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NTG Clarity Networks Inc. Announces Year End 2009 Results
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April 29, 2010. Toronto
Ontario: NTG Clarity Networks Inc., (TSX VENTURE:NCI), a world leader in the telecommunications OSS market, today reported its 2009 year end results for the fiscal year ended December 31, 2009 (all figures in Canadian Dollars).
The Company reported revenues of $6,114,421 for 2009, an increase from $5,485,169 for the same period last year. The net income for the year was $220,556 in 2009 compared to a net income of $539,418 for the comparable period last year. This was due primarily to a foreign exchange loss of $372,905 as a result of a weaker U.S. dollar.
Due to the continued profitability of the company, NTG further strengthened its balance sheet and now has positive working capital of $1,963,925 ($0.08 per share) and long-term debt of only $367,945.
"During 2009, we implemented an aggressive marketing program for the Middle East that resulted in contracts with major carriers, increased our revenue by 10% and positioned us for growth" said Ashraf Zaghloul, Chairman and CEO.
"To build on our success, we will continue to aggressively market in the Middle East as it has large infrastructure and telecom projects. We believe our joint venture with Al Mozoon Group is key to our success in expanding our products and services in the kingdom of Saudi Arabia and positions us into becoming a major player in the telecom sector there."
"The NTG team is committed to the objective of becoming one of the leading names in the industry and is well positioned to meet future challenges."
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Income statement highlights for the three months ended December 31, 2009 and 2008 |
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Dec.
31, 2009 |
Dec.
31, 2008
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| Revenue |
$
6,114,421 |
$
5,485,169 |
| Cost
of revenue |
3,117,841 |
2,452,900 |
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| Gross profit |
2,996,580 |
3,032,269 |
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| Expenses |
2,403,119 |
2,581,069 |
| Foreign exchange loss (gain) |
372,905 |
(88,218) |
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| Net
Income
for the
period |
$
220,556 |
$
539,418 |
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Balance Sheet Highlights as at December 31, 2009 and December 31, 2008 |
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Dec.
31, 2009 |
Dec.
31, 2008 |
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| Current Assets |
$
3,927,909 |
$
3,813,436 |
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| Current Liabilities |
1,963,984
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1,863,846
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| Long-Term Debt |
367,945 |
408,400 |
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| Shareholder’s Equity |
$
1,818,222 |
$
1,597,666 |
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| In an unrelated matter, the Company announced the following members of the Board of Directors have been issued 100,000 stock options each; Sinclair Stevens, M. Zafar Farooqui, M. Adel Zaghloul, Kristine Lewis and Ashraf Zaghloul. Each option is exercisable at a price of $0.20 per share and will vest in six months time (October 28, 2010). |
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NTG Clarity Networks' vision is to be a global leader in providing networking solutions. Established in 1992, NTG Clarity is a leader in Canada in delivering networking, IT and network enabled application software solutions to network service providers and large enterprises. More than 120 network professionals provide design, engineering, implementation, software development and security expertise to the industry's leading network service providers and enterprises.
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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 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 TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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For
more information, contact:
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The TSX Venture Exchange
does not accept responsibility
for the adequacy or accuracy
of this release.
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