TORONTO, ONTARIO--(Marketwire - Nov. 25, 2011) - NTG Clarity Networks Inc., (TSX VENTURE:NCI), a world leader in the telecommunications OSS market, today reported its third quarter 2011 revenues of $1,283,229 as compared to $1,598,411 in the same period last year (All amounts in Canadian dollars).
The Company reported a net income for the three months ended September 30, 2011 of $176,702, compared to a net income of $116,706 for the comparable period last year.
Consolidated interim financial statements for the quarter ending September 30, 2011 have been prepared in accordance with IAS34. See NTG's Q3 2011 MD&A and Q3 Consolidated Interim Financial statements for details.
|Income statement highlights for the three months ended September 30, 2011 and 2010|
|Sep. 30, 2011||Sep. 30, 2010|
|Cost of revenue||721,167||887,059|
|Foreign exchange loss (gain)||19,021||43,456|
|Net Income (Loss) for the period||$||176,702||$||116,706|
|Balance Sheet Highlights as at September 30, 2011 and December 31, 2010|
|Sep. 30, 2011||Dec. 31, 2010|
As previously mentioned in the Q2 2011 press release, NTG received a letter from a customer cancelling the letter of intent provided to NTG in October 2010. The customer alleges that NTG failed to fulfill its obligations under the LOI and is therefore only entitled to limited compensation. NTG believes the claims are baseless and is taking appropriate actions to collect monies owed for services and products delivered to-date. The receivables due from the customer (approximately $1.5 Million USD) are insured by Export Development Canada.
ABOUT NTG CLARITY NETWORKS INC
NTG Clarity Networks' vision is to be a global leader in providing networking solutions. Established in 1992, NTG is a leader in Canada in delivering networking, IT and network enabled application software solutions to network service providers and large enterprises. More than 200 network professionals provide design, engineering, implementation, software development and security expertise to the industry's leading network service providers and enterprises.
FORWARD LOOKING INFORMATION
Certain statements in this release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature.
These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward looking statements should circumstances or management's estimates or opinions change.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.