Armada Data Corporation (TSXV:ARD) reports that its annual financial results for the year ended May 31, 2020 have now been filed on SEDAR and are available to view on SEDAR at www.sedar.com and the company's web site www.armadadata.com.
The Company's total revenue increased by 14% in 2020 to $3,280,998 from $2,884,628 in 2019.
The Company reported comprehensive income of $50,125, due to the following factors: Total payroll costs, excluding management salaries, decreased by 2%, from $1,429,143 in the year ended May 31, 2019 to $1,404,361 in the year ended May 31, 2020. This is due to the Company receiving CEWS (COVID Employer Wage Subsidy) for the period of March 15 to April 11, 2020, and also due to reduced work hours attributed to COVID-19.
Advertising expenditures increased to $379,196 in 2020, compared to $331,289 in 2019, or by 14%
The COVID-19 pandemic resulted in the office closing and most staff working from home for the period of March 18 to July 31, 2020. As most Canadians were not driving during this period, insurance claims were close to non-existent, resulting in some staff layoffs in the Insurance Division, and a decrease in revenue during the fourth quarter of fiscal 2020. New car dealers across the country either closed their doors and worked remotely, or reduced their sales staff. Armada's CarCostCanada division suspended and/or discounted the billing for many of these dealer customers.
Liquidity
Based on a year-end cash position of $350,603, accounts receivable of $621,182, and accounts payable of $342,322, the company is in a positive cash position. The Company hired some key management and support personnel in prior years to assist in achieving revenue that should surpass 2020 levels. Management believes that the investment in these ventures and action plans will demonstrate significant returns for the Company in both revenue growth and corporate goodwill.
Outlook
COVID-19 emerged in December 2019 and subsequently spread worldwide, leading to the World Health Organization's declaration of a COVID-19 pandemic on March 11, 2020. To date, Canadian federal and provincial governments and businesses have mandated various measures, including: travel restrictions, restrictions on public gatherings, stay-at-home orders and advisories, and the quarantine of people who may have been exposed to the virus. The Company has and will continue to follow all federal and provincial guidelines mandated to combat this pandemic.
The Company's outlook is to continue to increase sales, update and improve our data services products and deliver significantly better results to our shareholders by way of the following:
About Armada Data Corp.
Armada Data is a Canadian publicly traded Information & Marketing Services Company providing accurate and real-time data to institutional and retail customers, through developing, owning and operating automotive pricing-related web sites and providing information technology and marketing services to its clients.
Armada Data shares are listed on the TSX Venture exchange under the trading Symbol ARD. Armada currently has a total of 17,670,265 shares outstanding.
Contact:
Armada Data Corporation
Email: investors@armadadatacorp.ca
ARMADA DATA CORPORATION 
