Platinum Communications Corporation Reports Financial Results for the Six Months Ending February 28, 2014
15 April 2014 - 11:30PM
Business Wire
Platinum Communications Corp. (TSX-V: PCS) today
announced financial results for the six months ending February 28,
2014.
Highlights for the six months, include the following:
- Platinum’s revenues from operations for
the six months ending February 28, 2014 increased 27% compared to
the same six month period of fiscal 2013. The acquisition of three
competitors in the year contributed the majority of the 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 2,000 customers to 12,074
customers now serving 180 communities.
- Gross profit increased by 17% and
Earnings before interest, tax, depreciation and amortization
increased by 36%. Due to Platinum’s ability to generate continuous
earnings, net income includes a provision for deferred income taxes
of $45,338.
- Cash provided by operating activities
was $559,679 for the six months ending 2014 compared to $826,682 in
the same period of fiscal 2013, a decrease of 32%. Platinum
recorded Net Income of $136,015 for the second quarter of fiscal
2014 an increase of 12% over the net income recorded in the same
quarter of the previous year.
- As of the date of this release Platinum
has approximately $1,216,000 of available cash.
SELECTED HIGHLIGHTS1
Six months ended February 28,
2014 2013
%
Change
Revenue
$4,964,765 $3,922,054 27
Gross profit2
3,109,193 2,656,830 17
Earnings before interest, tax,
depreciation and amortization3
1,174,638 864,570 36 Net income
136,015 121,684 12
Earnings per share, basic and diluted
0.0024 0.0022 9 Cash
provided by operating activities
559,679 826,682 -32
ARPU (Average revenue per user)
405 380 7 Customers
12,074 10,074 20 Common Shares
Outstanding
55,966,731 55,593,398 1 Return on Equity
7.4% 4.82% 54
ABOUT PLATINUM COMMUNICATIONS
Platinum Communications Corporation (TSX-V: PCS) is a leading
provider of superior quality fixed wireless Internet and Broadband
solutions utilizing Next-Generation WiMax technology. The Company
caters to urban, rural and remote markets that are often beyond the
reach of traditional Internet providers. Platinum's custom-built,
wireless broadband network provides high-speed data and voice
services to enterprise operations and residential customers
throughout Alberta and NE British Columbia. 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.
For further information please
contact:
Bernard Parkinson, CEO
Kathy Kirkup, CFO
Phone (403) 301-4591
Phone (403) 301-4594
(PCS)http://www.platinum.ca
____________________________________
1 Includes the previously announced acquisitions of Community
Networks Inc., Hybrid southern Alberta residential customers and
Pathcom from March 1, 2013, November 1, 2013 and January 1, 2014
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, tax, 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 Communications Corp.Bernard D. Parkinson, CEO,
403-301-4591bparkinson@platcom.caorKathy Kirkup, CFO,
403-301-4594
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