OTTAWA, ON , Nov. 26, 2020 /CNW Telbec/ - Intouch Insight Ltd. , ("Intouch or the Company") (TSXV: INX) (OTCQB: INXSF) today announced its operating and financial results for the quarter ended September 30, 2020 .
In addition to $510,044 in net income, Intouch had a company-defined adjusted EBITDA of $760,897 , the largest in its history. These figures compare to $136,566 and $397,789 from 2019, respectively. Revenue from Q3 2020 was $2,965 ,928 compared to $4,908,852 in Q3 2019 due to the impacts of the COVID-19 pandemic. Income from operating activities increased 329% to $485,218 in Q3 2020 compared to $147,575 in Q3 2019. Gross Margin increased to 52.5% in Q3 2020 from 51.0% the prior year due to the higher concentration of high-margin software sales in the quarter.
"I am incredibly proud of the results and how the team at Intouch has met the challenge 2020 has thrust upon the world. Given our performance, and our technology strength, including the LiaCX TM SaaS platform, Intouch is in a unique position to grow as markets continue to recover. In Q3, the business was able to produce a strong net income while adding significantly to EBITDA, which is now at $1.35M on a year to date basis. This was all achieved while retaining the key employees required to ensure we can look positively towards future growth," said Cameron Watt , President and Chief Executive Officer.
"Measuring customer experience, gathering actionable intelligence around how your customers feel, and consistently monitoring operational execution are more important today than ever before. Intouch has the personnel, skills and SaaS tools to help, and we have continued to sign on new customers throughout 2020. Our latest software, including LiaCX, as well as our leading service offerings create a critical feedback loop in implementing required changes and measuring the success of execution and impact on brand reputation," said Watt.
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Consolidated Statements of Operations
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Q3 2020
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Q3 2019
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Revenue
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$ 2,965,928
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$ 4,908,852
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Cost of services
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1,408,721
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2,406,090
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Gross profit
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1,557,207
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2,502,762
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Total operating expenses
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1,071,989
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2,355,187
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Income (loss) from operating activities
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485,218
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147,575
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Other earnings (expense)
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23,146
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(11,009)
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Income taxes recovery (expense)
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1,680
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-
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Net earnings
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$ 510,044
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$ 136,566
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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.
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