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CounterPath recurring revenue hits record high in mixed Q4

Friday 12 July 2019 | 11:26 CET | News
Vancouver-based Unified Communications (UC) specialist CounterPath reported revenues unchanged year-on-year at USD 2.8 million for its fiscal fourth quarter to end April. The net loss however narrowed, to USD 0.9 million or USD 0.15 per share, from a loss of 1.4 million and 0.24 per share. For the full year, revenues slipped 13 percent to USD 10.8 million while the net result turned to a loss of USD 5 million or USD 0.84 per share, from a gain of 3.2 million and 0.59 per share. The company’s cash position at the end of April amounted to USD 1.9 million, from 2.3 million the year earlier. 

CEO David Karp noted that the company grew recurring revenue for two consecutive quarters, while reducing cash costs. Recurring revenue hit record levels in the quarter, and now makes up half of the business. The CEO said this bodes well for future revenue growth and stability. 

Full year revenues were was less positive but Karp said CounterPath did accomplish some milestones in the year. Namely, it completed the development of its collaboration application for Bria. Completion of this enabled the reduction of headcount in February, lower ongoing costs. The company also launched Bria Teams, an SMB focused, subscription-based cloud service, and advanced its Channel Partner Program. This will enable the company to better leverage its sale force, particularly in regions outside North America. The company now has over 500 channel partners selling its subscription-based Bria globally, boosting recurring revenue.



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Categories: Internet
Companies: CounterPath
Countries: World
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