McorpCX Reports Second Quarter 2018 Results

McorpCX (TSXV:MCX) announced its second quarter results with the company reporting revenue of $1.4 million for the quarter ending June 30, 2018 which translates to 133 percent increase as compared to prior year quarter.

The company’s gross profit increased to $663,865 which represents an 83 percent increase from the second quarter of 2017.

As quoted in the press release:

SECOND QUARTER 2018 FINANCIAL RESULTS

• Gross profit increased by 83% from $362,412 in the second quarter of 2017 to $663,865, in the second quarter of 2018 and 89% from $519,930 in the first half of 2017 to $980,304 in the first half of 2018.
• We recorded net operating income of $145,177 in the second quarter of 2018 compared to a net operating loss of $78,650 during the same quarter of 2017. Net operating loss was $53,626 in the first half of 2018 compared to a net operating loss of $328,438 for the first half of 2017.
• The Company reported EBITDA of $199,539 and $49,638 in the second quarter and first half of 2018, respectively, compared to ($16,241) and ($209,994) in the second quarter and first half of 2017. EBITDA is a non-GAAP measure. See note 1 below for our definition of EBITDA and reconciliation to net operating income (loss).
• The Company had a cash balance of $1,338,291 at June 30, 2018 compared to a cash balance of $1,616,076 at December 31, 2017.

“We are pleased to see the continued growth of our consulting business, with strong year-over-year performance.” stated Michael Hinshaw, Chairman of the Board of Directors. “We have continued to expand relationships with existing clients during 2018. and have signed several new clients during the year. Additionally, increases in revenue, combined with a focus on controlling expenses, helped us generate net income in the second quarter of 2018 and positive EBITDA in both the quarter and year-to-date periods.”

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