Business
NTG Clarity Networks Announces Year-End 2020 and Positive Q4 2020 Financial Results
(TheNewswire) Toronto, ON – TheNewswire - April 29, 2021 -...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Announces Year-End 2020 and Positive Q4 2020 Financial Results\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n Toronto, ON –\n \n \n TheNewswire -\n \n \n April 29, 2021 - NTG Clarity Networks Inc.\n(TSXV:NCI)\n \n \n (OTC:NYWKF)\n \n \n reports its fourth quarter and year end results\nfor the fiscal year ended December 31, 2020 (all figures in Canadian\nDollars).\n \n \n \n \n 2020 was a good year for NTG that has seen a turnaround\nto profitability in third and fourth quarters. We have capitalized on\nour track record and experience and the goodwill we have built\nthroughout the years. NTG is now recognized as a provider of top tier\nquality service with very competitive pricing. We have added new\nclients to our customer base, especially in the financial sector.\nThese are outside our traditional telecom vertical and are an\nimportant growth opportunity for us as they are going through digital\ntransformation.\n \n \n \n \n Despite the COVID-19 lockdowns and the slowdown in Q2\n2020, we have managed to keep quarter over quarter revenues strong and\nin Q3 and Q4 2020 we have returned NTG to profitability.\n \n \n \n \n Sales for the year ended December 31, 2020 were\n$7,906,989 representing an 8% decline from the $8,626,429 recorded in\nthe prior year. The gross margin in 2020 improved to 28% compared to\n26% in 2019. Realistic margins are anticipated to be between 30-40%,\nbased on the product mix. The Company posted a net loss of $1,098,617\nfor the year, a substantial improvement from the net loss of $9.2\nmillion in the previous year.\n \n \n \n \n COVID-19-related business changes, such as the\ncancellation of marketing events and related travel, had a significant\nimpact on 2020 results. NTG’s operating expenses were significantly\nreduced to $3,394,410 in 2020 compared to $6,896,496 in the prior\nfiscal year. This is primarily because of significantly reduced\nselling/marketing and G&A costs as a result of office closures and\nCOVID-19 lockdowns.\n \n \n \n \n \n \n Income\nStatement Highlights for the Year Ended December 31, 2020 and\n2019\n \n \n \n \n \n \n \n \n December 31, 2020\n \n \n \n \n December 31, 2019\n \n \n \n \n \n \n \n \n REVENUE\n \n \n \n \n $\n \n \n \n \n 7,906,989\n \n \n \n \n $\n \n \n \n \n 8,626,429\n \n \n \n \n \n \n \n \n COST OF SALES\n \n \...