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NTG Clarity Networks Inc. Announces Second Quarter 2010 Results
(Marketwire (Canada) Via Acquire Media NewsEdge) TORONTO, ONTARIO--(Marketwire - Aug. 26, 2010) - NTG Clarity Networks Inc., (TSX VENTURE:NCI), a world leader in the telecommunications OSS market, today reported its Second Quarter 2010 revenues of $1,737,730 as compared to $1,062,515 in the same period last year (All amounts in Canadian dollars). This increase in revenue was due to increased sales from the Middle East.
Cost of Revenue increased to $1,227,950 during the 3 months ended June 30, 2010 from $560,539 during the second quarter of 2009. Gross Profit was lower during the last reporting period as the Company acted competitively on a number of projects to increase its market share. Corporate expenses increased to $507,004 from $355,106 last year due to additional costs of operation in the Middle East. General and administrative expenses were $140,493 as compared to $77,764 due to the new office expenses in Saudi Arabia. Marketing and selling expenses were $181,347 for the three months ended June 30, 2010 as compared to $42,663 for the comparable period last year. This increase is due to the increased marketing activities related to promoting the Company's products and services. On a percentage of revenue basis, expenses decreased to 29% during the second quarter of 2010 from 33% during the same period in 2009.
The Company reported a net income for the three months ended June 30, 2010 of $105,051, compared to a net loss of $(160,269) for the comparable period last year. The Company has now been profitable in 8 of the last 10 quarters.
"As we look ahead, we are intent on increasing our market share in the telecom sector, expanding the software solutions and wireless areas of the business, and making further progress in the Middle East which is an area growth with large infrastructure projects," said Mr. Ashraf Zaghloul, CEO and Chairman of the Board of NTG Clarity. "We continue to aggressively market our product and services in the international marketplace, which we view as an area of substantial growth due to deregulation of the telecommunication sector and the licensing of new mobile operators."
The Company's working capital increased to $2,107,201 ($0.08 per share) as at June 30, 2010 compared to $1,963,925 as at December 31, 2009.
Income statement highlights for the three months ended June 30, 2010 and
2009
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Jun. 30, 2010 Jun. 30, 2009
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Revenue $ 1,737,730 $ 1,062,515
Cost of revenue 1,227,950 560,539
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Gross Profit 509,780 501,976
Expenses 507,004 355,106
Foreign exchange loss (gain) (102,275) 307,139
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Net Income (Loss) for the period $ 105,051 $ (160,269)
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Balance Sheet Highlights as at June 30, 2010 and December 31, 2009
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Jun. 30, 2010 Dec. 31, 2009
Current Assets $ 4,583,398 $ 3,927,909
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Current Liabilities $ 2,476,197 $ 1,963,984
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Long-term Debt $ 253,811 $ 367,945
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Shareholder's Equity $ 1,982,893 $ 1,818,222
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ABOUT NTG CLARITY NETWORKS INC
NTG Clarity Networks' vision is to be a global leader in providing networking solutions. Established in 1992, NTG is a leader in Canada in delivering networking, IT and network enabled application software solutions to network service providers and large enterprises. More than 120 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 PLEASE CONTACT:
NTG Clarity Networks Inc.
Ashraf Zaghloul
Chief Executive Officer and Chairman
(905) 305-1325
Fax: (905) 752-0469(FAX)
azaghloul@ntgclarity.com
www.ntgclarity.com
Investor Enquiries:
investorrelations@ntgclarity.com
Source: NTG Clarity Networks Inc.
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