Cleartronic, Inc. (CLRI) Releases Year End Results

Rhea-AI Summary

Cleartronic, Inc. (CLRI) reported a strong financial performance for 2020, showcasing a 50% increase in revenue compared to the previous year, driven largely by growth in its ReadyOp/ReadyMed software platform. Operating expenses declined by approximately 10%, reflecting improved operational efficiencies. The company achieved an income from continuing operations of $230,205, a significant recovery from a loss of $72,051 in 2019. EBITDA surged to $250,412, highlighting a remarkable 1,214% increase year-over-year. CEO Marc Moore expressed optimism about future growth opportunities.

Positive

• 50% increase in revenue year-over-year.
• Operating expenses decreased by approximately 10%.
• Income from continuing operations improved to $230,205 from a loss of $72,051 the previous year.
• EBITDA increased 1,214% to $250,412.

Negative

• None.

BOCA RATON, Fla., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Boca Raton, FL- Cleartronic, Inc. (CLRI: OTCPINK), last week, released its 2020 Year End financial statements in its Form 10-K. The Company showed continued growth in revenue and profit despite the effects of COVID-19 on the nation’s economy.

Revenue for the twelve months increased by 50% over revenue for the prior year. This increase was primarily due to increases in the number of customers of the ReadyOp / ReadyMed software platform. Even with the increase in revenue, the Company’s operating expenses decreased approximately 10% in 2020, as the Company had reduced travel costs and implemented new operating efficiencies.

Income from continuing operations for the year 2020 was $230,205 versus a loss of $72,051 for the prior year. EBITDA from continuing operations was $250,412 in 2020 as compared to $19,062 in 2019, a 1,214% increase.

“We are very pleased to report these results,” said Marc Moore, the Company’s Chief Executive Officer. “It was a more challenging year for marketing and operations due to COVID-19, but our focus on increasing revenue and profitability while managing our costs showed excellent progress. We were also able to strengthen our balance sheet, setting the stage for continued growth and market opportunities.”

About Cleartronic, Inc
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Cleartronic, Inc. (OTCPK: CLRI) is a technology holding company that creates and acquires operating subsidiaries to develop, manufacture and sell products, services and integrated systems to government agencies and business enterprises. For more information: www.cleartronic.com.

Safe Harbor Statement

This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results) and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties so that actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements because of certain factors not within the control of the company. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Contact and Inquiries for Investor Relations:

Larry Reid

561-549-9061

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b7af0a90-4397-4695-8f86-88289a874a8e

FAQ

What were Cleartronic's 2020 revenue figures?

Cleartronic reported a 50% increase in revenue for 2020 compared to the previous year.

How much did Cleartronic's operating expenses decrease in 2020?

Operating expenses decreased by approximately 10% in 2020.

What was Cleartronic's income from continuing operations in 2020?

The income from continuing operations for 2020 was $230,205.

What was the EBITDA for Cleartronic in 2020?

Cleartronic's EBITDA from continuing operations was $250,412 for 2020.

How did Cleartronic perform financially compared to 2019?

Cleartronic improved its performance, posting a profit compared to a loss in 2019.