Business
NTG Clarity Networks Announces Second Quarter 2019 Financial Results
(via TheNewswire) Toronto, ON - TheNewswire - August 16, 2019 - NTG...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Announces Second Quarter 2019 Financial Results(via TheNewswire)\n \n \nToronto, ON - TheNewswire - August 16, 2019 - NTG Clarity Networks Inc. (TSXV:NCI), a world leader in the telecommunications OSS/BSS market, today reported revenues for the first half of 2019 of $5,651,642 compared to $6,656,899 during the first half of 2018 (All amounts in Canadian dollars). Second quarter 2018 revenues were $2,035,298, as compared to $2,607,838 during the same period in 2018. Q2 revenues were lighter than in 2018 due mainly to the completion of a contract in Kuwait. \n\n \n \nGross margin for Q2 2019 was $975,171 or 48%, compared to $1,231,633 or 47% for the same period in 2018. For the six months ended June 30, 2019, gross margin was $2,559,130 or 45%, compared to $2,779,464 or 42% for the same period in 2018. \n\n \n \nG&A expenses for the three months ended June 30, 2019 were $467,061 compared to $484,087 in Q2 2018, as management worked to reduce expenses. This 4% 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 19% during Q2/19 and totaled $495,273 compared to $612,418 during the second quarter of 2018. Selling and marketing expenses consist primarily of sales staff remuneration, commissions, travel, and consulting. \n\n \n \nYear to date 2019, NTG Clarity reported positive income from operations of $434,632 compared to $820,140 during the same period in 2018. Factors contributing to challenges continue to include end of service (severance) salary costs due to reductions of selling and G&A staff as well as rental expense obligations.\n\n \n \nWorking capital as at June 30, 2019 was ($4,270,909) compared to ($4,861,655) as at December 31, 2018. The Company has no long-term debt. \n\n \n \nIncome statement highlights for the three and six months ended June 30, 2019 and 2018\n\n \n\n\n3 Months Ended\n\n\n\n\n6 Months Ended\n\n\n \n\n\nJune 30, 2019\n\n\n\n\nJune 30, 2018\n\n\n\n\nJune 30, 2019\n\n\n\n\nJune 30, 2018\n\n\n\n\nREVENUE\n\n\n\n\n$\n\n\n\n\n2,035,298\n\n\n\n\n$\n\n\n\n\n2,607,838\n\n\n\n\n$\n\n\n\n\n5,651,642\n\n\n\n\n$\n\n\n\n\n6,656,899\n\n\n\n\nCOST OF SALES\n\n\n \n\n\n1,060,127\n\n\n \n\n\n1,376,205\n\n\n \n\n\n3,092,512\n\n\n \n\n\n3,877,435\n\n\n\n\nGROSS PROFIT\n\n\n\n\n$\n\n\n\n\n975...