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NTG Clarity Networks Announces Third Quarter 2015 Financial Results
(via Thenewswire.ca) Toronto, ON / TheNewswire / November 26, 2015 / NTG Clarity Networks ...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Announces Third Quarter 2015 Financial Results(via Thenewswire.ca)\n\n \nToronto, ON / TheNewswire / November 26, 2015 / NTG Clarity Networks Inc. (TSX.V:NCI), a world leader in the telecommunications OSS/BSS market, today reported third quarter year to date 2015 revenues of $11,660,121, as compared to $11,386,745 in 2014, a 2% increase (All amounts in Canadian dollars). Some of the main highlights from Q3 2015 include:\n\n\n \n- In September 2015, we announced three projects with global telecom operators/equipment manufacturers valued at over $1 million. \n\n\n \n- NTG was selected to participate in the Canadian Technology Accelerator Program in Silicon Valley. We currently have space in the Plug and Play Tech Center in Sunnyvale, California, where the Stage EM product will be launched. We also participated in the official CTA Fall Program launched in September 2015.\n\n\n \n- Continuing efforts, through Qatar, Kuwait and Oman, to expand our sales reach in those countries. \n\n\n \n- Finalizing the setup of an NTG office in Oman.\n\n \n \nFor the nine months ended September 30, 2015, the Corporation recorded net income of $1,143,019 or $0.03 per share as compared to $1,546,897 or $0.04 per share for the same period in 2014. The lower net income in 2015 was due to the following:\n\n \n \n- significant increase in sales and marketing activities, particularly in Egypt, to maintain and increase growth. Activities resulted in a 31% increase in year to date revenue for Egypt in 2015.\n\n\n \n- increase in amortization and depreciation for capital expenditures incurred for the new offices in Qatar, Kuwait and Oman.\n\n\n \n- increased G&A costs related to the new and expanded offices in KSA, Qatar, Kuwait and Oman.\n\n\n \n- slightly increased share based payments. As older share options expire and new, more expensive options are issued. \n\n \n \nAs at September 30, 2015, NTG Clarity had positive working capital of $6,325,586 ($0.18 per share) and no long-term debt.\n\n\n \nIncome statement highlights for the three and ninemonths ended September 30, 2015 and 2014\n\n \n\n\n3 Months Ended\n\n\n\n\n9 Months Ended\n\n\n \n\n\nSeptember 30, 2015\n\n\n\n\nSeptember 30, 2014\n\n\n\n\nSeptember 30, 2015\n\n\n\n\nSeptember 30, 2014\n\n\n\n\nREVENUE\n\n\n\n\n$\n\n\n\n\n3,626,919\n\n\n\n\n$\n\n\n\n\n4,557,801\n\n\n\n\n...