MURRIETA, CALIFORNIA--(Marketwired - April 18, 2017) - IGEN Networks Corporation (OTCQB:IGEN)(CSE:IGN)(CSE:IGN.CN), a Company that offers a range of cloud-based wireless IoT solutions with a focus on asset management and tracking for the automotive dealership industry, is pleased to announce that it filed its 2016 Annual Report after the close of trading yesterday and posted at www.otcmarkets.com/stock/IGEN/filings.
In 2016, IGEN continued to focus its efforts on generating more revenues, increasing shareholder value through increased investment or acquisition in portfolio companies, and managing growth of its invested companies.
Financial highlights reported for the year include:
- Record recognized revenues of $1,143,117
- Record gross profits of $394,739
- Total annual sales growth of 33% (includes $313,153 deferred revenue from service sales)
- Record new service sales of $493,235 (163% growth)
- Increased gross margins from 31% to 35%
- Significant reduction in annual net losses (from -$1,613,130 to -$836,758)
- Improved funds flow from operations (from -$484,495 to -$394,596)
- On January 5, 2016, after successful completion of a previously announced field trial, the Company announced receipt of its largest single order to date for Nimbo Tracking solutions to be deployed across several large automotive dealerships in Southern California throughout 2016.
- On March 8, 2016, the Company announced the signing of a master purchase order for the provision of up to 12,000 activations for BHPH and SVR solutions.
- On June 21, 2016, the Company announced its first order for pre-loaded solutions for automotive dealerships and their customers. This order represented the Company's largest revenue order to date, supporting multiple automotive OEM brands, where all vehicles pre-installed and service activated.
- On August 8, 2016, the Company announced a new record of over 3,000 activations per month achieved in fulfilling its previously announced orders.
- On October 28, 2016, the Company announced launch of new and upgraded products, which it demonstrated at SEMA show in Las Vegas, including new fleet analytics solutions for its automotive dealership channels.
- On November 14, 2016, the Company announced a record third quarter that included record 3 and 9-month revenues and gross profits, its lowest quarterly loss since 2014, and positive cash flow from operations (which included deferred revenues and therefore on a non-GAAP basis).
- Continued streamlining of marketing and distribution channels to leverage key distributor and market partner strengths, including market access to over 12,000 automotive dealerships and nationwide installation networks of more than 900 installers across the United States.
Continued investment in product platform and resources to support growth and provide scalability, improved functionality, stability, and performance.
CEO Neil Chan stated, "I'm pleased with our team's ability to execute and their achievements throughout the year. Our 2016 sales and service revenue growth reflects our first pre-load deal announced last summer. Based on that proven rollout, we are now focused on significant expansion of the pre-load model at new car franchise dealerships through our offices in California and the new office recently opened in Charlotte, NC. Our 2016 results further demonstrate we have been able to manage our growth by increasing margins and reducing our costs throughout the year."
Additionally, CEO Neil Chan will hold a conference call to discuss IGEN's year-end accomplishments and results in more detail at 1:15 pm PST tomorrow, Wednesday, April 19. If calling from the United States, please call (310) 372-7549, and from Canada call (514)312-2743. The conference code is 150727. The call will be recorded and posted on the Company's website. Please email firstname.lastname@example.org if you would like the recorded call sent after conclusion, or if you wish to submit questions for consideration on the call.
Finally, a recently written 24-page research report was issued on March 27, 2017 by Marc Robbins, CFA of Catalyst Research. Ongoing research and updates are expected to be provided. The entire report can be found at:
About IGEN Networks Corporation
IGEN Networks Corporation invests in and manages companies that deliver cloud-based services through Internet-of-Things (IoT) device technologies for the protection and management of mobile assets.
IGEN is a fully reporting company in both Canada and the United States. It is publicly traded on the OTCQB under the symbol IGEN, and listed on the CSE under the symbol IGN. For more information, please visit www.igen-networks.com and www.NimboTracking.com.
This news release may contain forward-looking statements or forward looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities law. The terms and phrases "goal", "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "believes", "indicate", "look forward", "grow", "outlook", "forecasts", "intend", and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by IGEN in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that IGEN believes are appropriate in the circumstances, including but not limited to statements regarding investment liquidity, financing options and long term goals of the Company, general economic conditions, IGEN's expectations regarding its business, customer base, strategy and prospects, and IGEN's confidence in the cash flow generation of its business. Many factors could cause IGEN's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: risks related to competition; IGEN's reliance on key personnel; IGEN's ability to maintain and enhance its brand; and difficulties in forecasting IGEN's financial results, particularly over longer periods given the rapid technological changes, competition and short product life cycles that characterize the mobile application industry. These risk factors and others relating to IGEN that may cause actual results to differ are set forth in the under the heading "Risk Factors" in IGEN's periodic filings with the British Columbia Securities Commission and the U.S. Securities and Exchange Commission (copies of which filings may be obtained at www.sedar.com or www.sec.gov. These factors should be considered carefully, and readers should not place undue reliance on IGEN's forward-looking statements. IGEN has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.