Despite steady revenue, profits were down significantly at Ottawa’s In-Touch Survey Systems (TSX-V: INX) during its most recent fiscal year.
The company, which also does business as In-Touch Insight Systems, reported revenue of $10,657,475 during the year that ended Dec. 31, 2013. That’s a slight decline from 2012, when it reported revenue of $10,719,792.
But it was a different story when it came to profits.
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The data capture software company reported net income of $131,675. That’s down from $1,032,218 in 2012.
The decline in profits was “because of increased investment in product development, sales and marketing and the recording of a deferred tax asset in 2012,” Cameron Watt, the company’s president and CEO, said in a press release.
In-Touch has said it expects to lose up to 25 per cent of its historical revenue streams as customers replace its legacy products with new solutions. This has the company investing heavily in bringing new products to market.
“In addition to the introduction of new products, In-Touch will also ‘spin-out’ technologies into separate companies when we believe that an external corporate structure provides the greatest probability of success for the product and value for our shareholders,” said Mr. Watt.
He said he expects to announce the launch of one of these new companies, which is developing a software-as-a-service product, next month.