ProntoForms' recurring revenue up for 19th straight quarter

Ottawa-based ProntoForms posted third quarter recurring revenue 72 per cent higher than the third quarter of 2014, its CEO said Wednesday.

"This revenue growth demonstrates the success of our strategy of investment in direct and channel sales which is delivering balanced and predictable results,” Alvaro Pombo said in a statement, adding that the company has now seen recurring revenue rise in 19 straight quarters.

“Strong relationships with Apple, AT&T and others continue to contribute to a leading position in our ecosystem," he said.

Recurring revenue of $2.2 million was also 18 per cent higher than the previous quarter. Total revenue for the quarter was $2.4 million, up 42 per cent from last year and 12 per cent from last quarter.

The company did see its third-quarter operating loss rise from $339,369 last year to $630,735 this year, but said the increase is part of the company’s strategy.

“The increase in operating loss is attributed to a conscious approach to invest more in operational and sales productivity to leverage the market leadership of the company,” it said.

The company’s net loss for the quarter was $560,737, up from $313,260 in the third quarter of last year and $709,293 in the last quarter.

As of Sept. 30, ProntoForms (TSX VENTURE: PFM) had $4.8 million in cash and a working capital balance of $4.7 million.