Business
NTG Clarity Networks Announces First Quarter 2019 Financial Results
(via TheNewswire) Toronto, ON / TheNewswire / May 21, 2019 - NTG Cl...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Announces First Quarter 2019 Financial Results(via TheNewswire)\n \n \nToronto, ON / TheNewswire / May 21, 2019 - NTG Clarity Networks Inc. (TSX.V:NCI), is pleased to announce its first quarter results for the period ended March 31, 2019 (all figures in Canadian Dollars).\n\n \n \nSignificant recent company milestones include:\n\n \n \n\n\n- In February 2019, closed a shares for debt private placement which reduced payables by $360,000\n\n\n\n- Returned the Company to profitability in Q1/19\n\n\n\n- Income from operations of $452,078\n\n\n\n- Subsequent to quarter end, in May 2019, we issued a series of press releases, starting with the announcement of a new sales model, and then announcing a new project with a new customer worth $2.4 Million.\n\n\n\n \n \nConsolidated revenue for the three months ended March 31, 2019 was $3,616,344 compared to $4,049,061 for the same period in 2018 and is made up of product-related revenue, professional services and a small amount for hardware. Professional service revenue continues to be an important strategic source of revenue for us, given its generally recurring nature (71%). The contribution of product-related revenue increased to 19% in Q1 2019 as we work to make product sales a more balanced part of NTG's revenue stream. \n\n \n \nGross margin for Q1 2019 was $1,583,959 or 44% compared to $1,547,831 or 38% for the same period in 2018. We continue to work in all regions to optimize the cost of sales for our revenue growth.\n\n \n \nG&A expenses for the three months ended March 31, 2019 were $584,195 compared to $621,086 in Q1 2018, as management worked to reduce expenses. This 6% reduction was due to the continued reduction of salaries as we reduce staff and salaries as contracts allow.\n\n \n \nSelling expenses were also reduced by 6% during Q1/19 and totaled $398,995 compared to $423,523 during the first quarter of 2018. Selling and marketing expenses consist primarily of sales staff remuneration, commissions, travel, advertising, consulting, and trade show costs. \n\n \n \nDuring the first quarter of 2019 the Corporation recorded net income of $304,719 as compared to net income of $160,482 in Q1 2018. This is a substantial improvement, and we continue to work to optimize costs for our current revenue.\n\n \n \nWorking capital as at March 31, 2019 was ($4,081,52...