Platinum Communications Corporation Reports Record Financial Results for the Nine Months Ending May
Platinum Communications Corporation Reports Record Financial Results for the Nine Months Ending May 31, 2013
CALGARY, Alberta--(BUSINESS WIRE)-- Platinum Communications Corporation (TSX-V: PCS) today announced financial results for the nine months ending May 31, 2013.
Highlights for the nine months, include the following:
Platinum's revenues from operations increased by 25%.
Gross profit increased by 23%, while EBITDA increased by 41%.
Platinum recorded Net Income of $395,321, an increase of 91%.
Cash provided by operating activities was $1,494,679, an increase of 96%.
As of this release date Platinum has approximately $1,560,000 of available cash.
Bernard Parkinson, CEO, adds; "Due to its aggressive consolidation strategy Platinum is driving record financial results, which is providing cash for new business opportunities. Three acquisitions of our competitors over the previous fifteen months have contributed to significant increases in revenue, earnings, cash flow and net income. Platinum will continue to seek out additional accretive opportunities."
SELECTED HIGHLIGHTS1 | |||||||||||||||||||
Nine months ended May 31, | |||||||||||||||||||
2013 | 2012 | % Change | |||||||||||||||||
Revenue | $6,386,781 | $5,095,967 | 25 | ||||||||||||||||
Gross profit2 | 4,314,407 | 3,497,863 | 23 | ||||||||||||||||
Earnings before interest, depreciation and amortization3 | 1,639,025 | 1,159,741 | 41 | ||||||||||||||||
Net income | 395,321 | 207,400 | 91 | ||||||||||||||||
Earnings per share, basic and diluted | 0.0071 | 0.0038 | 86 | ||||||||||||||||
Cash provided by operating activities | 1,494,679 | 761,990 | 96 | ||||||||||||||||
ARPU (Average revenue per user) | 498 | 476 | 5 | ||||||||||||||||
Customers | 12,551 | 10,398 | 21 | ||||||||||||||||
Common Shares Outstanding | 55,966,731 | 55,593,398 | 1 | ||||||||||||||||
Return on Equity | 10% | 6% | 67 | ||||||||||||||||
1 | Includes the previously announced acquisition of Community Networks Inc. from March 1, 2013. |
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 12,500 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.
For further information please contact: | ||||
Bernard Parkinson, CEO | Katherine Kirkup, CFO | |||
Phone (403) 301-4591 | Phone (403) 301-4594 | |||
Platinum Communications Corporation (PCS) http://www.platinum.ca
Platinum Communications Corp.
Bernard D. Parkinson, 403-301-4591
CEO
bparkinson@platcom.ca
KEYWORDS: United States North America Canada Washington
INDUSTRY KEYWORDS:
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