OTTAWA, Sept. 29, 2015 /CNW/ - Magor Corporation
(TSX-V:MCC), a global leader in visual collaboration solutions,
today announced its first quarter (Q1) financial results for the
three month period ended July 31,
2015.
"Q1, occurring during our summer period, has historically been a
low revenue quarter for Magor. We saw an increase in recurring
revenues over the same period last year, because of higher software
assurance sales to our growing installed base, as well as an
increase in the number of cloud-based subscriptions, as we
transition the business to a SaaS model," said Mike Pascoe, President and CEO of Magor
Corporation. "During and subsequent to the quarter, we made
progress with several government and enterprise customers in the
deployment of Magor Aerus cloud software, including the
commencement of trials of our Windows client. In addition to this
we have continued to focus on appropriate cost management
strategies."
Financial Highlights
- Recurring revenues grew by 75% to $131,312 in Q1 2016, compared to $75,130 in Q1 2015 as the Company continues to
increase the installed base of software licenses, leading to more
software assurance revenue, and an increase in the number of
cloud-based subscriptions.
- Total revenue decreased by 9% to $162,656 in Q1 2016, compared to $179,056 in Q1 2015.
- Total operating expenses decreased by 21% to 1,320,611 in Q1
2016, compared to $1,678,674 in Q1
2015. These decreases resulted from the cost reduction plan
implemented by the Company during fiscal 2015.
- Order backlog of $509,846 as at
July 31, 2015 compared to
$597,673 as at April 30, 2015.
- As at July 31, 2015, the Company
had cash on hand of $41,255 compared
to $201,086 as at April 30, 2015.
Operational Highlights
- Subsequent to the quarter, the Company entered into agreements,
with a company controlled by the Chairman of Magor, to borrow
$525,000 by way of promissory notes
bearing interest at 12% per annum.
About Magor Corporation:
Magor develops and markets
visual collaboration software addressing the needs of meeting
rooms, desktops and mobility devices, as part of a cloud service
offering called Aerus. Magor's Aerus service delivery
platform removes the limitations of traditional video conferencing
and collaboration tools to provide entirely new ways of interacting
with video with the goal of creating new ways to be productive. To
find out more about Magor Corporation (TSX-V: MCC), visit our
website at http://www.magorcorp.com.
This news release may contain "forward-looking information"
within the meaning of applicable Canadian securities
legislation. Statements made in this news release, other than
those concerning historical financial information, may be
forward-looking and therefore subject to various risks and
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"would", "suspect", "outlook", "believe", "plan", "anticipate",
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of similar import are intended to identify forward-looking
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implied in making forward-looking statements and actual results may
differ materially from those expressed or implied in such
statements. Factors that could cause results to vary include
those identified in the Corporation's filings with Canadian
securities regulatory authorities, as well as the applicability of
patents and proprietary technology; the outcome of pending
corporate transactions; possible patent ligation; regulatory
approval of products in development; changes in government
regulation or regulatory approval processes; government and third
party reimbursement; dependence on strategic partnerships;
intensifying competition; rapid technological change in the
industry; anticipated future losses; the ability to access capital;
and the ability to attract and retain key personnel. All
forward-looking information presented herein should be considered
in conjunction with such filings. Except as required by
Canadian securities laws, the Corporation does not undertake to
update any forward-looking statements; such statements speak only
as of the date made.
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SOURCE Magor Corporation