Platinum Communications Corp. Reports Financial Results for the Year Ending August 31, 2013
December 12 2013 - 8:30AM
Business Wire
Platinum Communications Corp. (TSX-V:PCS) today announced
financial results for the fiscal year ended August 31, 2013.
Highlights for the 2013 fiscal year, include the following:
- Platinum had an overall expansion of
25% in revenues from operations for fiscal 2013 compared to fiscal
2012 due to the expansion of its customer base by over 2,600
acquired customers – to a milestone of 12,219 customers now serving
180 communities.
- Our acquisition strategy has provided
an increase in gross profit of 24% as a result of higher revenues
and earnings before interest, tax, depreciation and amortization
(EBITDA), which grew by 45% over fiscal 2012 as a result of
operating efficiencies.
- Cash provided by operating activities
was $2,151,542 in fiscal 2013 compared to $1,178,238 in fiscal
2012, an increase of 83%.
- Platinum recorded Net Income of
$2,148,154 for fiscal 2013 an increase of 987% over the previous
year.
- As of the date of this release Platinum
has approximately $1,090,000 of available cash.
SELECTED
HIGHLIGHTS1
Year ended August 31,
2013
2012 % Change Revenue
$8,845,630
$7,099,555 25
Gross profit2
5,935,775 4,781,595 24
Earnings before interest, tax,
depreciation and amortization3
2,187,136
1,510,617 45 Net income
2,148,154 197,601 987 Earnings per
share, basic and diluted
Cash provided by operating activities
0.0385
2,151,542
0.0036
1,178,238
969
83
ARPU(Average revenue per user)
769 728 6 Customers
Common Shares Outstanding
12,219
55,593,398
10,272
55,136,654
19
1
Return on Equity
30% 4% 650
1 Includes the previously announced acquisition of Community
Networks Inc.from March 1, 2013.
2Gross 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.
3Earnings 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.
Bernard D. Parkinson, CEO, commented, "I am very pleased about
our results, which includes record revenue and EBITDA, reflecting
continued strong growth in our commercial broadband business. We
have also made significant progress with the integration planning
for our pending acquisition of Pathcom, and expect to be
well-positioned to operate that business upon closing in January of
2014. Overall, we are very excited about the demand for broadband
services from our commercial and residential customers and will
continue to position Platinum to enhance returns to our
shareholders."
Platinum Communications Corporation (TSX-V: PCS) 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 more than 12,000 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.
Platinum Communications Corp. (PCS)http://www.platinum.caBernard
D. Parkinson, 403-301-4591CEObparkinson@platcom.caorKatherine
Kirkup, 403-301-4594CFO
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