UI Skyrockets on Q3 Numbers

To prove not all is doom and gloom in large- and small-cap equity markets this bruising week, along comes Laval, Quebec-based Urbanimmersive Inc. (TSX-Venture:UI), which boasts a status as the leading real-estate content marketing platform, came out with bombshell financial results for its latest quarter ended June 30, 2019.

UI trumpeted revenues of $1.1 million for Q3-19 compared to $624,000 for Q3-18, an increase of $480,000 or 77%. Net income was $516,000 for Q3-19 compared to a loss of $452,000 for Q3-18 (improvement of $968,000).

Said CEO Ghislain Lemire, "This record quarter in terms of financial performance confirms that the completed integration of our American subsidiary Tourbuzz has been a great success and after all our efforts, we have been able to deliver in achieving the anticipated operational, technological and financial synergies.

"In this quarter, we achieved improved profitability, demonstrated our ability to self-sustain financially in our activities, increased our liquidity position and reached a positive working capital."

Shares moved up 3.5 cents, or 77.8%, to eight cents, on 920,000