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VANCOUVER, Dec. 17 /PRNewswire-FirstCall/ -- CounterPath Corporation (OTCBB: COPA), a leading provider of multimedia VoIP softphones and SIP applications, today announced financial and operating results for the second quarter ended October 31, 2007.
Recent financial and operating highlights include:
- Revenue for the second quarter of fiscal 2008 of $2.4 million
compared to $1.7 million for the second quarter of fiscal 2007 and
$1.2 million for the first quarter of fiscal 2008.
- Closing of an SDK (Software Development Kit) license upgrade with
Verizon Business to enable voice, messaging and presence management
in Verizon's Integrated Communications Package. Verizon Business'
future plans for the solution include integration into the company's
portfolio of advanced audio, net and video conferencing services and
contact center services, with intent to expand internationally.
- Launching of phase one of a multi-phase project with a tier one OEM
(Original Equipment Manufacturer) to bundle CMC Enterprise,
CounterPath's enterprise-focused client, with a SIP (Session
Initiation Protocol) communications server. The new product offering,
supporting stand-alone softphone functionality as well as integration
with Microsoft Outlook(R) and Lotus Notes(R), will serve SMB (Small
and Medium Business) customers seeking a comprehensive and robust
end-to-end VoIP solution.
- With Laszlo Systems, co-developed a prototype of the CMC WebPhone, a
SIP softphone delivered via an RIA-based (Rich Internet Application)
interface. Its successful integration with Laszlo's Webtop, The Web
2.0 Desktop(TM), demonstrates how our software, united with other
web-based applications within a web interface, results in a seamless
communications experience for customers.
- Receipt of the GTB (Global Telecoms Business) Group Innovations Award
for "Most Innovative Technology in Mobile VoIP", in partnership with
mobilkom austria, for the A1 over IP project. The solution enables
users to make VoIP calls with a softphone application on their PCs or
laptops and also choose to receive mobile telephone calls on their
softphone.
"The integration of CounterPath and NewHeights is going extremely well, having just completed our first quarter on a consolidated basis," said Greg Pelling, Chief Executive Officer of CounterPath. "I am pleased that we are diversifying our revenue base with tier one telecom customers like Verizon. We expect to launch new products for the Enterprise and SMB segments of the market which will continue to provide opportunities for revenue growth. Our focus on providing high value solutions to our customers and the continued successful execution of our operating plan will allow us to move closer to our profitability objectives and maintain our position as a leader in the SIP endpoint applications space," concluded Pelling.
Financial Results - (Unaudited)
(All amounts in U.S. dollars and in accordance with accounting principles
generally accepted in the United States ("GAAP") unless otherwise
specified. Consolidated financial results include the financial results
of NewHeights Software Corporation from August 2, 2007)
For the second quarter of fiscal 2008, revenue was $2.4 million compared to $1.7 million for the second quarter of fiscal 2007. Software revenue for this quarter was $2.0 million compared to $1.3 million for the same period last year. Service revenue for this quarter was $402,578 compared to $396,728 for the comparable quarter in fiscal 2007. Consolidated revenue this quarter included $1.0 million from the acquisition of NewHeights Software Corporation which closed on August 2, 2007.
Operating expenses for the second quarter of fiscal 2008 were $5.5 million compared to $1.9 million for the second quarter of fiscal 2007. The increase in operating expenses was primarily due to the addition of cash and non-cash operating expenses related to the acquisition of NewHeights. Operating expenses include a non-cash expense of $295,231 from amortization of intangible assets acquired from NewHeights, a non-cash expense of $706,536 for stock-based compensation, and $182,107 in restructuring charges related to the post-acquisition consolidation of administrative, sales, marketing, research and development departments. Sales and marketing expenses increased to $1.1 million for the second fiscal quarter of 2008 compared to $436,329 for the same period last year. For this quarter, research and development expenses were $1.6 million and general and administrative expenses were $1.8 million, compared to $539,910 and $543,613, respectively, for the same period last year.
Interest expenses were $547,945 during the quarter, which included a non-recurring, non-cash expense of $540,200 which resulted from the exchange of our convertible debentures into common shares on the close of the NewHeights transaction.
The net loss for the second quarter of fiscal 2008 was $3.5 million, or $(0.04) per share, compared to a net loss of $234,649, or $(0.01) per share recorded for the second quarter of fiscal 2007.
The Company closed the quarter with $3.2 million in cash, compared to $1.7 million at the end of the fiscal year on April 30, 2007. At the end of the second fiscal quarter, the Company's working capital was $4.4 million, compared to $1.9 million at the end of the fiscal year on April 30, 2007.
About CounterPath
Since 2003, CounterPath Corporation (formerly CounterPath Solutions, Inc.) has been creating value for its clients with the development of innovative multimedia VoIP (Voice over Internet Protocol) softphones and SIP (Session Initiation Protocol) applications. CounterPath has a flexible, user friendly and feature-rich product suite, which enables its clients to cost-effectively integrate or bundle voice, video, presence and IM applications into their VoIP solutions. The Company's clients include some of the world's largest telecommunications service providers and network equipment providers including AT&T, BT (British Telecommunications PLC), Alcatel-Lucent and Cisco Systems. Additional information about CounterPath and its products and services is available at http://www.counterpath.com/.
