October 15, 2013. Toronto
Ontario: NTG Clarity Networks
Inc., (TSX VENTURE:NCI), a world leader in the telecommunications
OSS/BSS market, is pleased to announce third quarter 2013 financial
results.
The Company
experienced a 171% increase in revenues during the third quarter of
2013 reaching $3,767,669 compared to $1,386,554 during the same
period in 2012. (All amounts in Canadian dollars).
This increase in revenue was mainly due to demand for our
professional services and product-related business. For the nine
months, the Company posted revenues of $7,403,921 compared to
$3,670,722, an increase of over 100%. Gross margin was 44% for the
third quarter of 2013, and 50% for the nine months. Gross margins
in the prior year were 48% and 42% for the 3 and 9 month periods
respectively.
Net income for the third quarter of
2013 increased by 343% to $784,669 or $0.02 per share and again
exceeded the entire annual profit from 2012. For the first 9 months
of 2013, net income rose 458% to $1,816,136 or $0.06 per share as
compared to $325,314 or $0.01 per share in the first three quarters
of 2012. The increase in profitability was due mainly to increased
revenues and higher margins.
As at September 30, 2013, NTG
Clarity had positive working capital of $3,869,577 ($0.12 per share).
Income statement highlights for the three and nine months ended
September 30, 2013 and 2012
-------------------------------------------------------------------
| |3 Months Ended |9 Months Ended |
|-----------------------------------------------------------------|
| |Sept 30, 2013|Sept 30, 2012|Sept 30, 2013|Sept 30, |
| | | | |2012 |
|-----------------------------------------------------------------|
|REVENUE |3,767,669 |1,386,554 |7,403,921 |3,670,722|
|-----------------------------------------------------------------|
|COST OF SALES|2,102,245 |718,411 |3,683,395 |2,114,483|
|-----------------------------------------------------------------|
|GROSS PROFIT |1,665,424 |668,143 |3,720,526 |1,556,239|
|-----------------------------------------------------------------|
|Expenses |839,203 |406,541 | |1,163,926|
| | | |2,066,226 | |
|-----------------------------------------------------------------|
|Foreign |41,552 |84,629 |(161,836) | |
|exchange loss| | | | 66,999 |
|(gain) | | | | |
|-----------------------------------------------------------------|
|Net Income |784,669 |176,973 |1,816,136 |325,314 |
|for the | | | | |
|period | | | | |
|-----------------------------------------------------------------|
| | | | | |
|-----------------------------------------------------------------|
|Per Share | |$0.01 | |$0.01 |
| |$0.02 | |$0.06 | |
-------------------------------------------------------------------
Balance Sheet highlights as at September 30, 2013 and December 31,
2012
---------------------------------------------------------
| |Sept 30, 2013 |Dec. 31, 2012 |
|-------------------------------------------------------|
|Cash on hand |$ |935,110 |$ |0 |
|-------------------------------------------------------|
|Current Assets |$ |6,267,673|$ |3,346,388|
|-------------------------------------------------------|
|Current Liabilities |$ |2 |$ |2,335,628|
| | |,398,096 | | |
|-------------------------------------------------------|
|Long-Term Debt |$ |0 |$ |82,986 |
|-------------------------------------------------------|
|Convertible Debenture|$ |801,118 |$ |0 |
|-------------------------------------------------------|
|Shareholder’s |$ |6,036,319|$ |3,725,448|
|Equity | | | | |
---------------------------------------------------------
During the first nine
months of 2013, NTG announced several new projects for leading
mobile operators in the Gulf region, which includes NTS
installations/enhancements, profession service resources and data
migration. The revenue from these projects is estimated at over USD
$9.0 million. We have since received purchase orders for these
projects and work is ongoing.
In an unrelated matter, the Company
announced the following members of the Board of Directors will have
share options issued; M. Zafar Farooqui; 100,000 options, Sinclair
Stevens; 100,000 options, Kristine Lewis; 150,000 options; M. Adel
Zaghloul; 150,000 options and Ashraf Zaghloul; 150,000 options.
Each option will be exercisable at a price of $0.60 per share and
will vest one half upon issuance and one half in six months
time.
ABOUT NTG CLARITY NETWORKS INC
NTG Clarity Networks' vision is to
be a global leader in providing networking solutions. Established
in 1992, NTG Clarity has delivered networking, IT and network
enabled application software solutions to network service providers
and large enterprises in Canada. More than 150 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
NTG Clarity Networks (TSXV:NCI)
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