Business
NTG Clarity Networks Announces an Improved Third Quarter 2020 Financial Results
(TheNewswire) Toronto, ON - T heNewswire - November 2...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Announces an Improved Third Quarter 2020 Financial Results \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Toronto, ON - T\n \n \n heNewswire\n \n \n - November 2, 2020 - NTG Clarity Networks\nInc. (TSXV:NCI)\n \n \n (OTC:NYWKF),\n \n \n announces its third quarter\nresults for the period ended September 30, 2020 (all figures in\nCanadian Dollars). We are pleased to see that despite the ongoing\ndifficulties, we have returned to profitability in Q3 2020 with a net\nprofit of $246,515.\n \n \n \n \n The ongoing COVID-19 pandemic measures present a\nsignificant source of economic uncertainty in 2020 and there have been\nimpacts on NTG sales activities and collections have slowed. Though\nrevenues have strengthened in Q3 2020, collections and cash flow still\nremain an issue.\n \n \n \n \n Consolidated revenue for the three and nine months\nended September 30, 2020 to $2,233,248 and $6,359,223 compared to\n$575,594 and $6,227,237 for the same periods in 2019\n \n \n and is made up of product-related revenue and professional\nservices.\n \n \n \n \n The gross margin for Q3 2020 was $846,241 or 38%. Year\nto date gross margin was $2,360,901 or 37%.\n \n \n \n \n Selling and marketing expenses for the three and nine\nmonths ended September 30, 2020 were $187,105 and $654,355\nrespectively compared to $617,450 and $1,483,505 in the previous year.\nThis 70% decrease in the selling and marketing in the quarter (56%\nyear to date) was the result continued customer site closures, and\nrestricted travel and customer visits, suspended trade shows, and\nreduced salaries.\n \n \n \n \n G&A expenses for the three and nine months ended\nSeptember 30, 2020 were $384,815 and $2,172,818 respectively compared\nto $941,281 and $2,020,750 in the previous year. G&A costs have\ndecreased in this period due to reduced salaries and no Kuwait\nexpenses compared to the same period last year. In Q3, as in Q2 2020,\nthere were no salaries accrued or paid for employees and management in\nthe Canadian office due to COVID-19.\n \n \n \n \n Working capital as at September 30, 2020 was a deficit\nof $5,870,854 compared to a deficit of $4,490,883 at December 31,\n2019.\n \n \n \n \n \n \n Income\nstatement highlights for the three and nine months ended September 30,\n2020 and 2019\n \n \n \n \n \n \n...