Increased revenue, patent sale shrinks net loss at ProntoForms in 2013

OBJ Staff
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Ottawa-based ProntoForms increased its revenue during the most recent fiscal year, helping to shrink the company’s net loss from 2012.

(Stock image)

But it wasn’t enough to make the mobile data collection software company profitable.

The company reported revenue of almost $4.3 million for the fiscal year, which ended on Dec. 31. That’s up 75 per cent from the $2.5 million it recorded during the previous time period.

The increase helped drop the company’s net loss from just under $2 million to $361,288. Also contributing to the lower net loss was one-time income of $875,000, which it brought in from the sale of patents in August.

The company also cut its losses from operations. That figure fell to $859,882 from $1.9 million in 2012.

ProntoForms credited that to the increase in revenue “combined with only an 18 per cent increase in operating expenses.”

For the fourth quarter of its fiscal year, ProntoForms reported revenue of $1.4 million. That’s up 18.9 per cent from the $1.15 million recorded during the previous quarter and up 93.9 per cent from the $704,504 it had during the same period last year.

The company’s net loss for the three-month period that ended Dec. 31 was $303,112. That’s compared with a net loss of $237,208 during the third quarter and a net loss of $378,051 during the same period last year.

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