The locally headquartered survey firm reported a 68-per-cent increase in its net profits this quarter, according to financial results published this week.
The bottom line for the company was $318,000, more than double its net profit during 2011’s third quarter.
Although revenues of $2.8 million are almost identical to the same period last year, the company’s $8.5 million in year-to-date revenues is up 44 per cent compared to the same time in 2011.
“I am very pleased to report excellent bottom-line results for the third quarter,” stated CEO Michael Gaffney in a company release.
While several large retail customers of In-Touch’s mystery shopping programs have put their orders on hold because of current economic conditions, Mr. Gaffney said he expects those projects to resume in January 2013.
“We anticipate 2012 annual revenues to be just under our target growth rate of 25 per cent over fiscal 2011 revenues,” Mr. Gaffney stated. Last year’s revenues came in at $8.9 million, and a 25 per cent increase would yield $11.2 million in revenues.
This quarter, the company acquired two new contracts from unidentified European luxury brand automobile manufacturers, which opens the door to a specialized product focus and a new business vertical, Mr. Gaffney said.
On Nov. 12, In-Touch launched EventMatrix, a platform-as-a-service solution for CEOs and chief information officers to leverage investments in their customer relationship management.
After the firm’s acquisition of South Carolina-based Service Intelligence in August 2011 – adding a Fort Mill, S.C. location to its American presence – In-Touch says it spent much time and money integrating the new company. This summer, however, investments in marketing and sales increased significantly with refocused efforts and resources from the acquisition towards finding new customers.
Last quarter, Mr. Gaffney said that acquisitions are still a part of the company’s ongoing strategic plan.
In-Touch Insight Systems Inc., In-Touch Insight Corp. and MarketLine Research are all wholly owned subsidiaries of In-Touch Survey Systems. The company has offices in Ottawa, Oakville, Ont., Chicago and Fort Mill, S.C.