Third Quarter Reveals Grim Times for CounterPath
Written by: Amelia Gurley
CounterPath Corporation, a VoIP provider for desktop and mobile products and solutions, announced grim-looking financial and operating results for the third quarter of 2010. Revenues continued a steady decline, from $2.0 million in the third quarter of 2009 to $1.9 million in the second quarter of 2010 to only $1.4 million in the third quarter of 2009. More worryingly, this decline in revenue occurred evenly across CounterPath’s service and software sectors. The net loss for this most recent quarter was $1.8 million, compared to $2.2 million in the third quarter of 2009, and the company has lost both cash and capital totaling about $1 million. This decline occurred in spite of a fall in operating expenses and the launch of the new Bria 3.0 multimedia VoIP softphone. Operating expenses dropped to $3.2 million, down from $4.3 million in the third quarter of 2009.
Despite these numbers, the company’s CEO and President Donovan Jones remains hopeful. He stated in a press release that:
“While we had a number of orders which were delayed resulting in lower revenues for this quarter, we are seeing increased sales activity…Our industry leading, patent protected VoIP, mobile VoIP and fixed mobile convergence applications continue to represent compelling solutions for improving both enterprise and consumer productivity while reducing costs.”
If the third quarter’s revenue is any indicator, however, the “solutions” offered by CounterPath’s products may not be viable much longer. It remains to be seen whether Jones’s “cost reductions” alone will be enough to reverse CounterPath’s worrying trend.
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