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18 November 2020
DataMakes a $8.6 million Profit VS $10 million loss last year
BRAMPTON—
DATA Communications Management announced its financial results for the three and nine months ended September 30, 2020. Net income was $8.6 million compared with a net loss of $10.0 million in the first three quarters of 2019. Revenues during the first three quarters of 2020 were $198.7 million compared with $211.4 million in the first three quarters of 2019, a decrease of $12.7 million or 6.0%.
Gross profit increased to $57.9 million, up 12.0%, or $6.2 million, compared to the first three quarters of 2019 and gross margin improved to 29.2% from 24.5% in the first three quarters of 2019. Cost of sales of $140.8 million, compared with $159.7 million. The conversion of “bill as released”, or “BAR”, clients to bill and hold warehousing arrangements has to date resulted in the receipt of almost $12 million in client payments.
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