(via Thenewswire.ca)
Toronto, ON / TheNewswire / August 27, 2015 - NTG Clarity Networks Inc. (TSX.V:NCI), a world leader in the telecommunications OSS/BSS market, today reported first half 2015 revenues of $8,033,202, as compared to $6,828,945 in 2014, an 18% increase. (All amounts in Canadian dollars).
Revenues continued to improve during the first two quarters of 2015 due mainly to the renewed international focus on state-of-the-art technology and networking capabilities. Mobile applications have been the fastest growing technology trend with NTG's mobile application development being increasingly chosen as a leading product in these markets. Net income during the first half of 2015 improved modestly by 7% to $888,759 from $834,224 during the same period in 2014.
For the three months ended June 30, 2015, revenues were $3,031,041, a decrease of 22% compared to the same period in 2014. The decrease was due to the timing of new work and an exceptionally strong Q1 2015 when the bulk of work was completed for several new projects. Net income for Q2 2015 was $166,270, compared to $631,722 in 2014.
As at June 30, 2015, NTG Clarity had positive working capital of $6,789,953 ($0.19 per share) and no long-term debt.
Income statement highlights for the three and six months ended June 30, 2015 and 2014
|
3 Months Ended |
6 Months Ended |
|||||||
|
June 30, 2015 |
June 30, 2014 |
June 30, 2015 |
June 30, 2014 |
|||||
|
REVENUE |
$ |
3,031,041 |
$ |
3,895,196 |
$ |
8,033,202 |
$ |
6,828,945 |
|
COST OF SALES |
1,820,542 |
2,054,493 |
5,067,884 |
3,700,464 |
||||
|
GROSS PROFIT |
$ |
1,210,499 |
$ |
1,840,703 |
$ |
2,965,318 |
$ |
3,128,481 |
|
Expenses |
1,390,760 |
898,383 |
2,342,202 |
2,173,055 |
||||
|
Foreign exchange loss (gain) |
(259,038) |
32,098 |
(561,108) |
(228,798) |
||||
|
Net Income before taxes |
78,777 |
910,222 |
988,759 |
1,184,224 |
||||
|
Net Income after taxes |
$ |
166,270 |
$ |
631,722 |
$ |
888,759 |
$ |
834,224 |
|
Per Share |
$ |
0.00 |
$ |
0.02 |
$ |
0.02 |
$ |
0.02 |
Balance Sheet Highlights for the six months ended June 30, 2015 and December 31, 2014
|
June 30, 2015 |
Dec. 31, 2014 |
||||
|
Current Assets |
$ |
11,677,871 |
$ |
13,436,331 |
|
|
Current Liabilities |
$ |
4,887,918 |
$ |
7,242,080 |
|
|
Long-Term Debt |
$ |
0 |
$ |
0 | |
|
Shareholder's Equity |
$ |
10,004,086 |
$ |
8,942,192 |
|
The first half of 2015 has been a record period for NTG Clarity with revenues remaining on pace with management's projections. Net income has been more challenging with increased overseas expenses and with the Company now being subject to full income taxes due to positive earnings over the past two years. Management is working diligently to improve margins and continues to seek accretive acquisitions to reduce taxes payable and increase the customer base.
NTG Clarity management is cognoscente of the challenges facing global economies and has positioned the company for continued growth with a strong balance sheet, improving results from our new offices in Qatar and Kuwait, and a strong focus on continued highest quality customer support that continues to generate contracts with new clients and renewal work with existing clients. Management is confident that NTG Clarity will continue to emerge as the leading choice in the expanding OSS/BSS market.
About NTG Clarity Networks Inc.
NTG Clarity Networks' vision is to be a global leader in providing networking solutions. As a Canadian company established in 1992, NTG Clarity has delivered networking, IT and network enabled application software solutions to network service providers and large enterprises. More than 400 network professionals provide design, engineering, implementation, software development and security expertise to the industry's leading network service providers and enterprises.
Forward Looking Information
Certain statements in this release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature.
These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward looking statements should circumstances or management's estimates or opinions change.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For Further Information:
Doren Quinton, President QIS Capital
Investor Relations
Ph: 250-377-1182
Fax: 250-377-1183
Email: info@smallcaps.ca
Kristine Lewis, President, NTG Clarity Networks Inc.
Ph: 905-305-1325
Fax: 905-752-0469
Email: klewis@ntgclarity.com
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