Apivio Systems (TSXVENTURE:APV) reports its results of operations for the quarter and year ended December 31, 2016.
As quoted in the press release:
Fourth Quarter Highlights:
- Sales increased 3% to CAD $16,843,728 compared to Q4 2015. This was the highest fourth quarter revenue in Apivio’s history as a public company, in part, due to continued strong sales in Korea;
- Gross margins increased to 17.3% compared to 16.6% in Q4 2015, primarily due to better product mix;
- Adjusted EBITDA for the quarter, at $991,106, was the highest in Apivio’s history as a public company ($630,054 in Q4 2015);
- Net Income of $722,317 compared to $337,189 in Q4 2015 was the highest quarterly net income for any quarter in Apivio’s history as a public company. Adjusted EBITDA and Net Income were both higher despite higher R&D and SG&A expenses in the comparable quarter in 2015; and
- Earnings per share of $0.01 ($0.01 in Q4 2015).
Year-End 2016 Highlights:
Sales decreased 3% to CAD $58,119,099 compared to $59,990,409 in 2015; a strong second half of the year was dragged down by a slow start in the first half;
Gross margins decreased marginally from 17.6% in 2015 to 17.4% of revenues, primarily because of adverse foreign exchange rates in the first half of 2016;
Adjusted EBITDA of $1,977,576 in 2016 compared to $2,119,783 in 2015;
Net Income of $879,830 in 2016 compared to $981,504 in 2015;
Earnings per share of $0.02 compared to $0.02 in 2015; and
The Company sold more than one million phones in Korea during the year. Second consecutive year of one million plus phones sold in Korea.