Business
NTG Clarity Networks Announces Second Quarter 2017 Financial Results
(via TheNewswire) Toronto, ON / TheNewswire / August 17, 2017 / NTG Clarity Networks Inc...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Announces Second Quarter 2017 Financial Results(via TheNewswire)\n\n \nToronto, ON / TheNewswire / August 17, 2017 / NTG Clarity Networks Inc. (TSX.V:NCI), a world leader in the telecommunications OSS/BSS market, today reported second quarter 2017 revenues of $4,148,957, as compared to a record $5,077,129 during the same quarter in 2016 (All amounts in Canadian dollars). For the first half of 2017, revenues were $7,156,886 as compared to $7,510,462, a 5% decline. This reduction in revenues is due mainly to the slow start to the current year. Q2 2017 revenue was up 38% from Q1 2017. \n\n \n \nThe Corporation's operating expenses for the three and six months ended June 30, 2017 were $1,087,171 and $2,415,095 compared to $3,011,329 and $4,996,564 for the same periods last year, a significant reduction year to date over last year. We have aggressively reduced staff, salary, selling and travel to bring expenses more in line with revenue.\n\n \n \nDuring the second quarter of 2017, NTG Clarity reported positive income from operations of $199,081 compared to negative income from operations of ($541,141) during the same quarter in 2016. Q2 2017 cash flow provided by operations was $132,910 compared to ($701,271) during the same period last year. \n\n \n \nFor Q2 2017, NTG Clarity recorded a net loss of ($85,539) compared to a net loss of ($1,009,297) for the same period in 2016. For the six months ended June 30, 2017, the Corporation recorded a net loss of ($838,118) compared to a net loss of ($2,995,754) in 2016. This is a substantial improvement as we continue to work to reduce selling and G&A costs, and to optimize cost of sales for our current revenue.\n\n\n \nThough a significant improvement over the same period in 2016, factors contributing to the net loss continue to include end of service (severance) salary costs due to reductions of selling and G&A staff as well as rental expense obligations for unprofitable offices/accommodations which have been closed.\n\n \n \nGross margin for Q2 2017 was $1,286,252 or 31%, compared to $2,470,188 or 49% for the same period in 2016. For the six months ended June 30, 2017 gross margin was $1,870,322 or 26%, compared to $3,166,189 or 42% for the same period in 2016. \n\n\n \nIncome statement highlights for the three and six months ended June 30, 2017 and 2016\n\n \n...