MISSISSAUGA - Armada Data Corporation (TSXV: ARD) reports its interim financial results for the quarter ended November 30, 2019 have now been filed on SEDAR and are available to view on SEDAR at www.sedar.com and the company's web site www.armadadata.com. Operations
The Company's total revenue increased 38% in the three months ended November 30, 2019 to $974,475 from $704,521 in the same period a year earlier. Comprehensive income increased to $81,648 in this quarter, from $(30,407)at November 30, 2018.
The Insurance Services division experienced a 24% increase in revenue, from $369,291 in the three months ended November 30, 2018 to $456,700 in 2019.
The CarCostCanada division (combining the former Retail, Dealer and Advertising divisions) revenue was up by 70% for the period ended November 30, 2019, to $459,938 from $270,820 during the period ended November 30, 2018.
The Information Technology division revenue decreased by 10% to $57,837 in the second quarter of fiscal 2020 ended November 30, 2019, from $64,410 in the same quarter in fiscal 2019. IT continues to offer technical support and web site hosting to hundreds of customers, and is developing new customer relationships on a regular basis, as well as offering new services for sale.
Expenses in this first quarter of fiscal 2020 before amortization, interest and stock-based compensation, increased to $852,614, compared to $712,286, a 20% increase over the same period last year.
Accounts receivable increased 7% to $527,047 as at November 30, 2019, compared to $491,406 as at November 30, 2018. Related party accounts receivable decreased from $6,048 to $5,670.
Accounts payable increased 47%, to $348,768 as at November 30, 2019 from $236,899 a year earlier. There was $6,143 in Related parties accounts payable as at November 30, 2019 and nil as at November 30, 2018.
The Company's deficit decreased to $(791,341) as at November 30, 2019, compared to $(872,128) as at November 30, 2018. Earnings per share at November 30, 2019 are $0.01, versus $0.00 at November 30, 2018.
In July 2018, the Company signed a contract with a mobile app development company for the creation of an all new iOS and Android mobile app for the Company's website, CarCostCanada.com. The contract amount is estimated to be approximately $105,600, once fully complete and operational. The Company has paid $95,600 in deposits prior to November 30, 2019. The balance of $10,000 is payable prior to the end of the current fiscal year. Once fully operational, the software will be presented as a category within property and equipment.
About Armada Data Corp.
Armada Data is a Canadian publicly traded Information & Marketing Services Company providing accurate and real-time data to institutional and retail customers, through developing, owning and operating automotive pricing-related web sites and providing information technology and marketing services to its clients.
Armada Data shares are listed on the TSX Venture exchange under the trading Symbol ARD. Armada currently has a total of 17,670,265 shares outstanding.
Contact:
Mr. R. James Matthews
Email: investors@armadadata.com
ARMADA DATA CORPORATION 
