Armada Data earns $51,733 in fiscal Q3
2017-04-28 16:01 MT - News Release
Mr. R. James Matthews reports
ARMADA ANNOUNCES Q3 2017 RESULTS
Armada Data Corp.'s interim financial results for the quarter ended Feb. 28, 2017, have been filed on SEDAR and are available to view on the company's website as well as on SEDAR.
The comparative figures for the prior periods have been reclassified where necessary to conform to the current period's presentation.
SELECTED QUARTERLY INFORMATION Fiscal year 2017 2017 2017 2016 2016 2016 2016 2015 Quarter ended Feb. 28, Nov. 30, Aug. 31, May 31, Feb. 29, Nov. 30, Aug. 31, May 31, 2017 2016 2016 2016 2016 2015 2015 2015 Total revenue $ 548,672 $ 624,214 $ 587,134 $ 661,263 $ 522,663 $ 545,409 $ 528,853 $ 463,056 Comprehensive income (loss) 51,733 117,740 144,853 97,589 81,419 34,364 70,175 (505,629) Comprehensive income (loss) per share 0.00 0.01 0.01 0.01 0.00 0.00 0.00 (0.03)
Operations
The company's total sales increased by 5 per cent in the quarter ended Feb. 28, 2017, from $522,663 in 2016 to $548,672. Comprehensive income decreased from $81,419 in the period ended Feb. 29, 2016, to $51,733 in the period ended Feb. 28, 2017.
The insurance services division experienced a 15-per-cent increase in revenue, from $276,217 in 2016 to $319,012 in 2017. 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 18 per cent, to $36,298 in 2017 from $44,060 in 2016.
The dealer services division revenue decreased 9 per cent, from $155,525 in 2016 to $141,195 in 2017.
The advertising/marketing services division, which derives its revenue from the sale of on-line third party advertising on the CarCostCanada and TheCarMagazine websites, increased from $18,425 to $26,200.
The information technology (IT) division revenue decreased 9 per cent to $25,967 in 2017, down from $28,436 in 2016. IT continues to offer technical support and website hosting to hundreds of customers, and to develop new customer relationships on a regular basis.
Total expenses before amortization increased to $487,161, compared with $431,183, a 13-per-cent increase over last year.
Cash on hand increased from $209,181 as at Feb. 29, 2016, to $222,633 as at Feb. 28, 2017.
Accounts receivable increased by 3 per cent, $335,371 as at Feb. 28, 2017, compared with $324,529 last year. Related party accounts receivable decreased from $8,763 to $5,320.
Accounts payable decreased to $188,157 as at Feb. 28, 2017, from $305,619 a year earlier. Related party accounts payable decreased to nil as at Feb. 28, 2017, from $537 last year.
The company's deficit decreased to ($1,236,942) as at Feb. 28, 2017, compared with a deficit of ($1,648,858) last year.
Related party transactions
Salaries and expenses are paid to an officer of the company, who is also a 50-per-cent shareholder of Lease Busters Inc. Office space is rented from Lease Busters. Legal fees are paid to a law firm, a partner of which is a (non-remunerated) director of the company. Financing was acquired from a company owned by a director of Armada Data, and interest was 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 shown in the accompanying table.
Three months Three months ended ended Year ended Feb. 28, 2017 Feb. 29, 2016 May 31, 2016 Insurance services $ 319,012 58% $ 276,217 53% $ 1,108,745 49% Retail services 36,298 6% 44,060 8% 227,038 10% Dealer services 141,195 26% 155,525 30% 660,540 29% Internet technology 25,967 5% 28,436 5% 121,289 6% Advertising/marketing services 26,200 5% 18,425 4% 74,624 3% --------- ---- --------- ---- ----------- ---- Total revenue -- Armada Data Corp. 548,672 100% 522,663 100% 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. - - 65,952 3% ========= ==== ========= ==== =========== ==== Total consolidated revenue $548,672 100% $522,663 100% $2,258,188 100% ========= ==== ========= ==== =========== ====
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