Platinum Communications Corp. Reports Financial Results for the Year Ending August 31, 2014
December 15 2014 - 4:45PM
Business Wire
Platinum Communications Corp. (TSX-V: PCS) today
announced financial results for the fiscal year ended August 31,
2014.
Highlights for the 2014 fiscal year, include the following:
- Platinum had steady growth of 17% in
revenues from operations for fiscal 2014 compared to fiscal 2013
due to two acquisitions, which contributed 43% and commercial
revenues which contributed 44% to the increase.
- Our acquisition strategy has provided
an increase in gross profit of 5% as a result of higher revenues.
Earnings before interest, tax, depreciation and amortization
(EBITDA) pulled back 1% compared to fiscal 2013 as a result of
transaction and restructuring expenses.
- Cash provided by operating activities
was $1,207,552 in fiscal 2014 compared to $2,151,542 in fiscal
2013, a decrease of 44% due to higher accounts receivable balances
from commercial revenue growth.
- Platinum recorded Net Income of
$164,673 for fiscal 2014 a decrease of 92% over the previous year.
The decrease is primarily the result of an income tax recovery of
$1.7 million recorded in the previous year.
- As of the date of this release Platinum
has approximately $980,000 of available cash.
SELECTED HIGHLIGHTS1
Year ended August 31,
2014 2013
% Change Revenue
$10,358,704 $8,845,630 17
Gross profit2
6,232,579 5.935,775 5
Earnings before interest, tax,
depreciation and amortization3
2,155,895 2,187,136 -1 Net income
164,673 2,148,154
-92 Earnings per share, basic and diluted
0.0029 0.0385 -93
Cash provided by operating activities
1,207,552 2,151,542
-44 ARPU(Average revenue per user)
848 769 10 Customers
11,437 12,219 -6 Common Shares Outstanding
56,448,449
55,966,731 1 Return on Equity
2% 30% -93
Bernard Parkinson, CEO, commented, "Platinum is now favorably
positioned in Alberta as a reliable Internet provider to both
residential customers and enterprise clients. Our engineering
expertise; operational efficiencies; as well as our commitment to
safety have given us a solid foundation in the oil and gas markets
in a very short timeframe. Overall, we are bullish that the demand
for broadband services will continue as we build out our network
and service offerings."
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 11,000 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.
For further information please contact:
Bernard D. Parkinson, CEOPhone (403) 301-4591orKatherine Kirkup,
CFOPhone (403) 301-4594
1 Includes the previously announced acquisitions of Hybrid and
Pathcom operations from 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,
403-301-4591CEObparkinson@platcom.caorKatherine Kirkup, (403)
301-4594CFO
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