Intouch Insights Ltd. (CVE:INX) was well on its way to break even on its third quarter this year, but an unexpected bankruptcy of a customer put the company in the red.
Revenues for the third quarter ending Sept. 30 were up to $3.2 million this year, compared to $2.3 million a year earlier. Recurring revenue stood at $592,915, a three per cent increase year-over-year, and services revenue rose by 50 per cent in the third quarter of 2016, coming in at $2.6 million compared to $1.7 million a year ago.
According to MD&A statements, the company’s acquisition of Statopex Inc. in October of last year boosted its Canadian revenues by nearly $1 million year-over-year. More than half of the company’s revenues are still from U.S. sources, and the firm continues to benefit from a positive exchange rate on these earnings.
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The company, which provides mobile-based market research and analytics for enterprise clients, posted a loss of $18,998 this past quarter. That compares to a profit of $178,392 a year earlier.
In a statement, Intouch Insights CEO Cameron Watt attributed this loss entirely to the bankruptcy of client ITT Technical Institute. Without the accompanying receivables loss, the company would have broken even on the quarter, he says.
“We will continue to invest in product development as we remain very optimistic about the direction of our product suite and are excited about the future possibilities for the company,” said Mr. Watt.
The company recently rebranded from In-Touch Survey Systems in July of this year.
