OTTAWA, ON, Aug. 20, 2020 /CNW Telbec/ - Intouch Insight
Ltd., ("Intouch or the Company") (TSXV: INX) (OTCQB: INXSF)
today announced its operating and financial results for the quarter
ended June 30, 2020.
Revenue from Q2 2020 was $1,460,149, a decrease of 71% from $5,037,491 in Q2 2019 due to the impact of the
COVID-19 pandemic. Loss from operating activities increased
to $90,733 in Q2 2020 compared to
$11,545 in Q2 2019. The quarter's net
loss was $247,259 compared to a loss
of $34,822 in Q2 2019.
Company-defined adjusted EBITDA was $176,921 compared to $248,407 in Q2 2019. Gross Margin increased to
62.0% in Q2 2020 from 52.3% the prior year due to the higher
concentration of high-margin software sales.
"Despite the very challenging quarter, I am incredibly pleased
that the business was able to produce positive EBITDA, thanks to
aggressive cost containment and effective use of government relief
programs in Canada and the
USA. I am also happy with the resilience shown in our
recurring software revenue stream through the quarter. Since
the very start of the crisis, swift actions have been taken, and we
have worked cooperatively with our clients and our employees to
ensure that we can deliver the best outcomes for everyone involved.
I remain extremely proud of how the Intouch team has dealt
with ongoing uncertainty, and their continued resilience.
Looking forward we will continue to mitigate the impacts of
COVID-19 and ensure the business is poised to rebuild rapidly as
the economy returns to pre-COVID levels," said Cameron Watt, President and Chief Executive
Officer.
"While the North American economy has started to reopen through
the summer, it is doing so in a slow and measured fashion causing
many businesses to re-think their approach to customer
service. The simple truth is that Intouch has products and
services which can play a key role in measuring the new and
evolving requirements regarding the health and safety of both
employees and customers. Our software and services are a
critical feedback loop in implementing required changes and
measuring the success of their execution and impact on brand
reputation. We look forward to helping our clients throughout
their economic recovery. We will take every step necessary to
ensure overall corporate stability while leveraging our strengths
to remain in an industry-leading position when the current crisis
abates," said Watt.
Consolidated
Statements of Operations
|
|
|
|
Q2
2020
|
Q2 2019
|
|
|
|
Revenue
|
$
|
1,460,149
|
$
|
5,037,491
|
Cost of
services
|
554,840
|
2,401,470
|
|
|
|
Gross
profit
|
905,309
|
2,636,021
|
|
|
|
Total operating
expenses
|
996,042
|
2,647,566
|
|
|
|
Income (loss) from
operating activities
|
(90,733)
|
(11,545)
|
|
|
|
Other earnings
(expense)
|
(156,526)
|
(23,277)
|
Net loss
|
$
|
(247,259)
|
$
|
(34,822)
|
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.
About Intouch Insight
Intouch Insight (TSXV: INX) (OTCQB: INXSF) offers a complete
portfolio of customer experience management (CEM) products and
services that help global brands delight their customers,
strengthen brand reputation and improve financial performance.
Through its flagship SaaS product, LiaCXTM, Intouch helps clients
collect and centralize data from multiple customer touch points,
gives them actionable, real-time insights, and provides them with
the tools to continuously improve customer experience. Founded in
1992, Intouch is trusted by over 300 of North America's most-loved brands for their
customer experience management, customer survey, mystery shopping,
mobile forms, operational and compliance audits, and event
marketing automation solutions. For more information, visit
intouchinsight.com.
SOURCE Intouch Insight Ltd.