Business
Tucows Reports Financial Results for Second Quarter 2020
TORONTO, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Tucows Inc. (NASDAQ:TCX, TSX:TC), a provider of network access, domain names and other Internet services, today
About this update from Tucows Inc.
[{"type":"text","content":"TORONTO, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Tucows Inc. (NASDAQ:TCX, TSX:TC), a provider of network access, domain names and other Internet services, today reported its financial results for the second quarter ended June 30, 2020. All figures are in U.S. dollars.\n COVID-19: Tucows shareholders and prospective investors are encouraged to read Tucows’ public statement regarding COVID-19, which is available here: https://bit.ly/2LavpOc. Summary Financial Results(In Thousands of US Dollars, Except Per Share Data) 3 Months ended June 306 Months ended June 302020(Un-audited)2019(Un-audited)% Change2020(Un-audited)2019(Un-audited)% ChangeNet revenue82,12284,117(2.4%)166,107163,0701.9%Gross Profit22,96624,507(6.3%)48,11647,1582.0%Net income11572,616(94.0%)2,9915,415(44.8%)Basic Net earnings per common share0.010.25(96.0%)0.280.51(45.1%)Adjusted EBITDA212,17511,4866.0%24,85620,91718.8%Net cash provided by operating activities8,9396,97928.1%23,01215,97044.1% 1.Net income for the second quarter of 2020 included two non-cash, non-recurring charges for asset impairments totalling $2.3 million, or $0.22 per share. Excluding these two items, net income would have been $2.5 million, or $0.23 per share. 2.This Non-GAAP financial measure is described below and reconciled to GAAP net income in the accompanying table. Summary of Revenues and Gross profit(In Thousands of US Dollars) RevenueGross Profit 3 Months endedJune 30 3 Months ended June 30 2020(Unaudited)2019(Unaudited)2020(Unaudited)2019(Unaudited)Network Access Services:Mobile Services17,56720,9868,907 10,180 Other Services4,4142,6442,749 1,688 Total Network Access Services21,98123,63011,656 11,868 Domain Services:Wholesale Domain Services46,20646,4859,852 8,668 Value Added Services5,0344,7754,272 4,037 Total Wholesale51,24051,26014,124 12,705 Retail8,5678,7834,348 4,374 Portfolio3334444204 297 Total Domain Services60,14160,48718,676 17,376 Network Expenses:Network, other costs--(2,485)(2,385)Network, depreciation and amortization costs--(3,356)(2,352)Network, impairment (1,525)- Total Network expenses--(7,366)(4,737) Total82,12284,11722,966 24,507 3.Beginning in the first quarter of 2020, portfolio revenue consisted of individual sales from Tucows’ surname portfolio following the sale of the Company’s remaining domain name portfolio in the fourth quarter of 2019. “The second quarter was on...