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Microcap & Penny Stocks : ARD.V - Armada Data Corporation
ARD 20.170.0%Dec 12 8:04 PM ESTNews

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From: JRod774/28/2016 5:24:17 PM
   of 27
 
Armada Data earns $81,419 in fiscal Q3 2016

2016-04-28 12:47 MT - News Release



Mr. James Matthews reports

ARMADA ANNOUNCES Q3 2016 RESULTS

Armada Data Corp. has filed its interim financial results for the quarter ended Feb. 29, 2016, on SEDAR. The financial results are available to view on the company's website, as well as on SEDAR.



SELECTED QUARTERLY INFORMATION Fiscal year 2016 2016 2016 2015 2015 2015 2015 2014 Quarter ended Feb. 29, Nov. 30, Aug. 31, May 31, Feb. 28, Nov. 30, Aug. 31, May 31, 2016 2015 2015 2015 2015 2014 2014 2014 Total revenue $522,663 545,409 528,853 463,056 466,797 526,884 552,035 437,930 Comprehensive income (loss) 81,419 34,364 70,175 (505,629) (52,028) (71,214) (11,563) (289,672) Comprehensive income (loss) per share $0.00 $0.00 $0.00 $(0.03) $0.00 $0.00 $0.00 $(0.02)

The prior periods' comparative figures have been reclassified where necessary, to conform to the current period's presentation.

Operations

The company's total sales increased by 10 per cent in the quarter ended Feb. 29, 2016, from $474,293 in 2015, to $522,663. Comprehensive income increased from a loss of $52,028 in the period ended Feb. 28, 2015, to $81,419 in the period ended Feb. 29, 2016.

The insurance services division experienced a 14-per-cent increase in revenue, from $241,433 in 2015 to $276,217 in 2016.

The retail services division's revenue was down 29 per cent to $44,060 in 2016 from $56,798 in 2015.

The dealer services division's revenue increased 9 per cent from $142,129 in 2015 to $155,525 in 2016.

The revenue of the advertising/marketing services division, which derives its revenue from the sale of on-line third party advertising on the Car Cost Canada and The Car Magazine websites, increased from $200 to $18,425.

The information technology division's revenue increased 5 per cent to $28,436 in 2016, up from $27,129 in 2015. The IT division continues to offer technical support and website hosting to hundreds of customers and to develop new customer relationships on a regular basis.

The Mister Beer division's revenues are down from $6,604 to nil. Direct product costs and labour decreased from $7,496 to nil. The net revenue for Mister Beer Inc. went from negative $892 in 2015 to nil in 2016. Management made the decision to close the production facility on Dec. 31, 2014, in order to explore options with respect to a sale or other disposition of the bottle brew business line. This division's assets have been disposed of and the division is permanently closed.

Total expenses before amortization decreased to $431,183 compared with $482,042, a 10.5-per-cent decrease over last year. This is attributed to ceasing production at Mister Beer and continued cost-cutting measures implemented by management.

Cash on hand increased from $39,649 as at Feb. 28, 2015, to $209,181 as at Feb. 29, 2016.

Accounts receivable increased by 23 per cent to $324,529 as at Feb. 29, 2016, compared with $264,728 last year. Related party accounts receivable decreased from $10,933 to $8,763.

Accounts payable increased to $305,619 as at Feb. 29, 2016, from $195,358 a year earlier. Related party accounts payable decreased to $537 as at Feb. 29, 2016, from $3,313 last year.

Despite the comprehensive income reported by the company for this period, the company's deficit increased to $1,648,858 as at Feb. 29, 2016, compared with a deficit of $1,329,187 last year, attributable to the writedown of Mister Beer assets at May 31, 2015.

Management does not plan on issuing any dividends until further notice.

Revenues earned by the divisions are as shown in the attached table.



Three months ended Three months ended Year ended Feb. 29, 2016 Feb. 28, 2015 May 31, 2015 Insurance services $ 276,217 $ 241,433 $ 909,656 Retail services 44,060 56,798 323,012 Dealer services 155,525 142,129 695,017 Internet technology 28,436 27,129 127,649 Advertising/marketing services 18,425 200 12,251 --------- --------- ---------- Total revenue -- Armada Data Corp. $ 522,663 $ 467,689 $2,067,585 --------- --------- ---------- Revenue -- Mister Beer Inc. - 6,604 107,790 --------- --------- ---------- Less direct product costs/wages -- Mister Beer Inc. - (7,496) (166,603) --------- --------- ---------- Total revenue -- Mister Beer Inc. - (892) (58,813) --------- --------- ---------- Total consolidated revenue $ 522,663 $ 466,797 $2,008,772 ========= ========= ==========

Related party transactions

Salaries and expenses are paid to an officer of the company, who is also a 50-per-cent shareholder of Lease Busters Inc. Legal fees are paid to a law firm, of which a partner is a (non-remunerated) director of the company. Financing was acquired from a company owned by a director of Armada Data, and interest is paid monthly to this related party. All of the actual costs noted in this section are paid at fair market value in the normal course of business.

© 2016 Canjex Publishing Ltd. All rights reserved.
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