OTTAWA, Canada November 21, 2019 – Intouch Insight Ltd. (“In-Touch”) (TSXV: INX) (OTCQB: INXSF) today announced its operating and financial results for the quarter ended September 30, 2019.
Revenue from the third quarter was $4,908,852, an increase of 25% over the same period in 2018. Earnings from operating activities were $147,575, compared to a loss from operating activities of $589,964 in Q3 2018. Company defined adjusted EBITDA was a positive $398,000 compared to a negative EBITDA of $368,000 in the same quarter of 2018.
“I am pleased with our 2019 results that have consistently exceeded management’s expectations. The strength of our teams and their ability to provide both operational and technical excellence is at the core of our success. We continue to retain our long-standing customer base while adding new logos to our portfolio. Our current focus is on fine tuning our sales and marketing approach to ensure that we can take even greater advantage of our proven strengths.” said Cameron Watt, President & Chief Executive Officer. “I look forward to 2020 and beyond as we continue to leverage our current position while progressing along the journey towards even greater recurring software revenue accross the organization.” said Watt.
| Consolidated Statements of Operations | Q3 2019 | Q3 2018 |
| Revenue | $ 4,908,852 | $ 3,914,961 |
| Cost of services | 2,406,090 | 2,008,407 |
| Gross margin | 2,502,762 | 1,906,554 |
| Total operating expenses | 2,355,187 | 2,491,511 |
| Earnings (loss) from operating activities | 147,575 | (584,957) |
| Finance costs | (11,009) | (5,007) |
| Net earnings (loss) before income taxes | $ 136,566 | $ (589,964) |
Certain statements included in this news release contain forward looking statements, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company’s current views with respect to future events, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For More Information, please contact:
Cathy Smith
Chief Financial Officer
csmith@intouchinsight.com
613-270-7916