CALGARY, ALBERTA — (Marketwired) — 03/14/17 — Cortex Business Solutions Inc. (TSX VENTURE: CBX)(OTC PINK: CTPNF), the online network helping companies connect and interact with each other to transmit documents and grow their businesses, today announces its three and six months ended January 31, 2017 (“Q2 F2017”) Management–s Discussion and Analysis and Condensed Interim Consolidated Financial Statements.
“We are excited to share the Q2 F2017 results today. With the restructuring and internal transformation behind us, the team continues to move forward with strong sales momentum with new and existing customers,” commented Joel Leetzow, President and CEO. “The sales organization was able to close six buyers in the quarter and to add to this momentum, our delivery organization was able to move one of these buyers through the integration process before the end of January allowing them to start transacting in the quarter.
In addition, there are lots of opportunities in our sales pipeline. We have more customers willing to work with Cortex on Case Studies to share their success stories. This has helped other buying organizations understand the benefits that can be achieved through increased automation levels, visibility into the monthly operational expenses and improved efficiencies.”
Q2 F2017 Highlights:
Cash Flow used in Operations
As the Company continues to improve its cost management and revenue the cash used in operations continues to improve.
Three months ended January 31, 2017 compared to January 31, 2016
Six months ended January 31, 2017 compared to January 31, 2017
Revenue
The trending in revenue continues to show improvement as the oil and gas community starts to rebound as well as the investment into our sales organization starts to materialize into sales results.
Three months ended January 31, 2017 compared to January 31, 2016
Six months ended January 31, 2017 compared to January 31, 2017
Expenses
The cost controls for non-revenue generating activities continued into Q2 F2017. The maintenance of these costs did not limit the Company–s ability to deliver on sales and maintain customer satisfaction levels. The sales and marketing expenditures in the quarter grew in line with the size of the sales team and the resulting travel required to close six buyers in the quarter.
Three months ended January 31, 2017 compared to January 31, 2017
Six months ended January 31, 2017 compared to January 31, 2017
“Q2 F2017 was a great follow up to Q1 F2017.” said Sandra Fawcett, CFO of Cortex. “The Company was able to improve its gross profit from 67% in Q1F2017 to 72% for Q2 F2017 ending at 69% for the six months ended January 31, 2017. As the Company continues to maintain its cost structure, the additional sales will continue to improve the gross profit.”
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 March 22, 2017.
About Cortex Business Solutions
Cortex Business Solutions Inc. (TSX VENTURE: CBX)(OTC PINK: CTPNF) is a business-to-business network that enables electronic invoicing for buying and supplying organizations. The Cortex network offers flexible connection methods to reduce the time required to process invoices and tools that leverage existing customer technologies and processes. Access to the Cortex Network enhances the exchange of documents allowing companies to connect and interact with each other to grow their businesses.
For more information, please visit .
Cortex Business Solutions Inc.
Condensed Consolidated Interim Statements of Financial Position
(Prepared in Canadian dollars)
(Unaudited)
Cortex Business Solutions Inc.
Condensed Consolidated Interim Statement of Loss and Comprehensive Loss
For the three and six months ended January 31, 2017 and 2016
(Prepared in Canadian dollars)
(unaudited)
Cortex Business Solutions Inc.
Condensed Consolidated Interim Statement of Changes in Shareholders– Equity
(Prepared in Canadian dollars)
(unaudited)
Cortex Business Solutions Inc.
Condensed Consolidated Interim Statement of Cash Flows
For the three and six months ended January 31, 2017 and 2016
(Prepared in Canadian dollars)
(unaudited)
Contacts:
Investor Relations Contacts:
Joel Leetzow
President and CEO
403-219-2838
Sandra Fawcett (formerly Weiler)
CFO
403-219-2838
Andrew Stewart
Director, Marketing & Investor Relations
403-219-2838
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