Ivrnet records third consecutive profitable quarter in 2013
CALGARY, Dec. 12, 2013 /CNW/ - Ivrnet Inc. (TSXV: IVI) ("Ivrnet" or the "Corporation") releases Third Quarter & YTD 2013 Financial results.
"Implementation of our business and technological restructuring plan, combined with continued cost rationalizations, is paying huge fiduciary dividends as we move through fiscal 2013," says Chris Topolniski, Ivrnet's Vice President of Finance & Administration. "Q3 2013 marks our third consecutive profitable quarter."
"As we move towards the end of Q4, we anticipate a slight loss as compared to the first three quarters of this fiscal year. This is due to historically lower ITSN and Golf revenue in Q4. Overall however, Q4 2013 will be substantially better than Q4 2012."
"Looking forward to fiscal 2014 - Historically, Q1 has been a strong quarter for Ivrnet and we see no change in that pattern. Through fiscal 2014, we will continue to focus our efforts on generating deeper market awareness and driving sales for our existing legacy product base (ITSportsNet - our On-line sports Registration & Electronic Payment Aggregation and dissemination division) as well as our most recent proprietary product suites that include Community Central, AdCentral and Telephone Interactive Payment System (TIPS)."
Q3 2013 Overview
Overall company revenues increased 8.25% to $959,713 in Q3 2013 from $886,562 in Q3 2012. Cost of Sales decreased 15.12% from $274,448 in Q3 2012 to $232,957 in Q3 2013. Gross Margins rose to $726,756 or 75.73% of revenues for Q3 2013 compared to $612,114 or 69.04% of revenues for the same period in 2012. Total Expenses for the Quarter decreased by 11.96% from $801,926 in 2012 to $705,985 in 2013. Net Comprehensive Income increased by 110.94% for Q3 2013 to $20,771 as compared to a Net Comprehensive Loss of ($189,812) in Q3 2012.
YTD 2013 Overview
Overall company revenues in 2013 have increased 5.99% to $3,087,197 from $2,912,604 in 2012. Cost of Sales decreased 22.85% from $822,891 in 2012 to $634,883 in 2013. Gross Margins rose to $2,452,314 or 79.43% of revenues for 2013 compared to $2,089,713 or 71.75% of revenues for the same period in 2012. Meanwhile, Total Expenses decreased by 7.76% to $2,263,354 in 2013 as compared to $2,453,881 in 2012. Net Comprehensive Income for 2013 has increased by 151.88% to $188,960 as compared to a Net Comprehensive Loss of ($364,168) in 2012.
Ivrnet is a software and communications company that develops, hosts, sells and supports value added business process improvement software applications, delivered through the traditional phone network and the Internet. These applications facilitate automated interaction through personalized communication between people; mass communication for disseminating information to thousands of people concurrently and personalized communication between people and automated systems. Ivrnet's applications are accessible through nearly any form of communication technology, at any time, from anywhere in North America via voice, phone, fax, email, texting and the Internet.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. This forward-looking information is subject to known and unknown risks, uncertainties and other variables. Although Ivrnet has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated. Accordingly, readers should not place undue reliance on forward-looking statements. Ivrnet does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Additional information on Ivrnet is available at www.sedar.com.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE IVRnet Inc.
/CONTACT: Chris L. Topolniski - Vice President, Finance & Administration, Ivrnet
Direct: (403) 538-9722
E-mail: email@example.com or David L. Snell - President and CEO
Direct: (403) 538-4540