Mississauga, Ontario (FSCwire) - Armada Data Corporation (TSX.V: ARD) reports its interim financial results for the quarter ended November 30, 2016 have now been filed on SEDAR and are available to view on the Company’s website www.ArmadaData.com as well as on SEDAR at www.Sedar.com .
Selected Quarterly Information
Fiscal Year | 2017 | 2017 | 2016 | 2016 | 2016 | 2016 | 2015 | 2015 |
Quarter | Nov-30 | Aug-31 | May-31 | Feb-29 | Nov-30 | Aug-31 | May-31 | Feb-28 |
Ended | 2016 | 2016 | 2016 | 2016 | 2015 | 2015 | 2015 | 2015 |
Total Revenue | 624,214 | 587,134 | 661,263 | 522,663 | 545,409 | 528,853 | 463,056 | 466,797 |
Comprehensive Income (Loss) | 117,740 | 144,853 | 97,589 | 81,419 | 34,364 | 70,175 | (505,629) | (52,028) |
Comprehensive Income (Loss) per share | $0.01 | $0.01 | $0.01 | $0.00 | $0.00 | $0.00 | $(0.03) | $0.00 |
The prior periods’ comparative figures have been reclassified where necessary, to conform to the current period’s presentation.
Operations
The Company’s total sales increased by 14% in the quarter ended November 30, 2016, from $545,409 in 2015, to $624,214. Comprehensive income increased from $34,364 in the period ended November 30, 2015 to $117,740 in the period ended November 30, 2016.
The Insurance Services division experienced a 25% increase in revenue, from $280,719 in 2015 to $352,176 in 2016. This is a continuing result of expanding upon existing customer relationships, mergers and acquisitions within the Canadian insurance company landscape and policy-driven mandates within insurance companies to use the Armada Insurance Services replacement value settlement protocol.
The Retail Services division revenue was down 15% to $55,260 in 2016 from $64,727 in 2015.
The Dealer Services division revenue decreased 4%, from $162,013 in 2015, to $155,775 in 2016.
The Advertising/Marketing Services division, which derives its revenue from the sale of online third party advertising on CarCostCanada.com and TheCarMagazine.com, increased from $7,298 to $26,700.
The Information Technology division revenue increased 12% to $34,303 in 2016, up from $30,652 in 2015. IT continues to offer technical support and web site hosting to hundreds of customers, and to develop new customer relationships on a regular basis.
Total expenses before amortization decreased to $496,696, compared to $500,984, a 1% decrease over last year.
Cash on hand increased from $196,813 as at November 30, 2015 to $457,723 as at November 30, 2016.
Accounts receivable increased by 46%, $334,324 as at November 30, 2016, compared to $229,594 last year. Related party accounts receivable increased from $4,037 to $4,166.
Accounts payable decreased to $160,951 as at November 30, 2016 from $293,011 a year earlier. Related party accounts payable decreased to $1,894 as at November 30, 2016, from $4,538 last year.
The Company’s deficit decreased to $(1,288,676) as at November 30, 2016 compared to a deficit of $(1,730,277) last year.
Related Party Transactions
Salaries and expenses are paid to an officer of the Company, who is also 50% shareholder of Lease Busters Inc. Office space is rented from Lease Busters Inc. Legal fees are paid to a law firm, of which a partner is a (non-remunerated) director of the Company. Financing was acquired from a company owned by a director of Armada Data Corporation, and interest is paid to this company on a monthly basis. All of the actual costs noted in this section are paid at fair market value in the normal course of business.
Revenues earned by the divisions are as follows:
| | | 3 months ended | | 3 months ended | | year ended | |
| | | November 30, 2016 | | November 30, 2015 | | May 31, 2016 | |
| | | | | | | | |
Insurance Services | $ 352,176 | 56% | $ 280,719 | 51% | $ 1,108,745 | 49% |
Retail Services | 55,260 | 9% | 64,727 | 12% | 227,038 | 10% |
Dealer Services | 155,775 | 25% | 162,013 | 30% | 660,540 | 29% |
Internet Technology | 34,303 | 6% | 30,652 | 6% | 121,289 | 6% |
Advertising/Marketing Services | 26,700 | 4% | 7,298 | 1% | 74,624 | 3% |
Total revenue - Armada Data Corp | 624,214 | 100% | 545,409 | 100% | 2,192,236 | 97% |
| | | | | | | | |
Revenue - Mister Beer Inc. | - | | - | | 17,578 | |
Less: Direct product costs/wages - Mister Beer Inc. | - | | - | | 48,374 | |
Total revenue - Mister Beer Inc. | - | 0% | - | 0% | 65,952 | 3% |
Total consolidated revenue | $ 624,214 | 100% | $ 545,409 | 100% | $ 2,258,188 | 100% |
| | | | | | | | |
About Armada Data Corporation
Armada Data is a Canadian publicly traded Information & Marketing Services Company providing accurate and real-time data to institutional and retail customers, through developing, owning and operating automotive pricing-related web sites and providing information technology and marketing services to its clients.
Armada Data shares are listed on the TSX Venture exchange under the trading Symbol ARD. Armada currently has a total of 17,670,265 shares outstanding.
Additional information relating to Armada Data Corporation is filed on SEDAR, and can be viewed at www.sedar.com.
For further information, please contact:
Armada Data Corporation
Mr. R. James Matthews, President & CEO
Email: investors@armadadatacorp.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ArmadaJan272017.pdfSource: Armada Data Corporation (TSX Venture:ARD)
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