Press release from Marketwire
Phonetime Reports First Quarter Results For 2013
Friday, May 10, 2013
Phonetime Reports First Quarter Results For 201309:00 EDT Friday, May 10, 2013
TORONTO, ONTARIO--(Marketwired - May 10, 2013) - Phonetime Inc. (TSX:PHD) announced today its 1st quarter results for 2013. Revenue for the quarter ended March 31, 2013 was $34 Million compared to $24 Million in 2012, an increase of 44% year over year. Net income was $403,000 compared to $335,000 in 2012. At March 31, 2013, Phonetime had $1.2 million in cash, available borrowings of an additional $2.5 million and remained debt free. Total assets at the quarter end were $23.6 million and shareholders' equity was $11.6 million.
"In 2012, the Board of Directors promoted Mike Vazquez to the position of President and COO of Phonetime Inc. and made a number of changes within our sales organization. Mike and his team have done a great job accelerating our progress, and inspiring our customers and vendors to trust their procurement of communication services to Phonetime," said Gary Clifford, Executive Chairman and CEO. "In 2013, we anticipate continued revenue growth in our core business. We also expect to organically expand our service footprint whilst continuing to review investment, acquisition and merger opportunities. In order to accomplish these initiatives, we may issue equity and or debt in 2013. Also, in conjunction with opportunities being pursued, we may opt to list our common shares on a US exchange which may involve consolidating the number of shares outstanding in order to qualify under US listing requirements."
The Company's financial statements and other disclosures are available on SEDAR.
About Phonetime Inc.
Established in 1994, Phonetime is a leading provider of international and domestic switched voice services to the worlds telecommunication operators and voice service providers. Phonetime's customers and suppliers include, fixed line operators, mobile operators, retail and VoIP service providers, who buy and sell voice and IP telecommunications services. Phonetime has traders in Europe, Asia and the Americas using its proprietary trading platform with embedded intelligence, which includes profitability benchmarking, call routing, credit management, network quality visibility and loss prevention. As voice technology evolves Phonetime has commoditized its trading philosophy and along with its platform is positioned to emerge as a leading clearing house. Phonetime is a public company listed on the Toronto Stock Exchange (TSX).
Caution Regarding Forward Looking Information:
This press release contains forward-looking statements, which may be identified by words like "expects", "anticipates", "plans", "intends", "indicates" or similar expressions. These statements are not a guarantee of future performance and are inherently subject to risks and uncertainties. Phonetime's actual results could differ materially from those currently anticipated due to a number of factors set forth in reports and other documents filed by the Company with Canadian securities regulatory authorities from time to time. See www.sedar.com which contains all securities files.
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|[amounts in thousands of U.S. dollars, except per share information]|
|For the three months ended March 31||2013||2012|
|Cost of revenue||32,430||21,950|
|Depreciation of property and equipment||31||187|
|Amortization of intangible assets||107||401|
|Interest and debt costs||12||52|
|Gain on retirement of debt||-||(255||)|
|Mark to fair value of common share warrants||-||-|
|Income before income taxes||582||240|
|Provision for (recovery of) income taxes|
|Net and comprehensive income for the period||403||335|
|Earnings per share|
|- basic and diluted||0.00||0.00|
|Weighted-average number of common shares|
|- basic and diluted||151,123,492||158,731,492|
|CONSOLIDATED STATEMENTS OF FINANCIAL POSITION|
|[amounts in thousands of U.S. dollars]|
|As at||March 31,||December 31,|
|Cash and cash equivalents||1,230||2,288|
|Accounts receivable, net||10,156||7,397|
|Prepaid expenses and other assets||526||215|
|Total current assets||11,912||9,900|
|Deferred tax assets||456||690|
|Property and equipment, net||583||454|
|Intangible assets, net||534||621|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Income taxes payable||32||32|
|Total current liabilities||11,846||10,383|
|Deferred tax liabilities||195||255|
|Total shareholders' equity||11,572||11,156|
FOR FURTHER INFORMATION PLEASE CONTACT:
Executive Chairman & CEO
President and COO