NTG Clarity Networks Announces First Quarter 2018 Financial Results

About this update from Ntg Clarity Networks Inc.

[{"type":"text","content":"NTG Clarity Networks Announces First Quarter 2018 Financial Results(via TheNewswire)\n \n \nToronto, ON / TheNewswire / May 28, 2018 - NTG Clarity Networks Inc. (TSX.V:NCI), is pleased to announce its first quarter results for the period ended March 31, 2018 (all figures in Canadian Dollars).\n\n \n \nThe first quarter of 2018 saw continued financial improvement as cost cutting measures implemented over the past 18 months were gradually realized. Management is committed to balancing expenses with revenue generation and returning the Company to stable profitability, and this was accomplished in the first quarter of this year. \n\n \n \nConsolidated revenue for the three months ended March 31, 2018 increased 34% to $4,049,061 compared to $3,007,929 for the same period in 2017 and is made up of product-related revenue, professional services and a small amount for hardware/office supplies. Professional service revenue continues to be an major source of revenue for NTG Clarity given its recurring nature (86%). The contribution of product-related revenue was lower in Q1 2018, however we anticipate this to increase going forward as we work to make product sales a more balanced part of NTG's revenue stream. \n\n \n \nGross margin for Q1 2018 was $1,547,831 or 38% of revenue compared to $584,070 or 19% for the same period in 2017. We continue to work in all regions to optimize the cost of sales for our revenue growth, which resulted in a return to historical margins during the first quarter of 2018. \n\n \n \nThe Company's operating expenses were reduced by 21% in Q1 2018 to $1,053,459 compared to $1,327,924 in the same period last year. The reduction in operating expenses was a direct result of optimizing staff, salary, selling and travel expenses to be in line with revenues.\n\n \n \nGeneral and administrative expenses for the three months ended March 31, 2018 were $621,086 compared to $735,076 in Q1 2017. This 16% reduction was due to the continued reduction of salaries as we reduce staff and salaries as contracts allow.\n\n \n \nFor Q1 2018, the Company recorded positive net income of $160,482 or $0.003 per share, as compared to a net loss of ($752,579) or ($0.018) per share in Q1 2017. Net income in the first quarter included an exchange loss of ($88,997) arising on translation of foreign operations.\n\n \n \nWorking capital as at M...

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