Subject: ERN
Intouch Insight Ltd. Announces FY 2019 Financial Results with Significant Increases in Revenues and Net Income
OTTAWA, April 2, 2020 /CNW/ - Intouch Insight Ltd., ("Intouch or the Company") (TSXV: INX) (OTCQB: INXSF) today announced its operating and financial results for the year ended December 31, 2019.
Revenue for 2019 was $19,255,202, which was 29% higher than revenue of $14,888,450 in 2018 - the sixth straight year of revenue growth. Earnings before income taxes were $460,304 in 2019 compared to a net loss of $2,730,797 in 2018. Company-defined adjusted EBITDA was $1,540,000 for 2019, compared to a negative EBITDA of $1,896,000 in 2018. Gross Margin remained stable at 52% in both 2019 and 2018. Improving the Company's cost structure was a strategic management initiative for 2019. Notwithstanding the decrease in sales and marketing expenses, profits, EBITDA and revenues increased significantly.
"2019 finished the way it started, exceeding management's initial expectations for revenue, earnings and EBITDA. We are incredibly pleased with the progress the Company has been able to make over the last several years and believe that the Company has the products and capabilities to continue its progress well into the future. 2020 will be a challenging year for businesses in our industry due to the widespread temporary shutdown of companies in the retail, foodservice and hospitality industries. Intouch began 2020 as one of the largest and fastest growing companies in our industry and has taken swift and decisive action to ensure that we emerge from the crisis in a strong position to continuing our revenue growth and acquisition activity," said Cameron Watt, President and Chief Executive Officer.
"Our sales and marketing teams are pivoting to focus on how Intouch software can assist more companies in their new working environments as well as maintaining a healthy pipeline of new opportunities for the future," said Watt.
Consolidated Statements of Operations | ||||||
2019 | 2018 | |||||
Revenue | $ | 19,255,202 | $ | 14,888,450 | ||
Cost of services | 9,292,174 | 7,175,306 | ||||
Gross profit | 9,963,028 | 7,713,144 | ||||
Total operating expenses | 9,426,893 | 10,431,676 | ||||
Income (loss) from operating activities | 536,135 | (2,718,532) | ||||
Finance costs | (75,831) | (12,265) | ||||
Net income (loss) before income taxes | $ | 460,304 | $ | (2,730,797) | ||
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.
SOURCE Intouch Insight Ltd.
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