(via TheNewswire)
We have continued our road back to profitability with the fifth straight quarter of positive results. This quarter’s net income was
In July, we announced our intention to initiate a board-approved Shares for Debt transaction. In August we closed the transaction and issued 40,000,000 shares and reduced our outstanding payables/loans by
Last quarter, we introduced the NTGapps Digital Toolbox; a cloud-based suite of digital tools for Telecom Operators, along with orders we had received for the product of approximately
Other announced POs valued at approximately
In September we announced receipt of a Letter of Intent (LOI) for the purchase of NTG’s Asset Management, Network Discovery, Discrepancy and Reconciliation software. The value of this new customer’s LOI is approximately
Consolidated revenue for the three months ended
Gross margin for Q3 2021 was
Selling and marketing expenses for the three and nine months ended
G&A expenses for the three and nine months ended
Working capital as at
Income statement highlights for the three and nine months ended
---------------------------------------------------------------------------------------- | |3 Months Ended |9 Months Ended | |--------------------------------------------------------------------------------------| | |Sept |Sept |Sept |Sept | | |30, |30, |30, |30, | | |2021 |2020 |2021 |2020 | |--------------------------------------------------------------------------------------| |REVENUE |$ |2,844,338|$ |2,233,248|$ |7,763,897|$ |6,359,223 | |--------------------------------------------------------------------------------------| |COST OF SALES | |1,630,801| |1,387,007| |4,425,587| |3,998,322 | |--------------------------------------------------------------------------------------| |GROSS PROFIT |$ |1,213,537|$ |846,241 |$ |3,338,310|$ |2,360,901 | |--------------------------------------------------------------------------------------| |Expenses | |989,129 | |632,277 | |2,259,911| |3,321,159 | |--------------------------------------------------------------------------------------| |Foreign exchange loss (gain)| |28,393 | |(32,551) | |(49,549) | |190,611 | |--------------------------------------------------------------------------------------| |Net Income before taxes | |252,801 | |246,515 | |1,028,850| |(1,150,869)| |--------------------------------------------------------------------------------------| |Other - Exchange | |(15,130) | |5,544 | |(81,640) | |(215,524) | |(loss) gain on | | | | | | | | | |translation | | | | | | | | | |--------------------------------------------------------------------------------------| |Net Income after taxes |$ |237,671 |$ |252,059 |$ |947,210 |$ |(1,366,393)| |--------------------------------------------------------------------------------------| | | | | | | | | | | |--------------------------------------------------------------------------------------| |Per Share |$ |0.00 |$ |0.00 |$ |0.01 |$ |(0.01) | ----------------------------------------------------------------------------------------
Balance Sheet Highlights for the nine months ended
------------------------------------------------------------------ | |September 30, 2021 | |Dec. 31, 2020 | |----------------------------------------------------------------| |Current Assets |$ |3,151,453 | |$ |2,154,910 | |----------------------------------------------------------------| |Current Liabilities|$ |7,592,091 | |$ |8,491,588 | |----------------------------------------------------------------| |Long-Term Debt |$ |6,538,705 | |$ |7,217,784 | |----------------------------------------------------------------| |Shareholder’s |$ |(23,767,724)| |$ |(24,796,574)| |Equity | | | | | | ------------------------------------------------------------------
Outlook
Customers have been recognizing our quality of work and track record and this has resulted in increased work from major customers and work from new customers in
Though COVID-19 continues to have an impact on our customers and operating activities, we are adjusting processes and procedures as required. NTG’s offices have returned to normal operation, however, onsite/remote customer work varies from customer to customer. Travel restrictions continue to slow the movement of personnel. We are still required to quarantine our personnel for two weeks in another country (
Offshoring and outsourcing of our technical, IT and professional services resources continues to contribute to our revenue in
The NTG roadmap for the foreseeable future is to introduce 4 new tools every month to the NTGapps Digital Toolbox. To-date we have 24 digital tools. This new concept will allow the SMEs and Telecom Operators to have immediate access to the digital tools that meet their needs. NTGapps are easily integrated into the operators’ existing systems with very little effort. For more information, visitwww.ntgapps.com.
In an unrelated matter, the Company announced that share options will be issued for the President and CEO of the Company;
About NTG Clarity Networks Inc.
NTG Clarity Networks’ vision is to be a global leader in providing networking solutions. As a Canadian company established in 1992, NTG Clarity has delivered networking, IT and network enabled application software solutions to network service providers and large enterprises. More than 275 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
For Further Information:
Ph: 905-305-1325
Fax: 905-752-0469
Email:klewis@ntgclarity.com
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Copyright (c) 2021 TheNewswire - All rights reserved., source