CounterPath Reports Record Fourth Quarter and Fiscal Year 2006 Financial Results
02 August 2006 - 3:36AM
PR Newswire (US)
VANCOUVER, Aug. 1 /PRNewswire-FirstCall/ -- CounterPath Solutions,
Inc. (OTCBB: CTPS), a leading provider of VoIP (Voice over IP) and
Video over IP SIP softphones, today announced results for its
fourth fiscal quarter and fiscal year ended April 30, 2006. Total
revenues for the fiscal year ended April 30, 2006 climbed to a
record $4,619,179, compared to $3,122,877 for the fiscal year ended
April 30, 2005, an increase of 48 percent year-over-year. Total
revenues for the quarter climbed to a record $1,467,850, compared
to $1,237,932 for the quarter ended January 31, 2006, an increase
of 19 percent quarter-over-quarter. This compared to $1,029,754 in
the quarter ended April 30, 2005, an increase of 43 percent
compared to the same quarter in the previous year. "Our results for
the fourth quarter exceeded our recent guidance demonstrating
continued execution of both our strategic and operational plans,"
said Chairman and CEO Mark Bruk. "As we tighten our focus on
building SIP based multi-media applications for tier one service
providers and infrastructure providers, we will continue to be
recognized for delivering superior products, support and services,
which our customers have come to expect from us." Financial
Highlights for the Fiscal 2006 (12M FY06 vs. 12M FY05) - Increase
in revenue by 48% to $4,619,179 (FY05: $3,122,877) - Increase in
expenses by 51% to $5,900,832 (FY05: $3,903,285) - Net loss of
$1,281,653 (FY05: $780,408) - Cash Balance of $2,369,021 (FY05:
$1,244,906) Financial Highlights for the Fourth Quarter 2006 (Q4
FY06 vs. Q4 FY05) - Increase of revenue by 43% to $1,467,850 (Q4
2005: $1,029,754) - Increase in expenses by 41% to $1,880,637 (Q4
2005: $1,331,927) - Net loss of $412,787 (Q4 2005: $302,173) Bruk
added, "We are proud of the performance we delivered in the quarter
and through the year. We are committed to improving our
performance, executing our strategy and capitalizing on the
significant opportunities we see across our businesses and in the
global markets." The Company's Annual Report on Form 10-KSB
including consolidated balance sheet and statement of operations
for the fiscal year ended April 30, 2006 was filed and is available
for viewing at http://www.sec.gov/. About CounterPath CounterPath
Solutions, Inc., formerly Xten Networks, Inc., is a developer of
award-winning, high-quality, carrier-grade VoIP (Voice over IP) and
Video over IP SIP softphones for service providers, cable
operators, Internet telephony service providers, IP PBX
manufacturers and OEMs. CounterPath's SIP softphones are available
either pre-configured or as a software development kit (SDK), and
provide VoIP (Voice over IP), Video over IP, IM (Instant
Messaging), and Presence functionality. With over 191 customers in
more than 43 countries, CounterPath technology is deployed in more
than 6,000,000 IP endpoints worldwide. CONTACT: For more
information please visit http://www.counterpath.com/ or contact:
Todd Hanas, Investor Relations, 1-866-869-8072, DATASOURCE:
CounterPath Solutions, Inc. CONTACT: For more information please
visit http://www.counterpath.com/ or contact: Todd Hanas, Investor
Relations, 1-866-869-8072,
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