Forward-Looking Statements
This news release contains "forward-looking statements". Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: (1) the failure to successfully integrate the businesses of CounterPath and NewHeights, (2) the failure to develop and launch new and innovative products using the Company's and NewHeights' technologies, (3) the Company's ability to remain competitive as other parties develop and release competitive products, (4) the Company's ability to retain the employees necessary to continue research and development of current and new products, (5) the success by the Company of the sales of its current and new products, (6) the impact of competitive products on the sales of the Company's products, (7) the impact of technology changes on the Company's products and on the VoIP industry, (8) the compatibility of the Company's products with new computer operating systems, (9) the rate of adoption by service providers and the general public of VoIP as a replacement for regular and cellular phone service, (10) general economic conditions as they affect CounterPath and its prospective customers, (11) the ability of the Company to control costs operating, general administrative and other expenses and become profitable, and (12) insufficient investor interest in the Company's securities which may impact on the Company's ability to raise additional financing as required. Readers should also refer to the risk disclosures outlined in the Company's quarterly reports on Form 10-QSB, annual reports on Form 10-KSB and the Company's other disclosure documents filed from time-to-time with the Securities and Exchange Commission.
COUNTERPATH CORPORATION
(Formerly CounterPath Solutions, Inc.)
CONDENSED CONSOLIDATED BALANCE SHEETS
(Stated in U.S. Dollars)
October 31, April 30,
2007 2007
------------ ------------
(Unaudited)
Assets
Current assets:
Cash $ 3,223,986 $ 1,680,220
Accounts receivable (net of allowance
for doubtful accounts of $158,208
and $56,817 respectively) 4,144,253 1,924,899
Prepaid expenses and deposits 236,237 129,534
------------ ------------
Total current assets 7,604,476 3,734,653
Deposits 108,199 74,613
Equipment 481,432 276,599
Intangible assets (net of accumulated
amortization of $295,231) 6,106,408 -
Investment tax credits recoverable 218,794 -
Goodwill 7,025,444 -
Other assets 40,013 25,716
------------ ------------
Total Assets $21,584,766 $ 4,111,581
------------ ------------
------------ ------------
Liabilities and Stockholders' Equity
(Capital Deficit)
Current liabilities:
Accounts payable and accrued liabilities $ 2,520,573 $ 1,314,083
Due to related parties 21,522 25,417
Unearned revenue 513,838 408,188
Customer deposits 91,522 5,615
Warranty payable 64,858 83,769
------------ ------------
Total current liabilities 3,212,313 1,837,072
Convertible debentures - 3,369,230
Unrecognized tax benefit 317,369 -
------------ ------------
Total liabilities 3,529,682 5,206,302
Stockholders' equity (capital deficit):
Common stock, $0.001 par value
Authorized: 415,384,500
Issued and outstanding:
October 31, 2007 - 90,846,669;
April 30, 2007 - 37,940,983 90,847 37,941
Additional paid-in capital 26,983,260 4,820,069
Accumulated deficit (10,626,738) (5,872,151)
Accumulated other comprehensive income
(loss) - currency translation adjustment 1,607,715 (80,580)
------------ ------------
Total stockholders' equity
(capital deficit) 18,055,084 (1,094,721)
------------ ------------
Liabilities and Stockholders' Equity $21,584,766 $ 4,111,581
------------ ------------
------------ ------------
COUNTERPATH CORPORATION
(Formerly CounterPath Solutions, Inc.)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Stated in U.S. Dollars)
(Unaudited)
Three Months Ended Six Months Ended
October 31, October 31,
------------------------- -------------------------
2007 2006 2007 2006
------------ ------------ ------------ ------------
Revenue:
Software $ 2,042,133 $ 1,276,065 $ 2,811,141 $ 2,685,784
Service 402,578 396,728 860,361 747,890
------------ ------------ ------------ ------------
Total revenue 2,444,711 1,672,793 3,671,502 3,433,674
Operating expenses:
Cost of sales
(includes
amortization of
intangibles of
$295,231) 701,371 353,364 1,062,529 798,212
Sales and marketing 1,112,119 436,329 1,567,002 754,937
Research and
development 1,633,445 539,910 2,399,912 1,294,844
General and
administrative 1,831,642 543,613 2,556,168 1,233,285
Restructuring cost 182,107 - 182,107 -
------------ ------------ ------------ ------------
Total operating
expenses 5,460,684 1,873,216 7,767,718 4,081,278
------------ ------------ ------------ ------------
Loss from
operations (3,015,973) (200,423) (4,096,216) (647,604)
Interest and other
income (expense), net
Interest income 33,554 8,567 49,078 20,602
Interest expense (547,975) (42,793) (688,552) (85,789)
Foreign exchange
gain 53,516 - 53,516 -
------------ ------------ ------------ ------------
Net loss for
the period $(3,476,878) $ (234,649) $(4,682,174) $ (712,791)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Other comprehensive
income:
Foreign currency
translation
adjustments 1,694,235 9,985 1,688,295 9,231
------------ ------------ ------------ ------------
Comprehensive loss $(1,782,643) $ (224,664) $(2,993,879) $ (703,560)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Net loss per share:
Basic and diluted $ (0.04) $ (0.01) $ (0.07) $ (0.02)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Weighted average
common shares
outstanding: 89,502,235 37,940,983 63,721,609 37,933,711
CONTACT: Investor Contact: Gina DeBoutez, The Blueshirt Group, (415) 489-2184, ; Media Contact: Sarah Stover, Grey Vancouver, (604) 484-3274,
DATASOURCE: CounterPath Corporation
CONTACT: Investor Contact: Gina DeBoutez, The Blueshirt Group, (415)
489-2184, ; Media Contact: Sarah Stover, Grey
Vancouver, (604) 484-3274,