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CounterPath Reports Fourth Quarter and Fiscal 2011 Financial Results

Company Reports Record Revenues

VANCOUVER July 26, 2011 CounterPath Corporation award-winning May 1 to April 30

April 30, 2011

  • $3.2 million
  • $0.1 million $0.5 million
  • $0.8 million $0.3 million $0.02 $0.7 million $0.1 million $0.02 April 30, 2010
  • ®

April 30, 2011

  • $11.0 million
  • $2.1 million $3.4 million
  • $3.5 million $0.11 $5.4 million $0.17

Donovan Jones

"We have laid the foundation for our social networking strategy in all our mobile and desktop softphones and when coupled with our Networks Convergence Gateway and provisioning server, we are uniquely positioned to take advantage of the multi-billion user addressable market through our channel partners and operator customers. The communications landscape is rapidly changing to socially enabled mobile devices leveraging cloud based infrastructure and CounterPath is in the sweet spot," continued Jones.

April 30, 2011

the United States

$3.2 million April 30, 2011 $2.7 million April 30, 2011 $2.1 million $2.4 million April 30, 2011 $1.1 million $0.4 million

April 30, 2011 $3.7 million $3.6 million April 30, 2011 $0.2 million $0.1 million

$0.9 million April 30, 2011 $1.0 million April 30, 2011 $1.2 million $1.0 million $1.0 million $0.9 million

April 30, 2011 $0.8 million $0.3 million $0.02 $0.7 million $0.1 million $0.02 April 30, 2010

April 30, 2011

the United States

$11.0 million April 30, 2011 $8.0 million April 30, 2011 $7.2 million $6.0 million April 30, 2011 $3.8 million $2.0 million

April 30, 2011 $14.8 million $13.2 million April 30, 2011 $0.9 million $0.8 million

$3.5 million April 30, 2011 $3.1 million April 30, 2011 $4.5 million $4.0 million $3.6 million $3.7 million

April 30, 2011 $3.5 million $0.11 $5.4 million $0.17

July 25, 2011

CDN$6,000 August 1, 2011

About CounterPath

CounterPath Corporation is an award-winning provider of innovative desktop and mobile VoIP software products and solutions. The Company’s product suite includes SIP-based softphones, server applications and Fixed Mobile Convergence (FMC) solutions that enable service providers, enterprises and Original Equipment Manufacturers (OEM) to cost-effectively integrate voice, video, presence and Instant Messaging (IM) applications into their VoIP offerings and extend functionality across both fixed and mobile networks.

CounterPath’s customers include some of the world’s largest telecommunications service providers and network equipment providers including AT&T, Verizon, BT (British Telecommunications PLC), Mobilkom Austria, Avaya, Cisco Systems, Metaswitch and Mitel.

www.counterpath.com

Non-GAAP Financial Measures

This news release contains "non-GAAP financial measures". The non-GAAP financial measures in this news release consist of (1) non-GAAP gross profit margin which excludes stock-based compensation and amortization of intangible asset charges relative to gross profit margin calculated in accordance with GAAP; and (2) non-GAAP operating loss which excludes stock-based compensation and amortization of intangible asset charges relative to operating loss calculated in accordance with GAAP. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. CounterPath utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. CounterPath believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of CounterPath’s core operating results and trends.

Reconc il iatio n t o G AAP
                                             
            Three Months Ended
April,
        Year Ended
April,
 
(Unaudited)           201 1         2010         201 1         2 01  
Non-GAAP Gro ss Profit:                                            
                     
                                             
  Plus:                                            
                       
                     
                                             
Non-GAAP operatin g lo ss:                                            
                     
                       
  Non-GAAP operating loss       $   (127,877 )   $   (489,143 )   $   (2,120,971 )   $   (3,435,458 )
                                               

Forward-Looking Statements

This news release contains "forward-looking statements". Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, such as the following: (1) During fiscal 2011 we made significant inroads in developing channel partners through which we expect to continue to leverage complementary to our direct sales; (2) In addition, the extension of our suite of applications to Apple iOS and Google Android mobile and tablet devices has positioned CounterPath in the rapidly growing market segment; (3) We expect fiscal 2012 to reflect solid business growth overall, notwithstanding typical seasonality on a quarterly basis; (4) We have laid the foundation for our social networking strategy in all our mobile and desktop softphones and when coupled with our Networks Convergence Gateway and provisioning server, we are uniquely positioned to take advantage of the multi-billion user addressable market through our channel partners and operator customers; and (5) The communications landscape is rapidly changing to socially enabled mobile devices leveraging cloud based infrastructure and CounterPath is in the sweet spot.

www.sec.gov www.sedar.com

Disclaimer: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 
COUNTERPATH CORPO RAT IO N
CONDENSED CONS OLID ATE D BALANCE SHEETS
                         
        April 30,
2011
        April 30,
2 010
Assets                        
  Current assets:                        
         

       

 
     Total current assets           4,835,997           4,252,772
                             
 

       

       

Total Assets       $   15,210,969       $   14,939,117
                         
Liabilities and Stock holders’ Eq uity                        
  Current liabilities:                        
   

     

 

     

 

     Total current liabilities           3,448,409           3,095,139
                             
                 
     Total liabilities           4,854,460           3,198,391
                             
                 
                   
  Common stock, $0.001 par value                        
                   
  Additional paid-in capital           53,420,601           51,902,471
                 
     Total stockholders’ equity           10,356,509           11,740,726
Liabilities and Stockholders’ Equity       $   15,210,969       $   14,939,117
                         

COUNTERPATH CORPORATION
CONDENSED CONSOLIDAT ED STAT EMENTS O F OPER A TI ONS
AND COMPREHENSIVE LOSS
             
          Years Ended
April 30,
            2 011           2 10
Revenue:                        
                 
    Total revenue           11,040,298           8,016,857
Operating expenses:                        
 

       

       

    Total operating expenses           14,827,431           13,210,240
               
 

     

 

     

 

Net loss for the year           (3,542,331)           (5,353,317)
                 
Comprehensive loss       $   (2,902,771)       $   (3,028,856)
Net loss per share:                        
  Basic and diluted       $   (0.11)       $   (0.17)
Weighted average common shares outstanding:           33,191,749           31,067,445

SOURCE CounterPath Corporation

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