NTG Clarity Networks Announces First Quarter 2014 Financial Results


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TSX.V:NCI
05/28/2014 [ACCESSWIRE]

Toronto, ON / ACCESSWIRE / May 28, 2014 / NTG Clarity Networks Inc. (TSX.V:NCI), a world leader in the telecommunications OSS/BSS market, today reported its first quarter 2014 revenues of $2,933,749 as compared to $1,486,872 in the same period last year (All amounts in Canadian dollars).

The Company reported a net income for the three months ended March 31, 2014 of $274,002 before taxes or $202,502 after taxes, compared to a net income of $202,064, for the comparable period last year.

As at March 31, 2014, NTG Clarity had positive working capital of $4,687,297 and no long-term debt.

Income statement highlights for the three months ended March 31, 2014 and 2013

 -----------------------------------------------------------
 |                        |Mar 31, 2014  |March 31, 2013   |
 |---------------------------------------------------------|
 |Revenue                 |$2,933,749    |$1,486,872       |
 |---------------------------------------------------------|
 |Cost of Sales           |              |   787,325       |
 |                        | 1,645,970    |                 |
 |---------------------------------------------------------|
 |Gross profit            |              |    699,547      |
 |                        |1,287,779     |                 |
 |---------------------------------------------------------|
 |Operating Expenses      |              |    358,610      |
 |                        | 739,262      |                 |
 |---------------------------------------------------------|
 |Other Expenses          |              |   138,873       |
 |                        | 274,515      |                 |
 |---------------------------------------------------------|
 |Net income before taxes |$274,002      |$202,064         |
 |---------------------------------------------------------|
 |Net income after taxes  |              |   202,064       |
 |                        | 202,502      |                 |
 |---------------------------------------------------------|
 | Per share (basic)      |$0.01         |$0.01            |
 |---------------------------------------------------------|
 | (fully diluted)        |$0.01         |$0.01            |
 |---------------------------------------------------------|
 |Balance Sheet Highlights|              |                 |
 |---------------------------------------------------------|
 |                        |March 31, 2014|December 31, 2013|
 |---------------------------------------------------------|
 |Current Assets          |$ 7,113,630   |$7,323,086       |
 |---------------------------------------------------------|
 |Current Liabilities     |$ 2,426,333   |$2,962,225       |
 |---------------------------------------------------------|
 |(Current) Long-Term Debt|$nil          |$82,986          |
 |---------------------------------------------------------|
 |Shareholder’s Equity    |$ 7,573,145   |$7,263,837       |
 -----------------------------------------------------------

About NTG Clarity Networks Inc.

NTG Clarity Networks' vision is to be a global leader in providing networking solutions. As a Canadian company established in 1992, NTG Clarity has delivered networking, IT and network enabled application software solutions to network service providers and large enterprises. More than 250 network professionals provide design, engineering, implementation, software development and security expertise to the industry's leading network service providers and enterprises.

Forward Looking Information

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.

For Further Information:

Doren Quinton, President QIS Capital

Ph: 250-377-1182

Fax: 250-377-1183

Email: info@smallcaps.ca

SOURCE: NTG Clarity Networks Inc.  

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