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Cortex Business Solutions Reports Q1 F2016 Financial Results




CALGARY, ALBERTA — (Marketwired) — 12/08/15 — Cortex Business Solutions Inc. (TSX VENTURE: CBX)(OTCQX: CTPNF), the online network helping companies connect and interact with each other to transmit documents and grow their businesses, today announces its Q1 F2016 results.

Joel Leetzow, President and CEO commented, “The Company took an important first step in fiscal 2015, reducing staffing costs to be more in line with revenue. I had asked that you stand by to witness the actual results of these decisions as they materialize over fiscal 2016. The three months ended October 31, 2015 (“Q1 F2016”) is a testament to the actions taken and the results to the bottom line. I think everyone will be as excited to see the results as we are sharing them.

I also made reference to the hard work we had been doing to improve the relationships with our workflow partner network; including expansion into new verticals, which was not previously successful. The investment in a dedicated Business Development Executive whose focus is on our partner channel has resulted in an increased pipeline from our existing partners. With the solidifying of these relationships, our clients receive better customer service from our partners, additional value add from the product bundles and a lower cost to implement.

There is now a full sales pipeline of leads to work on with our channel partners. Even with the reduction in the size of our sales team; the number of potential new customers remains steady. It–s an exciting time to be involved with Cortex. I am proud of the results that we have achieved together in a very short time. I can feel the momentum building across our customers, our staff, our partners and our shareholders.”

Q1 F2016 Highlights:

During the Q1 F2016 there were some significant developments as highlighted below:

Revenue

Total revenue remained flat at $2,627,272 for the three months ended October 31, 2015 compared to $2,631,647 during the quarter ended October 31 2014. Although the growth was flat year over year, this was expected. The Company made conscious cost-cutting decisions; knowing these could impact revenue growth in the short term.

Gross Profit and Cost of Sales

During F2015, the Company improved its gross profit, as reported from 35% of total revenue to 46% of total revenue; a 31% improvement.

Expenses

The changes made in fiscal 2015 materialized by way of cost reductions in Q1 F2016.

Operational

Cash Position

The private placement on September 2, 2015, solidified the Company–s cash position. The cash outflow, net of the financing would have been $94,383 Q1 F2016. This is a $829,970 improvement from the $924,353 cash outflow in Q1 F2015.

Conference Call

Cortex management will host a conference call, followed by a question and answer period. The details of the conference call are as follows:

Please call the conference telephone number ten minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Cortex Business Solutions at 403-219-2838.

A replay of the conference call will be available after the call through December 16, 2015

About Cortex Business Solutions

Cortex Business Solutions Inc. (TSX VENTURE: CBX)(OTCQX: CTPNF) is an enterprise e-Procurement solutions company that improves efficiencies, reduces costs and streamlines procurement and supply chain processes for its customers. Accessing the Cortex Network enhances the exchange of business critical documents, such as purchase orders, receipts and invoices, resulting in improved cash flow management and business controls, while reducing day–s outstanding and administrative costs. Cortex is a low cost, low risk solution that can be implemented quickly by leveraging clients– existing business environment. For more information, please visit .

Contacts:
Investor Relations Contacts:
Cortex Business Solutions
Joel Leetzow
President and CEO
403-219-2838

Cortex Business Solutions
Sandra Weiler
CFO
403-219-2838

Cortex Business Solutions
Andrew Stewart
Director of Marketing & Investor Relations
403-219-2838





Posted by on 8. December 2015. Filed under Picture Gallery, Software. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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