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NTG Clarity Networks Inc. Announces First Quarter 2010 Results
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May 28, 2010. Toronto Ontario: NTG Clarity Networks Inc., (TSX VENTURE:NCI), a world leader in the telecommunications OSS market, today reported its first quarter 2010 revenues of $1,304,374 as compared to $1,723,307 in the same period last year (All amounts in Canadian dollars). This decrease in revenue was due to the timing of some awarded new projects. Target revenue for this year is expected to exceed 2009.
The Company reported a net income for the three months ended March 31, 2010 of $59,620, compared to a net income of $19,844 for the comparable period last year.
"As we look ahead, we are intent on increasing our market share in the telecom sector, expanding the software solutions and wireless areas of the business, and making further progress in the international marketplace" said Mr. Ashraf Zaghloul, CEO and Chairman of the Board of NTG Clarity.
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Income statement highlights for the three months ended March 31, 2010 and 2009 |
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March 31, 2010 |
March 31, 2009 |
| Revenue |
$
1,304,374 |
$
1,723,307 |
| Cost
of revenue |
716,578 |
1,163,286 |
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| Gross profit |
587,796 |
560,021 |
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| Expenses |
442,221 |
648,071 |
| Foreign exchange loss (gain) |
85,955 |
(107,894) |
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| Net
Income
for the
period |
$
59,620 |
$
19,844 |
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Balance Sheet Highlights as at March 31, 2010 and December 31, 2009 |
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March 31, 2010 |
Dec. 31, 2009 |
| Current
Assets |
$
3,504,164 |
$
9,927,909 |
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| Current
Liabilities |
$ 1,529,534 |
$ 1,963,984 |
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| Long-term
Debt |
$ 311,000 |
$ 367,945 |
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| Shareholder
Equity |
$
1,877,842 |
$
1,818,222 |
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| In an unrelated matter, the Company announced the following members of the Board of Directors will have stock options issued to replace expiring/cancelled options; M. Zafar Farooqui; 100,000 options, Kristine Lewis; 340,000 options and Ashraf Zaghloul; 300,000 options. Each option will be exercisable at a price of $0.10 per share and will vest upon issuance. |
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About
NTG Clarity Networks
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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.
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For
Further 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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