In-Touch Survey Systems revenue down in 2014

A 16 per cent revenue drop in 2014 was “within management’s expectations,” Ottawa-based In-Touch Survey Systems said after releasing its annual results late Friday.

Revenue for 2014 was $8.4 million, down from just under $10 million in 2013.

In-Touch’s net earnings before taxes were $115,348 in 2014, compared with $406,685 in 2013. Gross margin increased to 58 per cent from 57 per cent the year before.

OBJ360 (Sponsored)

Company-defined adjusted EBITDA was about $764,000 for the year ended Dec. 31, 2014, compared with $824,000 for the year ended 2013.

“We are extremely pleased with the EBITDA and net earnings performance that was achieved despite the significant change in revenues. As a percentage of revenue, EBITDA increased to nine per cent in 2014 compared to eight per cent in 2013,” In-Touch president and CEO Cameron Watt said in a statement.

Mr. Watt said monthly recurring revenue from software application licensing “became a driving force” last year, and he expects that to “set the stage for future growth.”

He said the In-Touch (TSXV: INX) also has additional opportunities for commercialization in the coming year.

Get our email updates

Get up-to-date news about the companies, people and issues that impact businesses in Ottawa and beyond.

By signing up you agree to our Terms of Use and Privacy Policy. You may unsubscribe at any time.