Press release from Marketwire
Phonetime Reports Financial Results for the Six Months Ended June 30th, 2013
Monday, July 29, 2013
Phonetime Reports Financial Results for the Six Months Ended June 30th, 201316:31 EDT Monday, July 29, 2013
TORONTO, ONTARIO--(Marketwired - July 29, 2013) - Phonetime Inc. (TSX:PHD) announced today 2nd quarter results for 2013. Revenue for the quarter ended June 30th, 2013 was $39.8 million compared to $24.5 million in 2012, an increase of 62% year over year. For the six months ended June 30th, 2013 revenue was $73.8 Million compared to $48.2 million, an increase of 53% year over year. Net income for the six months ended was $1.2 million compared to $0.6 Million in 2012. At June 30th, 2013, Phonetime had cash reserves of $2.7 million and available borrowings of an additional $2.5 million. Phonetime assets were $24.8 million and shareholder's equity was $12.4 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, together with his team have done a great job accelerating our progress, 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."
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 and six months ended June 30|
|Cost of revenue||37,403||22,798||69,833||44,532|
|Depreciation of property and equipment||32||189||62||376|
|Amortization of intangible assets||103||235||209||636|
|Interest and debt costs||4||37||16||104|
|Gain on retirement of debt||-||(6||)||-||(261||)|
|Mark to fair value of common share warrants||-||(1||)||-||(1||)|
|Income before income taxes||1,200||185||1,783||410|
|Provision for (recovery of) income taxes|
|Net and comprehensive income for the period||804||280||1,208||600|
|CONSOLIDATED STATEMENTS OF FINANCIAL POSITION|
|[amounts in thousands of U.S. dollars]|
|June 30,||December 31,|
|Cash and cash equivalents||2,739||2,288|
|Accounts receivable, net||10,181||7,397|
|Prepaid expenses and other assets||689||215|
|Total current assets||13,609||9,900|
|Deferred tax assets||-||690|
|Property and equipment, net||623||454|
|Intangible assets, net||432||621|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Income taxes payable||32||32|
|Total current liabilities||12,267||10,383|
|Deferred tax liabilities||135||255|
|Total shareholders' equity||12,390||11,156|
FOR FURTHER INFORMATION PLEASE CONTACT:
Executive Chairman & CEO
President and COO