MARKHAM, ONTARIO / ACCESSWIRE / May 23, 2014 - Sangoma Technologies
Corporation (TSX VENTURE:STC), a leading provider of hardware and
software components that enable or enhance IP Communications
Systems for both voice and data, today announced highlights of its
unaudited consolidated interim financial statements under IFRS for
the third quarter of fiscal 2014, ended March 31, 2014.
Sales for
the third quarter of fiscal 2014 were approximately $3.5 million,
up 9% from the same quarter last year in fiscal 2013.
"I am
pleased to again report solid revenue growth over last year", said
Bill Wignall, President and CEO of Sangoma. "While sales of new
products remain our primary focus, during the last quarter or so,
we've put extra attention into sales of our legacy products as
well. The market for those products is likely to decline over time,
so our only alternative is to fight for share, which we've done by
entering new geographies or forming new partnerships to strengthen
share in certain countries. That helped in our third quarter,
although perhaps not by quite as much as we would have liked, due
to the 'lumpiness' in orders as described previously. At the same
time, we continue to be prudent with operating expenses, and as a
result, have produced healthy Operating Income once again this
quarter, delivering a significant swing from one year
ago."
Click Image To View Full Size
1 Operating
Income and EBITDA are metrics used by the Company to monitor its
performance and the definitions may be found in the accompanying
MD&A posted today at
http://www.sedar.com/.
Gross
profit was $2.34 million for the quarter or 67% of revenue, just
slightly above the levels the Company typically expects.
Operating
expense for the third quarter was $2.12 million, down $0.03 million
(1%) from the $2.15 million last year.
Operating
income was $0.22 million for the quarter ended March 31,
2014, compared to an operating loss of
$0.16 million in the same quarter a year ago. Net Income for
the quarter was $0.16 million ($0.005 per
share fully diluted), compared to a net loss of $0.14 million
(-$0.005 per share fully diluted) for the quarter ended March 31,
2013.
Sangoma continues to maintain
a solid balance sheet with over $4 million in cash and working
capital of $10.99 million, as compared to $10.62 million on June
30, 2013.
President and CEO, Bill
Wignall, and CFO, David Moore will host a conference call on
Tuesday May 27, 2014 at 12.00 noon Eastern Standard Time to discuss
the quarterly results. The dial-in number for the call is
1-800-319-4610 (International
1-604-638-5340). Investors are requested to dial
in 5 to 10 minutes before the scheduled start time and ask to join
the Sangoma call.
At the Board Meeting on May
23, 2014 Sangoma commenced an evolution of its Board of Directors
with the acceptance of the resignations of Messrs. Jonathan
Matthews and Jay Lefton, whom the Board wishes to thank for their
contributions to Sangoma. At the same meeting Mr. Al Guarino was
appointed as a Director of Sangoma and Chair of the Audit
Committee. Mr. Guarino is a CPA, a former partner of Arthur
Andersen LLP, sat on the Board of Futurecom Systems Group, a leader
in the design and manufacture of RF coverage extension systems for
public safety, is currently CEO of Physiomed Physician Services and
sits on the Board of Cornerstone 52 Foundation, a not for profit
organization that raises money for various children's
charities.
About Sangoma Technologies
Corporation
Sangoma is a leading provider of hardware and
software components that enable or enhance IP Communications
Systems for both telecom and datacom applications. Sangoma's data
boards, voice boards, gateways and connectivity software are used
in leading PBX, IVR, contact center and data-communication
applications worldwide. The product line in-cludes both hardware
and software compo-nents that offer a comprehensive toolset for
deploying cost-effective, powerful, and flex-ible communication
solutions.
Founded in 1984, Sangoma
Technologies Corporation is publicly traded on the TSX Venture
Exchange (TSX VENTURE: STC). Additional information on Sangoma can
be found at: www.sangoma.com.
Cautionary
Statement Regarding Forward Looking Statements
This press release contains
forward-looking statements, including statements regarding the
future success of our business, development strategies and future
opportunities.
Forward-looking statements
include, but are not limited to, statements concerning estimates of
expected expenditures, statements relating to expected future
production and cash flows, and other statements which are not
historical facts. When used in this document, the words such as
"could", "plan", "estimate", "expect", "intend", "may",
"potential", "should" and similar expressions indicate
forward-looking statements.
Although Sangoma believes that
its expectations reflected in these forward-looking statements are
reasonable, such statements involve risks and uncertainties and no
assurance can be given that actual results will be
consistent with these forward-looking statements. Forward-looking
statements are based on the opinions and estimates of management at
the date that the statements are made, and are subject to a variety
of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected
in forward-looking statements. Sangoma undertakes no obligation to
update forward-looking statements if circumstances or management's
estimates or opinions should change except as required by
law.
Readers are cautioned not to
place undue reliance on forward-looking statements, as there can be
no assurance that the plans, intentions or expectations upon which
they are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks
and uncertainties, both general and specific, that contribute to
the possibility that the predictions, forecasts, projections and
other events contemplated by the forward-looking statements will
not occur. Although Sangoma believes that the expectations
represented by such forward-looking statements are reasonable,
there can be no assurance that such expectations will prove to be
correct as these expectations are inherently subject to business,
economic and competitive uncertainties and contingencies. Some of
the risks and other factors which could cause results to differ
materially from those expressed in the forward-looking statements
contained in the management's discussion and analysis include, but
are not limited to changes in exchange rate between the Canadian
Dollar and other currencies, changes in technology, changes in the
business climate, changes in the regulatory environment, the
decline in the importance of the PSTN and new competitive
pressures. The forward-looking statements contained in this press
release are expressly qualified by this cautionary
statement.
# # #
Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
Sangoma Technologies Corporation
David Moore
Chief Financial Officer
(905) 474-1990 Ext. 107
dsmoore@sangoma.com
www.sangoma.com
Sangoma Technologies (TSXV:STC)
Historical Stock Chart
From Nov 2024 to Dec 2024
Sangoma Technologies (TSXV:STC)
Historical Stock Chart
From Dec 2023 to Dec 2024
