Engagement Labs Reports Q3 2017 Results and Closing of Private Placement

Engagement Labs Reports Q3 2017 Results and Closing of Private PlacementEngagement Labs Reports Q3 2017 Results and Closing of Private PlacementMONTREAL, QC--(Marketwired - November 28, 2017) - Engagement Labs Inc. (TSX:EL) today released results for its third quarter ended September 30, 2017. Condensed interim consolidated Financial Statements and Management Report are available on SEDAR's website at www.sedar.com. Company update: Revenue growth of 11% from continuing operations, sharply improved gross margin (now >50%) and improved non-GAAP Adjusted EBITDA loss on a year-over-year comparisonThird Quarter Financial HighlightsRevenue of $878,953 for Q3 2017 represents a 10% increase vs Q2 2017 ($795,441) and an 11% increase vs Q3 2016 based on continuing operations ($790,521).Gross margin increased to 51% in Q3 2017, from 42% in Q2 2017 and from 14% in Q3 2016. (Note: the comparison to 2016 is impacted by the closure of the Canadian unit and the capitalization of certain expenses associated with the development of the TotalSocial product).Operating expenses, before extraordinary items remained stable to $1,260,258 in Q3 2017, up 1% or $18,193 from $1,242,065 in Q2 2017, and down 58% ($1,766,326) vs Q3 2016. (In 2017, the Company started capitalizing costs associated with the development of its TotalSocial product; $285,059 in costs were capitalized in Q3 2017).Non-GAAP Adjusted EBITDA loss of -$384,835 for Q3 2017, representing an improvement of $140,143 ...Full story available on Benzinga.com
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