Armada Data loses $67,098 in fiscal Q3 Armada Data loses $67,098 in fiscal Q3
2022-04-25 14:36 ET - News Release
Mr. James Matthews reports
ARMADA RELEASES Q3 2022 RESULTS
Armada Data Corp. has filed its interim financial results for the quarter ended Feb. 28, 2022, on SEDAR and they are available to view on SEDAR and the company's website.
The Company reported comprehensive loss of $(67,098), due to the following:
The COVID-19 pandemic resulted in the office closing and most staff working from home for the period of March 18 to July 31, 2020, then again on November 16, 2020 to date. Following government and public health guidelines, management is currently working on a hybrid return-to-the office model for staff. Due to an international problem of manufacturing computer chips, automobile production slowed, with the resulting effect of little new car inventory, which in turn had a detrimental effect on CarCostCanada's revenues.
Operations
The Insurance Services division realized an increase in revenue in the three months ended February 28, 2022, from $350,729 in 2021 to $410,125 in 2022, or by 17%. The increase in revenue was the result of the increase in the number of cars on the road due to the easing of some Covid-19 restrictions.
The CarCostCanada division (combining the former Retail, Dealer and Advertising divisions) revenue was down 36% to $141,443 for the period ended February 28, 2022, from $222,313 for the period ended February 28, 2021. Once new vehicle production and dealership inventories return to pre-Covid levels, management expects this division's revenue to increase.
The Information Technology division revenue decreased 2% to $62,249 in Q3 2022, from $63,738 in Q3 2021. IT continues to offer technical support and web site hosting to customers and is developing new customer relationships on a regular basis, as well as offering new services for sale.
Wages and other office expenses in this third quarter of fiscal 2022 before amortization and interest decreased to $653,325 compared to $690,025, a 5% decrease over the same quarter last year.
Accounts receivable decreased 29% to $376,654 as at February 28, 2022, compared to $533,883 as at February 28, 2021. Related parties accounts receivable increased from $2,469 to $2,696 in the same periods.
Accounts payable increased 7%, to $233,654 as at February 28, 2022 from $217,375 a year earlier. Related parties accounts payable increased to $3,944 as at February 28, 2022, from $2,671 a year earlier.
Segmented Quarterly Information
Revenues earned by divisions are as follows:
About Armada Data Corp.Armada Data is a Canadian publicly traded Information & Marketing Services Company providing accurate and real-time data to institutional and retail customers, through developing, owning and operating automotive pricing-related web sites and providing information technology and marketing services to its clients.
Armada Data shares are listed on the TSX Venture exchange under the trading Symbol ARD. Armada currently has a total of 17,670,265 shares outstanding.