Alexandria, Virginia, Nov. 20, 2014 (GLOBE NEWSWIRE) -- iGen Networks Corporation (OTCQB: IGEN) is pleased to announce it filed third quarter 2014 results that include record revenue and gross profit. The acquisition of Nimbo LLC in the second quarter of this year has significantly contributed to continued strong growth in its numbers. IGEN reported quarterly revenue of $268,455, an increase of 36% over the second quarter and a 791% increase over the third quarter in 2013. The Company also reported gross profit of $117,715 up 20% over the prior period and 290% over same period last year.
IGEN has now reported record revenues and gross profits in the Company's history for the second quarter in a row. It is also noted there was a reduction in year-to-date net losses over the previous year, even though the Company incurred one-time expenses associated with legal, accounting, and auditing costs from its acquisition.
Neil Chan, President and CEO of iGen Networks, stated, "I am pleased by the direction and growth of our numbers. Our management team remains diligent and focused on our aggressive goals." He continued, "We will continue expanding our product offerings and distribution channels throughout the US and Canada, which now include Nimbofleet.com that makes managing commercial fleets easier and much more affordable for fleet owners and managers. Combined with our product offerings that include Dealershiptracking.com and Powersporttracking.com, we are now uniquely positioned to offer both consumer and commercial M2M solutions for a broad range of industries."
Financial Highlights:
| 3 Mo ended Sept 30, 2014 | 3 Mo ended June 30, 2014 | % Change | 9 Mo ended Sept 30, 2014 | 9 Mo ended Sept 30, 2013 | % Change | ||
| Revenue | $268,455 | $196,697 | +36% | $486,002 | $94,890 | +412% |
| 3 Mo ended June 30, 2014 | 3 Mo ended June 30, 2014 | % Change | 9 Mo ended Sept 30, 2014 | 9 Mo ended Sept 30, 2013 | % Change | ||
| Gross Profit | $117,715 | $98,310 | +20% | $236,885 | $94,890 | +150% |
| 9 Mo ended Sept 30, 2014 | 9 Mo ended Sept 30, 2013 | % Change | |
| Net Loss | $(390,958) | $(461,387) | -15% |
About iGen Networks Corporation:
iGen Networks Corporation delivers cloud-based services through
Machine-to-Machine (M2M) device technologies for the protection and
management of mobile assets and commercial fleets. iGen is a
fully reporting company in both Canada and the United States, where
it is publicly traded on the OTC market and quoted on the OTCQB
under the symbol IGEN. For more information, please visit www.igen-networks.com.
Forward Looking Statements
This news release may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities law. The terms and phrases "goal", "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "believes", "indicate", "look forward", "grow", "outlook", "forecasts", and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by IGEN in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that IGEN believes are appropriate in the circumstances, including but not limited to general economic conditions, IGEN's expectations regarding its business, strategy and prospects, and IGEN's confidence in the cash flow generation of its business. Many factors could cause IGEN's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: risks related to competition; IGEN's reliance on key personnel; IGEN's ability to maintain and enhance its brand; and difficulties in forecasting IGEN's financial results, particularly over longer periods given the rapid technological changes, competition and short product life cycles that characterize the mobile application industry. These risk factors and others relating to IGEN that may cause actual results to differ are set forth IGEN's periodic filings with the U.S. Securities and Exchange Commission (copies of which filings may be obtained at www.sedar.com or www.sec.gov). These factors should be considered carefully, and readers should not place undue reliance on IGEN's forward-looking statements. IGEN has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.