Business
NTG Clarity Networks Announces Third Quarter 2018 Financial Results
(via TheNewswire) Toronto, ON / TheNewswire / November 23, 2018 / N...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Announces Third Quarter 2018 Financial Results(via TheNewswire)\n \n \nToronto, ON / TheNewswire / November 23, 2018 / 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 2018. After an aggressive cost reduction process, management has successfully returned the Company to profitability in each of the first three quarters of 2018. \n\n \n \nConsolidated revenue for the three months ended September 30, 2018 increased to $3,501,906 compared to $3,309,135 (All amounts in Canadian dollars) for the same period in 2017 and is made up of product-related revenue, professional services and a small amount for hardware. Year to date revenues are down slightly to $10,158,805 compared to $10,466,021 in 2017. The nominal decrease over the first 9 months is due to the end of a contract in Kuwait and the delay in the start of new projects in Saudi Arabia. Gross margins continue to be stronger in 2018, and we continue to work on reducing G&A costs as contracts allow, and marketing and selling costs based on our revenue.\n\n\n \nFor the first nine months of 2018, the gross margin was $4,515,152 or 44%, compared to $3,721,078 or 36% for the same period in 2017. The gross margin in the third quarter of 2018 was 50%.\n\n \n \nGeneral and administration (G&A) continued to fall in the third quarter of 2018 to $645,926, compared to $902,181 during the same period in 2017. For the first three quarters of 2018, general and administrative costs decreased to $1,879,430 from $2,351,057 during the same period in 2017. Selling expenses year to date also decreased by 13% to $ 1,379,912, compared to $1,578,237 in 2017. This decrease was due to restrictions implemented for travel and marketing expenses. \n\n \n \nFor Q3 2018, the Corporation recorded a net income of $6,555, compared to a net income of $131,308 for the same period in 2017. For the nine months ended September 30, 2018, NTG Clarity recorded a net income of $183,406 compared to a net loss of ($706,810) in 2017, a significant improvement. It should be noted that the Company recorded a foreign exchange loss of $229,727 during Q3/18 compared to a foreign exchange gain of $58,633 during the same quarter last year. \n\n \n \nIncome statement highlights...