INTOUCH INSIGHT ANNOUNCES 2023 FINANCIAL RESULTS
Key highlights for 2023
- Successfully acquired
Alta360 Research Inc. andArdent Retail Services Inc. - Revenue increased 8% to
$25,433,731 compared to$23,486,835 in 2022. - Recurring revenue increased 6% to
$22,772,976 from$21,560,385 in 2022. - Investment in selling expenses and product development increased by 16% to
$4,368,336 from$3,766,474 in 2022.- Income from operating activities decreased to
$458,561 compared to$920,532 in 2022. - Adjusted EBITDA decreased to
$1,524,275 compared to$2,227,275 in 2022.
- Income from operating activities decreased to
- Gross margin decreased to 46.2% from 50.7% in 2022 due to the shift in product mix, including introducing lower margin Ardent revenues.
- SaaS revenues grew 15% organically, the eighth consecutive year of double-digit growth.
"We are proud to have delivered on the goals and expectations we set for 2023. At the outset, we knew that 2023 would be challenging due to the uncertain economic times and the need to replace
"We expect our revenues from traditional business lines to exceed the
Consolidated Statements of Operations |
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2023 |
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2022 |
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Revenue |
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$ 25,433,731 |
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Cost of services |
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13,677,101 |
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11,578,570 |
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Gross margin |
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11,756,630 |
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11,908,265 |
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Total operating expenses |
11,298,069 |
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10,987,733 |
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Income from operating activities |
458,561 |
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920,532 |
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Non-operating (expenses) income |
(690,444) |
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(388,984) |
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Income tax recovery (expense) |
(152,435) |
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78,316 |
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Net income (loss) |
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$ (384,318) |
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$ 609,864 |
Certain statements included in this news release contain forward looking statements that are made of the date hereof, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events, including the acquisition, future revenues and references to the Company's expansion and growth of the business and operations, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be false, given that they are subject to certain risks and uncertainties. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. The Company does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither
SOURCE