\n\nCOST OF SALES\n\n\n \n\n\n6,571,900\n\n\n \n\n\n9,318,018\n\n\n \n\n\nGROSS PROFIT\n\n\n\n\n$\n\n\n\n\n5,134,567\n\n\n\n\n$\n\n\n\n\n5,041,505\n\n\n \n\n\n...

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