ALEXANDRIA, VIRGINIA — (Marketwired) — 08/20/15 — IGEN Networks Corp. (the “Company” or “IGEN”) (OTCQB: IGEN)(CSE: IGN) has filed its Q2 2015 report which includes the largest quarterly revenue in the Company–s history. IGEN–s quarterly revenues of $289,065 were up 63% from the previous quarter and up 47% from the similar period in 2014. For the six-month period, revenues of $467,614 were a 115% increase over the similar period in 2014.
Additionally, gross profits in the quarter grew to $102,975; a 69% increase over the previous quarter, though only marginally higher than the similar period in 2014. The numbers reflect increased volumes of lower-margin product in Q2 2015. Over the six-month period, the Company–s gross profit was $163,975, up 38% over the same period in 2014.
Gross margins rose slightly over the previous quarter (from 34% to 36%) but remain down over the previous year. Though the Company is shipping product at lower margins than last year, it continues to work at improving inventory and product costs in an attempt to optimize margins. The Company reported six-month period losses of $336,819, though a Q2 net loss of $158,220 was an 11% improvement over the previous quarter.
Neil G. Chan, President and CEO of IGEN, stated, “We are starting to see the growth potential of our most recently announced partnerships with Verizon Wireless, Star Shield Solutions, and Sky Force Technology, and are delighted with the traction we are seeing this quarter. Going forward, we will focus on improving operational efficiencies and identify additional sources of hardware suppliers to improve our margins and profitability.”
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 .
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 or ). 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.
Contacts:
Corporate Inquiries:
IGEN Networks Corporation
Attn: Richard Freeman
1(888)244-3650
Investor Relations:
Green Chip Investor Relations:
Attn: Matt Chipman
(310)858-5575
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