Magor Announces Fiscal Q1 2016 Results
OTTAWA, Sept. 29, 2015 /CNW/ - Magor Corporation (TSX-V:MCC), a global leader in visual collaboration solutions, today announced its first quarter (Q1) financial results for the three month period ended July 31, 2015.
"Q1, occurring during our summer period, has historically been a low revenue quarter for Magor. We saw an increase in recurring revenues over the same period last year, because of higher software assurance sales to our growing installed base, as well as an increase in the number of cloud-based subscriptions, as we transition the business to a SaaS model," said Mike Pascoe, President and CEO of Magor Corporation. "During and subsequent to the quarter, we made progress with several government and enterprise customers in the deployment of Magor Aerus cloud software, including the commencement of trials of our Windows client. In addition to this we have continued to focus on appropriate cost management strategies."
- Recurring revenues grew by 75% to $131,312 in Q1 2016, compared to $75,130 in Q1 2015 as the Company continues to increase the installed base of software licenses, leading to more software assurance revenue, and an increase in the number of cloud-based subscriptions.
- Total revenue decreased by 9% to $162,656 in Q1 2016, compared to $179,056 in Q1 2015.
- Total operating expenses decreased by 21% to 1,320,611 in Q1 2016, compared to $1,678,674 in Q1 2015. These decreases resulted from the cost reduction plan implemented by the Company during fiscal 2015.
- Order backlog of $509,846 as at July 31, 2015 compared to $597,673 as at April 30, 2015.
- As at July 31, 2015, the Company had cash on hand of $41,255 compared to $201,086 as at April 30, 2015.
- Subsequent to the quarter, the Company entered into agreements, with a company controlled by the Chairman of Magor, to borrow $525,000 by way of promissory notes bearing interest at 12% per annum.
About Magor Corporation:
Magor enables people to engage in high-quality visual conversations while simultaneously sharing, viewing and editing relevant collaborative material on desktops, laptops, tablets, smartphone applications, whiteboards and other devices. Magor fits any workflow so that users have the freedom to work together naturally anytime, regardless of location, network or device. To find out more about Magor Corporation (TSX-V: MCC), visit our website at www.magorcorp.com.
For further information, please contact:
President and CEO
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+1 416 995-8651
Senior Marketing Manager
+1 613 686-1731 ext. 5526
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