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.
For further information:
Chris L. Topolniski - Vice President, Finance & Administration, Ivrnet
Direct: (403) 538-9722
David L. Snell - President and CEO
Direct: (403) 538-4540