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Sangoma Reorts Results for the Second Quarter of Fiscal 2019 Revenue More than Double that of Last Year, EBITDA up by 89%
(via TheNewswire) MARKHAM, ONTARIO / TheNewswire / February 14, 201...
About this update from Sangoma Technologies Corporation
[{"type":"text","content":"Sangoma Reorts Results for the Second Quarter of Fiscal 2019 Revenue More than Double that of Last Year, EBITDA up by 89%(via TheNewswire)\n \n \nMARKHAM, ONTARIO / TheNewswire / February 14, 2019 - Sangoma Technologies Corporation (TSX VENTURE:STC), a trusted leader in delivering Unified Communications solutions, both in the cloud and on-premises, and the provider of the two most widely used open source communications software products in the world, today announced highlights of its second quarter unaudited results of fiscal 2019, ended December 31, 2018.\n\n \n \nFor the second quarter of fiscal 2019, sales were a record $29.22 million, 149% higher than the same quarter last year, already putting Sangoma over $50 million in revenue at the mid year point. This quarter's results included a full quarter of the most recently completed acquisition of Digium, which closed in September of 2018.\n\n \n \n\nClick Image To View Full Size\n\n \n \n 1 Operating Income and EBITDA are metrics used by the Company to monitor its performance and the definitions may be found in the accompanying MD&A posted today at www.sedar.com.\n\n \n \n\"We are all thrilled to see sales approaching $30 million for the first time this quarter\", said Bill Wignall, President and CEO of Sangoma. \"As anticipated, the Digium transaction is contributing very positively. Integration is progressing well, organization alignment was completed in December, and customers/partners have embraced the combined entity. As evidenced by revenue growing to almost 2.5 times last year, the company has maintained strong sales momentum, even with all the integration focus. And despite most of the cost savings being realized late in the quarter, EBITDA nearly doubled and we now expect to meet the 13% EBITDA target we had projected for fiscal 2020, well ahead of plan, and by Q4 at the latest.\" \n\n \n \nGross profit was $17.83 million in the second quarter of fiscal 2019, resulting in gross margin of 61%, which is well ahead of last year. \n\n \n \nOperating expenses were $17.03 million in the second quarter of fiscal 2019, but as indicated, these will come down next quarter as the cost savings realized late in this quarter will be in place for all of Q3. \n\n\n \nFor the second quarter, EBITDA at $2.40 million was up by 89% over the same period in fiscal 2018. \n\n \n \nNet lo...