[January 16, 2013] |
|
Platinum Communications Corporation Reports First Quarter Financial Results
CALGARY, Alberta --(Business Wire)--
Platinum Communications Corp. (TSX-V: PCS) today announced
financial results for the three months ending November 30, 2012.
Highlights for the three months, include the following:
-
Platinum's revenues from operations for the three months ending
November 30, 3012 increased 22% compared to the same three month
period of fiscal 2012. The acquisition of two competitors in the
previous year contributed 79% to this increase and accelerated
activity with our commercial clients provided the balance of the
increase. In addition, the acquisitions increased Platinum's customer
base by over 1,700 customers to a milestone of 10,150 customers now
serving 180 communities.
-
Reduced operational expenses and other efficiencies provided an
increase in gross profit of 19% and an increase of 65% in earnings
before interest, depreciation and amortization compared to the prior
year.
-
Cash provided by operating activities was $468,549 Q1 2013 compared to
$269,756 in the same quarter of fiscal 2012, an increase of 74%. Cash
used to acquire property, plant and equipment and intangible assets
was $130,465 in the first quarter of fiscal 2013, compared to $256,008
in the same quarter of fiscal 2012. Platinum recorded Net Income of
$219,708 for the first quarter of fiscal 2013 an increase of 209% over
the net income recorded in the same quarter of the previous year.
-
As of the date of this release Platinum has approximately $897,000 of
available cash.
|
SELECTED HIGHLIGHTS1
|
|
|
Three months ended November 30,
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change
|
Revenue
|
|
|
|
|
$1,960,781
|
|
|
|
$1,612,238
|
|
|
|
22
|
Gross profit2
|
|
|
|
|
1,327,101
|
|
|
|
1,110,649
|
|
|
|
19
|
Earnings before interest, depreciation and amortization3
|
|
|
|
|
594,157
|
|
|
|
359,549
|
|
|
|
65
|
Net income
|
|
|
|
|
219,708
|
|
|
|
71,156
|
|
|
|
209
|
Earnings per share, basic and diluted
|
|
|
|
|
0.0040
|
|
|
|
0.0013
|
|
|
|
205
|
Cash provided by operating activities
|
|
|
|
|
468,549
|
|
|
|
269,756
|
|
|
|
74
|
ARPU(Average revenue per user)
|
|
|
|
|
188
|
|
|
|
182
|
|
|
|
3
|
Customers
|
|
|
|
|
10,189
|
|
|
|
8,613
|
|
|
|
18
|
Common Shares Outstanding
|
|
|
|
|
55,593,398
|
|
|
|
54,741,654
|
|
|
|
2
|
Return on Equity
|
|
|
|
|
17.2%
|
|
|
|
6.0%
|
|
|
|
187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________________________
|
1 Includes acquisitions of MyCanopy and AlbertaHighSpeed
from March 1, 2012 and May 1, 2012 respectively.
|
2 Gross Profit is a widely accepted measure of financial
performance used by some analysts and investors to analyze and
compare companies on the basis of operating performance. Gross
profit is not defined under IFRS and should not be considered in
isolation or as an alternative to, or more meaningful than, net
income or cash flow as determined in accordance with IFRS as an
indicator of the Corporation's performance or liquidity. Platinum's
gross profit is unlikely to be comparable to similar measures
presented by other companies.
|
3 Earnings before interest, depreciation and amortization
is a widely accepted financial indicator used by some analysts and
investors to analyze and compare companies on the basis of
liquidity. Earnings before interest, depreciation and amortization
is not defined under IFRS and should not be considered in isolation
or as an alternative to, or more meaningful than, net income or cash
flow as determined in accordance with IFRS as an indicator of the
Corporation's financial performance or liquidity.
|
|
Platinum is a leading provider of superior quality fixed wireless
Internet and Broadband solutions in Alberta. Based in Calgary, Platinum
operates a wireless broadband network that utilizes Next-Generation
Wimax technology to bring fast, reliable and affordable Internet and
digital phone service to residents and businesses across the province.
Serving approximately 13,000 customers in over 180 communities, Platinum
caters primarily to rural and near-urban markets that are often beyond
the reach of traditional Internet providers. Platinum's high quality
infrastructure, excellent service record and ever-growing network and
capabilities, make it the provider of choice for customers within its
vast coverage area. For more information please visit our website at www.platinum.ca
or call 403-301-4591.
This news release may contain forward-looking statements. These
forward-looking statements do not guarantee future events or performance
and should not be relied upon. Actual outcomes may differ materially due
to any number of factors or uncertainties, many of which are beyond
Platinum's control. Some of these risks and uncertainties may be
described in Platinum's corporate filings (posted at www.sedar.com).
Platinum has no intention or obligation to update or revise any
forward-looking statements due to new information or events.
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 news release.
[ Back To TMCnet.com's Homepage ]
|