Telehop Communications Reports Second Quarter 2010 Financial Results
16 Août 2010 - 10:30PM
PR Newswire (Canada)
TORONTO, Aug. 16 /CNW/ -- TORONTO, Aug. 16 /CNW/ - Telehop
Communications Inc. (TSXV-HOP) is a full-service long distance
provider operating within the telecommunications industry and is
registered with the Canadian Radio-television and
Telecommunications Commission ("CRTC") as a licensed Class "A"
Telecom Carrier.
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Consolidated Highlights three months ended six months ended ($
Thousands except June 30, June 30, June 30, June 30, for per share
data) 2010 2009 2010 2009
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Consolidated Income Statement -------------------------------
Operating revenues 3,060 3,562 5,982 7,039 Gross margin 1,302 1,463
2,493 2,766 Gross margin % 42.5% 41.1% 41.7% 39.3% EBITDA 24 (169)
(54) (551) Net income (loss) (62) (243) (170) (574) Earnings (loss)
per share - basic 0.00 (0.02) (0.01) (0.04) Earnings (loss) per
share - diluted 0.00 (0.02) (0.01) (0.04)
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The second quarter showed improved results with a positive EBITDA
and an increase in working capital for the quarter. Fulvio Ciano,
Chief Executive officer stated, "We have more work to do, but I am
very encouraged by the improved second quarter results and the
prospects for our Company's continuing progress in 2010". Quarterly
financial summary Revenue for second quarter 2010 was $3,060,274
with a net loss of $62,318 or $0.00 per common share compared to
revenue of $3,562,090 and net loss of $242,903 or $0.02 per common
share for the second quarter 2009. Our revenue was $501,816 or
14.1% less quarter for quarter which is attributable to a reduction
in our retail long-distance business of $423,521 and a reduction in
our wholesale long-distance business of $78,295. Year to date
revenue was $5,982,019 with a net loss of $169,701 or $0.01 per
common share compared to revenue of $7,039,243 and net loss of
$573,607 or $0.04 per common share for the first six months of
2009. Our gross margin for the second quarter was $1,302,183 or
42.5% compared to $1,462,647 or 41.1% for the same quarter in 2009.
This improvement is attributable to concentrating our marketing
efforts on higher margin niche markets. Year to date margin has
shown a 2.4% increase to 41.7% over 2009. Operating expenses
decreased from $1,723,791 in second quarter 2009 by $363,338 or
21.1% to $1,360,453. The majority of the decrease relates to a more
focused marketing strategy. Six month operating expenses decreased
by $794,805 or 22.7% to $2,702,806. We completed the second quarter
with $528,781 of cash and working capital of $996,908 with no bank
debt. We have reduced our expenses on an ongoing basis and have
implemented a strategic initiative which we believe will help us
increase the value of our Company in the long term. A complete
financial reporting package is available on Sedar
http://www.sedar.com or by contacting the company. Certain
statements in this press release may constitute "forward looking
statements" and involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the Corporation to be materially different from any
performance or achievement expressed or implied by such "forward
looking statements". The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release %SEDAR:
00004365E Company Contact: Mr. Fulvio Ciano, CEO, (416) 494 4490,
fciano@telehop.com
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