NTG Clarity Networks Announces Record First Quarter 2015 Financial Results

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[{"type":"text","content":"NTG Clarity Networks Announces Record First Quarter 2015 Financial Results(via Thenewswire.ca)\n \n \nToronto, ON / TheNewswire / May 27, 2015 / NTG Clarity Networks Inc. (TSX.V:NCI),a world leader in the telecommunications OSS/BSS market, today reported record first quarter 2015financial results.\n\n\n \nFirst Quarter highlights:\n\n\n \n\n\n-71% increase in revenues to $5.0M\n\n\n\n-working capital of $7.0M ($0.19 per share) and no long-term debt\n\n\n\n-significant reduction in current bank debtfrom $3.52M at December 31, 2014 to $2.65M at March 31, 2015\n\n\n\n-strong order backlog\n\n\n\n\n \nDuring the first quarter of 2015, NTG Clarity generated record revenues of $5,002,161 as compared to $2,933,749 in the same period last year, an increase of 71%. The significant increase in revenues was primarily from contracts with existing clients that were expanded and renewed in 2014. For Q1, 2015, revenue was comprised of 53% professional services and 47% product related sales, compared to 79% and 21% respectively for the same period last year.\n\n\n \nThe Company reported a 257% increase in net income to $722,489 or $0.020 per share for the three months ended March 31, 2015, compared to net income of $202,502 or $0.006 per share for the comparable period last year. \n\n\n \nAs at March 31, 2015, NTG Clarity had positive working capital of $7,017,573 and no long-term debt.\n\n \n\nIncome Statement Highlights for the Three Months Ended March 31, 2015 and 2014\n\n\n \n\n\nMarch 31, 2015\n\n\n\n\nMarch 31, 2014\n\n\n \n \n \n\n\nRevenue\n\n\n\n\n$ 5,002,161\n\n\n\n\n$2,933,749\n\n\n\n\nCost of Sales\n\n\n\n\n3,247,342\n\n\n\n\n1,645,970\n\n\n\n\nGross profit\n\n\n\n\n1,754,820\n\n\n\n\n1,287,779\n\n\n\n\nOperating Expenses\n\n\n\n\n631,098\n\n\n\n\n739,262\n\n\n\n\nOther Expenses\n\n\n\n\n213,739\n\n\n\n\n274,515\n\n\n \n\n\n-------------\n\n\n\n\n-------------\n\n\n\n\nNet income before taxes\n\n\n\n\n$909,982\n\n\n\n\n$274,002\n\n\n\n\nNet income after taxes\n\n\n\n\n$722,489\n\n\n\n\n$202,502\n\n\n\n\nper share (basic)\n\n\n\n\n$0.02\n\n\n\n\n$0.01\n\n\n\n\n(fully diluted)\n\n\n\n\n$0.02\n\n\n\n\n$0.01\n\n\n \n \n \n\n\nBalance Sheet Highlights \n\n\n\n\nMarch 31, 2015\n\n\n\n\nDecember 31, 2014\n\n\n \n\nCurrent Assets\n\n\n \n\n$ 13,256,257\n\n\n \n\n$13,436,331\n\n\n \n\n\n========\n\n\n\n\n========\n\n\n\n\nCurrent Liabilities...

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