OTTAWA, ON, Nov. 26, 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 September 30, 2020.
In addition to $510,044 in net
income, Intouch had a company-defined adjusted EBITDA of
$760,897, the largest in its
history. These figures compare to $136,566 and $397,789 from 2019, respectively. Revenue
from Q3 2020 was $2,965,928 compared to $4,908,852 in Q3 2019 due to the impacts of the
COVID-19 pandemic. Income from operating activities increased
329% to $485,218 in Q3 2020 compared
to $147,575 in Q3 2019. Gross Margin
increased to 52.5% in Q3 2020 from 51.0% the prior year due to the
higher concentration of high-margin software sales in the
quarter.
"I am incredibly proud of the results and how the team at
Intouch has met the challenge 2020 has thrust upon the world.
Given our performance, and our technology strength, including the
LiaCXTM SaaS platform, Intouch is in a unique position
to grow as markets continue to recover. In Q3, the business
was able to produce a strong net income while adding significantly
to EBITDA, which is now at $1.35M on
a year to date basis. This was all achieved while retaining
the key employees required to ensure we can look positively towards
future growth," said Cameron
Watt, President and Chief Executive Officer.
"Measuring customer experience, gathering actionable
intelligence around how your customers feel, and consistently
monitoring operational execution are more important today than ever
before. Intouch has the personnel, skills and SaaS tools to
help, and we have continued to sign on new customers throughout
2020. Our latest software, including LiaCX, as well as our
leading service offerings create a critical feedback loop in
implementing required changes and measuring the success of
execution and impact on brand reputation," said Watt.
Consolidated
Statements of Operations
|
|
|
|
|
Q3
2020
|
|
Q3 2019
|
|
|
|
|
Revenue
|
$
2,965,928
|
|
$
4,908,852
|
Cost of
services
|
1,408,721
|
|
2,406,090
|
|
|
|
|
Gross
profit
|
1,557,207
|
|
2,502,762
|
|
|
|
|
Total operating
expenses
|
1,071,989
|
|
2,355,187
|
|
|
|
|
Income (loss) from
operating activities
|
485,218
|
|
147,575
|
|
|
|
|
Other earnings
(expense)
|
23,146
|
|
(11,009)
|
Income taxes recovery
(expense)
|
1,680
|
|
-
|
Net
earnings
|
$
510,044
|
|
$
136,566
|
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.