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Sangoma Reports Results for the First Quarter of Fiscal 2020 Quarterly Revenue Up 31%
(via TheNewswire) Markham, Ontario - TheNewswire - November 14, 201...
About this update from Sangoma Technologies Corporation
[{"type":"text","content":"Sangoma Reports Results for the First Quarter of Fiscal 2020 Quarterly Revenue Up 31%(via TheNewswire)\n \n \nMarkham, Ontario - TheNewswire - November 14, 2019 - Sangoma Technologies Corporation (TSXV:STC), a trusted leader in delivering Unified Communications solutions for SMBs, Enterprises, OEMs, and Service Providers, both on-premise and in the cloud, today announced highlights of its first quarter unaudited results of fiscal 2020, ended September 30, 2019.\n\n \n \nFor the first quarter of fiscal 2020, sales were $28.01 million, 31% higher than the same quarter last year and a record for Sangoma's first quarter. Revenue this quarter was 7% lower than the immediately preceding quarter, reflecting the typically softer first quarter seasonality compared to the prior year's fourth quarter, and the significant one-time order in the last quarter of fiscal 2019, both of had been previously communicated.\n\n \n \n\n\n\nClick Image To View Full Size\n\n\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\"I am pleased to see revenue once again exceed the prior years quarterly sales for the nineteenth straight quarter\", said Bill Wignall, President and CEO of Sangoma. \"And during our first quarter we had a successful, over-subscribed equity raise, to set the scene for the acquisition of VoIP Innovations, LLC (\"VI\") during October. The accompanying debt financing also went well, with the transaction subsequently closing just after the end of our first quarter, and the first few of weeks of transition has gone smoothly. We will of course be including VI results from the October 18th acquisition date, in our second quarter financials. Finally, it was also gratifying to see our progress is being recognized in Deloitte's ranking of Sangoma at number 11 in their Enterprise Fast 15 rank of Canadian companies for 2019.\"\n\n \n \nGross profit was $17.48 million in the first quarter of fiscal 2020 at a gross margin of 62%, 4% higher than for the same quarter last year and continuing the trend of slightly stronger gross margins as the percentage of Sangoma revenue from recurring revenue continues to increase. \n\n \n \nOperating expenses were $15.88 million in the first quarter of fiscal 2020...