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NTG
Clarity Networks
Reports Third
Quarter 2001
Results |
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CALGARY,
November 21,
2001 |
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NTG Clarity
Networks Inc.,
a leading
provider of
network solutions,
today reported
its financial
and operating
results for
the third
quarter 2001.
Revenues
were CDN $3.3-million
for the three
months ended
September
30, 2001,
up CDN$.9-million,
or 34.75%
from third
quarter 2000.
The net loss
from third-quarter
continuing
operations
was CDN$.6-million,
down CDN$.4-million,
or 67% from
the second-quarter
loss of CDN$1-million.
"Revenues
for the quarter
indicated
the continued
challenges
of the current
marketplace,"
said Essam
Zaghloul,
President
and Chief
Operating
Officer NTG
Clarity Networks
Inc. "During
the third
quarter of
2001, NTG
Clarity continued
to apply its
strategy to
reduce its
cost structure
and streamline
operations."
Business
has grown
steadily,
and NTG Clarity's
working capital
has grown
accordingly.
For the first
nine months
of 2001, revenues
from continuing
operations
were CDN$11.3-million
compared to
CDN$5.1- million
for the same
period in
2000. NTG
Clarity's
average billing
is more than
CDN $1-million
per month.
NTG Clarity
has cash flow
increases
for the quarter,
with cash
and cash equivalents
reaching CDN$3.4-million
for the end
of the period. |
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Financial
Highlights |
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| Three
Months
Ending
(CDN $) |
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| Sept
30, 2001
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Sept
30, 2000 |
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Revenue |
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Cost
of sales |
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Gross
margin |
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Expenses |
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Income
(loss)
before
tax |
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Net
Income
(loss) |
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Cash
Flow Increase/Decrease |
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Cash
Balance
Beginning
of Period |
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Cash
Balance
End of
Period |
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EBITDA |
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Shareholders'
equity |
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Total
Assets |
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| $ 3,313,326 |
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$ 2,458,779 |
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| 2,695,314 |
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1,852,141
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| 618,012 |
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606,638 |
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| 1,277,472 |
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509,303
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| (659,460) |
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97,335 |
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97,335
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| 61,827 |
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(51,127) |
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| 3,387,846 |
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3,517,673 |
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| 3,449,673 |
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3,466,547 |
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97,335 |
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| Sept
30,
2001 |
Dec
31,
2000 |
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| $ 4,834,921 |
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$ 6,322,508
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| 5,761,233 |
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7,049,779 |
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| About
NTG Clarity Networks
Inc. |
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Established
in 1992, NTG Clarity
Networks Inc. (www.ntgclarity.com)
has been a leader
in delivering network,
IT, and infrastructure,
and training solutions
to telecommunications
service providers
and large enterprises.
NTG Clarity's services
are offered internationally,
with offices and
operations currently
in Toronto, Calgary,
Vancouver, Montreal,
Chicago, and Cairo.
The company has
maintained a record
of consistently
high performance
and profitability
while establishing
itself as a company
with strong financial,
technical, and operational
capabilities. NTG
Clarity is recognized
for its outstanding
technical and project-management
skills, innovative
use of advanced
technologies, low-cost
operations, and
exceptional management
capability.
The Canadian Venture
Exchange has not
reviewed and does
not accept responsibility
for the adequacy
or accuracy of this
release. |
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| Forward
Looking Information: |
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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
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. |
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For
Further Information,
Contact:
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