Magor sees revenue bump, record backlog in 2015 Q2

Ottawa-based Magor Corporation announced financial results for its 2015 second quarter Tuesday that boasted a 64 per cent increase in total revenue compared with the same quarter last year.

Revenue for the visual collaboration solution provider came in at $563,171, with recurring revenue at $62,779. Recurring revenue was up almost 68 per cent compared with the second quarter of 2014.

Order backlog was up 37 per cent, to a record $900,097.

“We have been making significant progress with a number of existing and new accounts, as evidenced by the increase in the amount of order backlog we reported for the quarter," president and CEO Mike Pascoe said in a statement.

Operating expenses dropped 9.5 per cent from the same quarter last year, to just under $1.5 million, and net loss was just under $1.4 million, down about $100,000 from the second quarter of 2014.

Mr. Pascoe said a Windows version of the company’s software is in the final testing stages and should be released within 30 days. He said that should open new market opportunities for the company.