CounterPath Reports Record First Quarter Fiscal 2013 Financial Results
Quarterly Revenues Grow 59% Year-over-Year
VANCOUVER, Sept. 13, 2012 /CNW/ - CounterPath Corporation ("CounterPath" or the "Company") (NASDAQ: CPAH) (TSX: CCV), an award-winning provider of desktop and mobile VoIP software products and solutions, today announced the financial and operating results for its first quarter ended July 31, 2012 of fiscal 2013.
First Quarter Financial Highlights
• Record quarterly revenue of $4.4 million, a 59% increase year-over-year.
• Gross margin of 87% and a non-GAAP gross margin of 88%.
• Operating income of $32,609 compared to an operating loss of $1.0 million for the first quarter of fiscal 2012.
• Net income of $0.9 million or $0.02 per share, compared to a net loss of $0.9 million or a loss of $0.03 per share for the first quarter of fiscal 2012.
• Non-GAAP net income of $0.5 million or $0.01 per share compared to a non-GAAP net loss of $0.5 million or a loss of $0.02 per share for the first quarter of fiscal 2012.
• Completed private placement on June 19, 2012 for gross proceeds of $3.6 million.
• Cash of $11.4 million as of July 31, 2012.
"Our first quarter was highlighted by record revenues and solid growth during a traditionally slower quarter," stated Donovan Jones, President and Chief Executive Officer. "Our direct sales to enterprises and telecommunication service providers were strong, contributing to our overall growth. Enterprises are increasingly realizing the security, productivity and cost saving benefits of our enterprise-grade softphone applications, while telecommunication service providers are reducing customer churn to over-the-top alternatives, by deploying our carrier-grade softphone applications," continued Jones.
Additional details may be found at www.counterpath.com/news.