MIAMI, Aug. 19, 2014
/PRNewswire/ -- NETTALK.COM INC. ("netTALK"; OTCBB: NTLK), a
leading ultra-low cost provider of home phone and smartphone
communications, announced its financial results for the three and
six month periods ended June 30, 2014
in addition to the previously announced recapitalization of their
debt and equity capital structure. This included a reduction
of their total outstanding debt from approximately $24 million to approximately $7.3 million.
The operational improvement and recapitalization positions the
business to deliver on its short and long-term goals with an
intense focus on continued execution towards key deliverables in
the second half of the year.
Profit/Loss Financial Highlights
For the second quarter of 2014 compared to the second quarter of
2013, we realized the following:
- Increased Gross Profit from 15% to 40%
- Reduced Operating Expenses 37%
- Reduced Operating loss 74%
- Reduced Interest Expense 66%
- Reduced Net Loss 70%
"In addition to our significant debt restructuring, we continue
to improve our operational efficiency," said Anastasios "Takis"
Kyriakides, netTALK founder and CEO. "We are energized and very
much focused on the opportunities in front of us."
About netTALK
netTALK is a public company engaged in the design, distribution
and sale of consumer electronics products and low-cost Voice over
Internet Protocol (VoIP) telephone services. Products include the
netTALK DUO and DUO WiFi and the newly updated iOS (Apple) and
Android Smartphone apps, offering free nationwide calling in US and
Canada. Users have the option to
add international calling TALK credits for calling anywhere in the
world without using cellphone minutes or roaming charges,
eliminating the need for calling cards or contracts. You can
download the free app to your mobile device at iTunes or Google
Play and Amazon App Store.
This press release may contain forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995
that involve substantial risks and uncertainties. These statements
present management's expectations, beliefs, plans and objectives
regarding future financial performance, and assumptions or
judgments concerning such performance. Any discussions contained in
this press release, except to the extent that they contain
historical facts, are forward-looking and accordingly involve
estimates, assumptions, judgments and uncertainties. There are a
number of factors that could cause actual results or outcomes to
differ materially from those addressed in the forward-looking
statements. Such factors are detailed in Net Talk.com, Inc.'s
Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and subsequent reports filed
with the Securities and Exchange Commission.
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SOURCE NETTALK.COM INC.
