Apivio Announces Fourth Quarter and Year-End Financial Results

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.

Click here for the full press release.