TORONTO, ONTARIO--(Marketwired - May 28, 2013) - NTG Clarity Networks Inc., (TSX VENTURE:NCI), a world leader in the telecommunications OSS/BSS market, today reported its first quarter 2013 revenues of $1,486,872 as compared to $1,060,471 in the same period last year (All amounts in Canadian dollars). This increase in revenue was mainly due to demand for our professional services and product licenses.
The Company reported a net income for the three months ended March 31, 2013 of $202,064, compared to a net loss of ($59,430), for the comparable period last year. This is mainly due to the increased sales of product licenses which are market oriented and highly profitable.
As at March 31, 2013, NTG Clarity had positive working capital of $1,041,971 and long-term debt of only $62,240.
|Income statement highlights for the three months ended March 31, 2013 and 2012|
|Mar. 31, 2012||Mar. 31, 2011|
|Cost of revenue||787,325||651,081|
|Foreign exchange loss (gain)||(30,140)||38,647|
|Net Income for the period||$202,064||$(59,430)|
|Balance Sheet highlights as at March 31, 2013 and December 31, 2012|
|Mar. 31, 2013||Dec. 31, 2012|
In an unrelated matter, the Company announced the following members of the Board of Directors will have share options issued to replace expired options; M. Zafar Farooqui; 100,000 options, Kristine Lewis; 340,000 options and Ashraf Zaghloul; 300,000 options. Additionally, Mr. Sinclair Stevens will have 100,000 options issued, Each option will be exercisable at a price of $0.10 per share and will vest upon issuance.
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.