Apivio Announces Third Quarter Financial ResultsThursday, November 17, 2016
Richmond, BC, AL, November 17, 2016--(T-Net)--Apivio Systems Inc. (TSX VENTURE: APV) today reported its results of operations for the third quarter ended September 30, 2016. All amounts are in thousand Canadian dollars unless otherwise specified.
For the full condensed consolidated interim financial statements and management discussion & analysis for the third quarter ended September 30, 2016, please visit SEDAR at www.sedar.com.
Third Quarter Highlights:
Nine Months Ended Highlights:
|[expressed in thousands of CAD$||Three Months Ended||Nine Months Ended|
|except percentages and EPS]||September 30,||September 30,|
|Gross Profit Margin||18.5||%||17.4||%||17.5||%||17.9||%|
|Basic and Diluted Weighted Average|
|Net Income per Share||0.01*||$||0.01||$||-||$||0.01|
|* Actual Q3 2016 EPS of $0.0053 is rounded to $0.01|
"During the third quarter of the year, we saw a slowdown in the sales from our South Korean telecom customers due to fewer sales promotional activities undertaken compared to the previous two years," said Rob Bakshi, CEO of Apivio Systems Inc. "However, we maintain strong relationships with the largest telecom providers in the country as a trusted, respected and innovative supplier that is well-positioned for future growth in that market. In addition to our efforts in the South Korean market, we continue to make constructive steps towards reaching a definitive agreement with NEC Japan to market and sell Apivio's technology globally."
Continues Mr. Bakshi, "Lastly, earlier in the quarter we announced that TeleDynamics will distribute the company's market-leading Wi-Fi, Android and other VoIP devices in the United States, having made an initial purchase order for 2,000 of Apivio's Liberty L2 Wi-Fi phones. We continue to work on new distribution agreements that will provide us with additional channels to sell our suite of phones."
About Apivio Systems Inc.
Apivio Systems Inc. ("Apivio" or the "Company") (TSX VENTURE: APV) is a Canadian technology company principally engaged in the design, development, marketing, and sale of communications equipment and software. It has a wholly-owned Korean subsidiary with a history of supplying VoIP telephone equipment and other products to major Korean and international telecommunications carriers. For more information regarding Apivio, please refer to its respective public filings available at www.sedar.com.
This press release has been prepared by Apivio Systems Inc. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, anticipated revenue, conditions or financial performance that is based on assumptions about future economic conditions and courses of action. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "plans", "expects" or "does not expect", "is expected", budget", "scheduled", "suggest", "optimize", "estimates", "forecasts", "intends", "anticipates", "potential" or "does not anticipate", believes", "anomalous" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Although Apivio has attempted to identify important factors that could affect Apivio and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Apivio does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Richmond, BC (InfoTech)
Apivio Systems Inc
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