Business
Sangoma Reports Results for the Third Quarter of Fiscal 2020
(via TheNewswire) Revenue up 26% to a record high of over $36 million a...
About this update from Sangoma Technologies Corporation
[{"type":"text","content":"Sangoma Reports Results for the Third Quarter of Fiscal 2020(via TheNewswire)\n \n \nRevenue up 26% to a record high of over $36 million and quarterly EBITDA exceeded $6 million for the first time ever\n\n \n \nMARKHAM, ONTARIO - TheNewswire - May 27, 2020 - Sangoma Technologies Corporation (TSX VENTURE:STC) (TSXV:STC), a trusted leader in delivering Communications as a Service solutions for businesses of all sizes, OEMs and Service Providers, today announced highlights of its third quarter unaudited results of fiscal 2020, ended March 31, 2020.\n\n\n \n\n\n\n \nFor the third quarter of fiscal 2020, sales were a record $36.31 million, 26% higher than the same quarter in fiscal 2019 and 12% above the immediately preceding second quarter of this year. EBITDA at $6.51 million was an all-time high, and the first time ever that Sangoma has generated more than $6 million of EBITDA in a single quarter.\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\"I'm pleased to see very solid progress, during a time in which Covid-19 emerged and started to create such significant problems for the world\", said Bill Wignall, President and CEO of Sangoma. As we had shared provisionally on April 30, Sangoma delivered record revenue and EBITDA in our third quarter, despite the complexity COVID-19 introduced. Our services revenue exceeded 50% of our revenue for the first time in our quarter as a result of ongoing growth in our recurring revenue and the inclusion of VoIP Innovations in our results for the full quarter. We navigated the supply chain challenges early in the quarter, meeting virtually all customer shipments around the globe on time, and then re-tooled our company to adapt to working from home and no travel to clients. We continued to innovate in spite of the disruptions from COVID-19, launching a new line of headsets and our Sangoma Meet cloud service for video based meetings, offering it free of charge during the pandemic. And we completed the acquisition of e4, in order to strengthen our commitment to, and sales capabilities in, the open source market. All in all, a strong quarter during turbulent times.\"\n\n \n \nGross profit was $23.47 million i...