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IGEN Networks Reports Record Quarterly Revenues and Gross Profits for Second Consecutive QuarterALEXANDRIA, VA, Nov. 25, 2015 /PRNewswire/ - IGEN Networks Corp. (the "Company" or "IGEN") (OTCQB: IGEN) (CSE: IGN) has filed its Q3 2015 report which included the largest quarterly revenue in the Company's history for the second consecutive quarter. IGEN's quarterly revenues of $337,733 were up 17% from the previous quarter and up 26% from the similar quarter in 2014. For the nine-month period, revenues of $805,347 were a 55% increase over the similar period in 2014, and reflected record revenues over the nine-month period for the Company. The Company also reported record gross profits. Gross profits in the quarter grew to $121,683; an 18% increase over the previous quarter, though only marginally higher than the similar period in 2014. The numbers reflect increased volumes of lower-margin product in 2015. Over the nine-month period, the Company's gross profit was $285,658, up 21% over the same period in 2014. Quarterly gross margins were 36%, unchanged over the previous quarter, but down from 44% reported for the similar quarter last year. Margins for the nine-month period were 35%, also down from the 49% reported for the similar period last year. The Company continues to review alternative hardware suppliers and order fulfillment strategies to improve its overall margins – as the number of activations increases the company will focus on the service and residual revenue component of its business model. The Company reported a Q3 loss of $601,287, compared with $158,220 and $211,764 losses for the previous quarter and the same quarter in 2014 respectively. A large part of these losses were due to non-cash stock-based compensation ("SBC") of $415,600 and $448,958 incurred in 2015 Q3 and the 2015 nine-month period, respectively. Not including this non-cash SBC, losses for 2015 Q3 andthe 2015 nine-month period were $185,687 and $498,138, respectively. Neil G. Chan, President and CEO of IGEN, stated, "We are pleased that within three quarters we have already exceeded the revenue and gross profits we reported for all of last year, but are mindful that achieving profitability remains our key goal as we continue to invest as necessary in growing the Company." About IGEN Networks Corporation: IGEN Networks Corporation invests in and manages companies that deliver cloud-based services through Machine-to-Machine (M2M) device technologies for the protection and management of mobile assets and commercial fleets. The Company offers a range of self-provisioning applications which are used to manage and recover stolen assets, provide access to roadside assistance programs, and improve productivity of commercial fleets. IGEN is a fully reporting company in both Canada and the United States. It is publicly traded on the OTCQB under the symbol IGEN, and listed on the CSE under the symbol IGN. For more information, please visit www.igen-networks.com. Forward-Looking Statements SOURCE IGEN Networks Corp. |