https://www.globenewswire.com/news-release/2019/...-2019-Results.html
Q1 2019 Financial Highlights
(all figures are rounded to the nearest thousand):
Net income increased to $4,817,000 or $0.04 per share, compared to a Comprehensive loss of $4,869,000 or $(0.04) per share in Q1 2018, which was an increase of $9,686,000.
Revenue of $43,000 in fiscal 2019 decreased 96% from $1,174,000 in Q1 2018. In the previous year, a $1 million royalty was received. As anticipated, licensing revenues have fluctuated significantly due to changes made to existing license agreements. A review was also carried out over the recognition periods of the licensing agreements.
Operating expenses of $1,925,000 decreased 63% from $5,224,000 in Q1 2018, reflecting the efficient spend on operations this quarter.
Working capital at February 28, 2019 was $11,204,000 (November 30, 2018: $6,962,000) and no long-term debt ($nil at November 30, 2018).
Overall, the Company continues to work to reduce costs in many categories and has made significant changes to better utilize its cash resources going forward. Costs incurred on operating activities were approximately $1.7m in Q1 2019, compared to $4.9m in Q1 2018. We have continued to focus on spending efficiency and we expect some of the recent changes we have adopted to be reflected in further cost reductions in future quarters.
Q1 2019 Highlights:
Launched the Real-Time Bill™ feature.
Previewed its new Order-From-Table™ feature.
Filed a provisional patent for Blockchain Technology with USPTO. |
