OTTAWA, Aug. 29, 2019 /CNW/ - Intouch Insight
Ltd. ("Intouch") (TSXV: INX) (OTCQB: INXSF) today announced
its operating and financial results for the quarter ended
June 30, 2019.
Revenue for the second quarter was $5,037,491, which was 30% higher than revenue of
$3,861,846 in the same quarter of
2018. Recurring SaaS revenue increased 13% during the second
quarter at $691,307 compared to
$610,327 in the second quarter of
2018. Recurring services revenue increased 33% to $4,301,071 in Q2 2019 from $3,225,904 in Q2 2018.
Loss from operating activities in Q2 2019 was $11,545 compared to a loss of $669,264 in Q2 2018. Net loss and comprehensive
loss for the second quarter was $34,822 compared to a net loss of $669,605 in the same quarter of 2018. Gross
Margin increased to 52% in the second quarter compared to 51% for
the same quarter in 2018.
Company-defined adjusted EBITDA was a positive $248,000 for the second quarter, compared to
a negative EBITDA of approximately $453,000 for the same quarter in 2018.
"I am very pleased to report another strong quarter for revenue
growth across our customer experience management product lines
including recurring revenues of almost $5M. We will continue to utilize our new
technologies to drive growth in our core product lines while
furthering our investment in our new CX software products.
Based on current sales information we are forecasting strong growth
in year over year results with revenues exceeding $18M for 2019. We remain committed to
harnessing the power of Artificial Intelligence (AI) within our
software to revolutionize the customer experience management
space." said Cameron Watt,
President & Chief Executive Officer.
Consolidated
Statements of Operations
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Q2 2019
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Q2 2018
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Revenue
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$
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5,037,491
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$
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3,861,846
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Cost of
services
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2,401,470
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1,884,476
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Gross
profit
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2,636,021
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1,977,370
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Total operating
expenses
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2,647,566
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2,646,634
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Earnings (loss) from
operating activities
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(11,545)
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(669,264)
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Finance
costs
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(23,277)
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(341)
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Net loss before
income taxes
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$
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(34,822)
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$
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(669,605)
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Certain statements included in this news release contain
forward looking statements, which by their nature are necessarily
subject to risks and uncertainties and other factors that may cause
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such statements reflect the Company's current
views with respect to future events, and are based on information
currently available to the Company and on hypotheses which it
considers to be reasonable; however, management warns the reader
that hypotheses relative to future events which are beyond the
control of management could prove to be false, given that they are
subject to certain risks and uncertainties.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Intouch Insight Ltd.