VANCOUVER, British Columbia, Nov. 15, 2016 (GLOBE NEWSWIRE) -- IGEN Networks Corp. (the “Company” or “IGEN”) (OTCQB:IGEN) (CSE:IGN), reports that it has filed its Q3 2016 report which included record revenues for the quarter and nine-month periods stemming from record product shipments and service activations. The company reported third quarter revenues of $376,476 and nine-month period revenues of $828,570.
Total invoicing for the quarter was $544,031. Gross profits for the quarter were $86,797, and for the nine-month period were $304,865 - also a record for the Company.
Net losses for the quarter dropped to $149,690, the lowest the Company has reported since Q2 2014. This was achieved in spite of $167,555 in Q3 revenues being deferred. Including these deferred revenues, and therefore on a non-GAAP basis, the Company reported positive funds flow from operations of $17,121.
Neil G. Chan, President and CEO of IGEN, added, “We are pleased we continue to deliver record growth coupled with demonstrable improvement of our bottom line and cash flow performance. Our focus remains controlled and profitable growth of the company, and providing expanded and improved service offerings to our channel partners, automotive dealerships, and consumers.”
About IGEN Networks Corporation:
IGEN Networks Corporation invests in and manages companies that deliver cloud-based services through Machine-to-Machine (M2M) device technologies for the protection and management of mobile assets and commercial fleets. The Company offers a range of self-provisioning applications which are used to manage and recover stolen assets, provide access to roadside assistance programs, and improve productivity of commercial fleets.
IGEN is a fully reporting company in both Canada and the United States. It is publicly traded on the OTCQB under the symbol IGEN, and listed on the CSE under the symbol IGN. For more information, please visit www.igen-networks.com.
Forward-Looking Statements
This news release may contain forward-looking statements or forward looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities law. The terms and phrases "goal", "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "believes", "indicate", "look forward", "grow", "outlook", "forecasts", “intend”, and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by IGEN in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that IGEN believes are appropriate in the circumstances, including but not limited to statements regarding investment liquidity, financing options and long term goals of the Company, general economic conditions, IGEN's expectations regarding its business, customer base, strategy and prospects, and IGEN's confidence in the cash flow generation of its business. Many factors could cause IGEN's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: risks related to competition; IGEN's reliance on key personnel; IGEN's ability to maintain and enhance its brand; and difficulties in forecasting IGEN's financial results, particularly over longer periods given the rapid technological changes, competition and short product life cycles that characterize the mobile application industry. These risk factors and others relating to IGEN that may cause actual results to differ are set forth in the under the heading "Risk Factors" in IGEN's periodic filings with the British Columbia Securities Commission and the U.S. Securities and Exchange Commission (copies of which filings may be obtained at www.sedar.com or www.sec.gov). These factors should be considered carefully, and readers should not place undue reliance on IGEN's forward-looking statements. IGEN has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.