OTTAWA, ON, April 1, 2021 /CNW/ - Intouch Insight
Ltd., ("Intouch or the Company") (TSXV: INX) (OTCQB: INXSF)
today announced its operating and financial results for the year
ended December 31, 2020.
Revenue for 2020 was $12,795,277,
which was 34% lower than revenue of $19,255,202 in 2019 due to the impacts of the
global COVID-19 pandemic, which were partially offset by the
addition of PerformaLogics and MobilForce. The net loss for the
year was $6,898 due to a $478,575 write down to intangible assets and
goodwill compared to net earnings of $116,244 in 2019. Company-defined adjusted EBITDA
was $1,667,894 for 2020, up 8%
compared to EBITDA of $1,540,312 in
2019. Gross Margin grew by 1% to 53% from 52% in 2019.
"2020 started with Intouch poised for investment and significant
growth. The pandemic caused a dramatic shift in priorities towards
revenue retention and cost containment. Fortunately, the strength
of the underlying business was evident. It allowed us to make
decisions throughout the year focusing on both employee and
customer retention while delivering 8% more EBITDA in 2020 than in
2019 despite significant revenue losses. As a result, the company
finished the year with key employees and customer contracts intact.
This combined with a strong balance sheet will allow us to emerge
from the pandemic with strength," said Cameron Watt, President, and Chief Executive
Officer.
"I remain incredibly proud of how our employees have handled the
difficult year behind us, and we all look forward to working
closely with our long-standing client base as the North American
economy continues to recover. Intouch will remain strong throughout
2021 while taking advantage of the opportunities that will
inevitably come our way as the year unfolds," said
Watt.
Consolidated
Statements of Operations
|
|
|
|
2020
|
2019
|
|
|
|
Revenue
|
$
|
12,795,277
|
$
|
19,255,202
|
Cost of
services
|
6,054,518
|
9,292,174
|
Gross
margin
|
6,740,759
|
9,963,028
|
|
|
|
Total operating
expenses
|
6,796,847
|
9,426,893
|
Earnings (loss) from
operating activities
|
(56,088)
|
536,135
|
Other earnings
(expense)
|
44,578
|
(75,831)
|
Deferrded tax
expense
|
-
|
(293,374)
|
Income taxes recovery
(expense)
|
4,612
|
(50,686)
|
Net earnings
(loss)
|
$
|
(6,898)
|
$
|
116,244
|
About Intouch Insight
Intouch Insight 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, LiaCX®, 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.
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.