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NTG Clarity Networks Announces Third Quarter 2017 Financial Results
(via TheNewswire) Toronto, ON / TheNewswire / November 16, 2017 / NTG Clarity Networks Inc...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Announces Third Quarter 2017 Financial Results(via TheNewswire)\n \n \nToronto, ON / TheNewswire / November 16, 2017 / NTG Clarity Networks Inc. (TSX.V:NCI), a world leader in the telecommunications OSS/BSS market, is pleased to provide its financial and operating results for the third quarter of 2017. After an aggressive cost reduction process, management has successfully returned the Company to profitability in the third quarter. \n\n \n \nConsolidated revenue for the three months ended September 30, 2017 increased to $3,309,135 compared to $3,262,742 for the same period in 2016 and is made up of product-related revenue, professional services and a small amount for hardware. Year to date revenues are down slightly to $10,466,021 compared to $10,773,204 in 2016 (All amounts in Canadian dollars).\n\n \n \nFor the first nine months of 2017, the gross margin was $3,721,078 or 36%, compared to $4,329,645 or 40% for the same period in 2016. \n\n \n \nYear to date, selling expenses decreased by 21% to $1,578,237, compared to $2,008,689 in 2016. This decrease was due to restrictions implemented for travel and marketing expenses, as well as some salary reductions. \n\n\n \n\n\n\n \nGeneral and administration (G&A) continued to fall in the third quarter of 2017 to $901,181, compared to $1,072,884 during the same period in 2016. For the first three quarters of 2017, general and administrative costs decreased to $2,351,057 from $3,850,572 during the same period in 2016. This 39% decrease was due mainly to the continued reduction of staff/salaries and consulting costs, lower occupancy costs in Canada and Kuwait, and the reduction of research activities related to our new software product StageEM.\n\n \n \nFor Q3 2017, the Corporation recorded a net income of $131,308, compared to a net loss of ($881,497) for the same period in 2016. For the nine months ended September 30, 2017, NTG Clarity recorded a net loss of ($706,810) compared to a net loss of ($3,877,251) in 2016, an 82% improvement. Though a significant improvement over the same period in 2016, factors contributing to the year to date net loss continue to include end of service (severance) salary costs due to reductions of selling and G&A staff and rental expense obligations for offices/accommodations. We continue to work to reduce salary costs and other...