TORONTO, ON / ACCESSWIRE / April 15, 2014 / NTG Clarity Networks
Inc. (TSX.V:NCI), today reported its year end results for the
fiscal year ended December 31, 2013 (all figures in Canadian
Dollars).
2013 continued the positive trend for NTG Clarity with record
performance on all fronts. The Company reported a 111% increase in
revenues and a 151% improvement in net income for the year. The
majority of the increase resulted from new orders totaling over
$9.5 million being booked in the final 9 months of the year. In
addition, NTG significantly strengthened its balance sheet during
2013 with the successful completion of a convertible debenture
financing which was subsequently converted to common shares prior
to year-end.
Revenues for the year ended December 31, 2013 were $10,571,915
versus $5,002,537 for 2012. The gross profit margin was 46% in 2013
compared to 51% in 2012. The small decrease in margins was due to
higher costing of some of the resources. The Company recorded net
income before taxes of $1,947,314 or $0.062 per share in 2013 as
compared to $776,688 or $0.026 in 2012.
General and administration expenses for 2013 were $1,117,671 as
compared to $491,972 in 2012. Selling and marketing expenses were
$866,681 compared to $634,423 and total other expenses were
$1,151,093 compared to $562,835. Most of the increase in expenses
was directly proportional to the increase in overall revenues. Some
of the more notable changes in other expenses included a 38%
increase in amortization to $349,155, a 97% increase in
depreciation to $50,936, a 231% increase in foreign taxes to
$67,426, a 756% increase in share based compensation to $513,261,
and a 10% decrease in interest expense to $154,821. Share based
compensation was significantly higher due to the granting and
exercise of options.
NTG Clarity also continued to strengthening its balance sheet
during 2013 which has been instrumental in the Company being able
to acquire new work. Shareholders' Equity improved by 97% during
the year to $7.26 million and long-term debt was eliminated. As at
December 31, 2013, NTG Clarity had positive working capital of
$4,444,547 or $0.12 per basic share.
-------------------------------------------------------------------------------
|Income Statement Highlights for the Year Ended December 31, 2013 and 2012 |
|-----------------------------------------------------------------------------|
| |December 31, 2013 | |December 31, 2012 |
|-----------------------------------------------------------------------------|
|Revenue |$ 10,571,915 | |$ 5,002,537 |
|-----------------------------------------------------------------------------|
|Cost of Sales |5,686,900 | |2,458,750 |
|-----------------------------------------------------------------------------|
|Gross Profit |4,885,015 | |2,543,787 |
|-----------------------------------------------------------------------------|
|Operating Expenses |1,786,608 | |1,204,264 |
|-----------------------------------------------------------------------------|
|Other Expenses |1,151,093 | |562,835 |
|-----------------------------------------------------------------------------|
|Net Income |$ 1,947,314 | |$ 776,688 |
|-----------------------------------------------------------------------------|
|Per Share (basic) |$0.06 | |$0.03 |
|-----------------------------------------------------------------------------|
|(fully-diluted) |$0.05 | |$0.02 |
|-----------------------------------------------------------------------------|
| | | | |
|-----------------------------------------------------------------------------|
|Balance |December 31, 2013 | |December 31, 2012 |
|Sheet | | | |
|Highlights | | | |
|-----------------------------------------------------------------------------|
|Current Assets |$ 7,323,086 | |$ 3,361,927 |
|-----------------------------------------------------------------------------|
|Current Liabilities |$ 2,962,225 | |$ 2,354,576 |
|-----------------------------------------------------------------------------|
|Long-Term Debt |$ | |$ 82,986 |
| | nil | | |
|-----------------------------------------------------------------------------|
|Shareholders’ Equity|$ 7,263,837 | |$ 3,725,448 |
-------------------------------------------------------------------------------
NTG continued to develop and improve our existing suite of
products and services during 2013 which has enhanced our customer
satisfaction as well as our financial performance. Management is
also building the necessary framework to expand our customer base
outside of the Middle East and has made several quality connections
in this regard.
NTG Clarity has started 2014 on a rapid pace with the
announcement of agreements during the first quarter totaling more
than $6 million. This is in addition to approximately 25% of
revenues related to prior announcements still in its work backlog
at the beginning of the year. Management is excited with the
opportunities and prospects with which NTG enters a new year and
expects to produce another year of record results for its
shareholders.
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 200 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
Ph: 250-377-1182
Fax: 250-377-1183
Email: info@smallcaps.ca
SOURCE: NTG Clarity Networks Inc.
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