NTG Clarity Networks Inc.

TSX VENTURE : NCI


NTG Clarity Networks Inc.

November 29, 2012 09:15 ET

NTG Clarity Networks Inc. Announces Third Quarter 2012 Results

TORONTO, ONTARIO--(Marketwire - Nov. 29, 2012) - NTG Clarity Networks Inc. (TSX VENTURE:NCI) a leader in the telecommunications OSS/BSS market, today reported third quarter 2012 revenues of $1,386,554, compared to $1,283,229 in the same period last year (all amounts in Canadian dollars). Gross margin for the period was 48% compared to 44% for the same period in 2011.

The Company reported a net income for the three months ended September 30, 2012 of $176,973, compared to a net income of $176,702 for the comparable period last year.

As at September 30, 2012, NTG had positive working capital of $563,584 and long-term debt of only $103,733. There are currently 25,468,391 shares issued and outstanding.

Consolidated interim financial statements for the quarter ending September 30, 2012 have been prepared in accordance with IAS34. See NTG's Q3 2012 MD&A and Q3 Consolidated Interim Financial statements for details.

Income statement highlights for the three months ended September 30, 2012 and 2011
Sep. 30, 2012 Sep. 30, 2011
Revenue $ 1,386,554 $ 1,283,229
Cost of revenue 718,411 721,167
Gross Profit 668,143 562,062
Expenses 406,541 366,339
Foreign exchange loss (gain) 84,629 19,021
Net Income (Loss) for the period $ 176,973 $ 176,702
Balance Sheet Highlights as at September 30, 2012 and December 31, 2011
Sep. 30, 2012 Dec. 31, 2011
Current Assets $ 2,766,505 $ 3,390,605
Current Liabilities $ 2,202,921 $ 2,561,419
Long-Term Debt $ 103,733 $ 167,978
Shareholder's Equity $ 3,062,715 $ 2,688,819

Management is very pleased with the Company's third quarter performance along with the recent positive trend in earnings. During the latest quarter NTG received a purchase order to upgrade and expand the NTS/BSS installation at a major customer site. This project has a value of $1.9M CDN. The Company continues to make progress with a number of potential clients in the Gulf region.

In an unrelated matter, the Company announced the following member of the Board of Directors will have stock options issued; M. Adel Zaghloul; 100,000 options. Each option will be exercisable at a price of $0.10 per share and will vest upon issuance.

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 delivering networking, IT and network enabled application software solutions to network service providers and large enterprises. More than 150 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.

Contact Information