Platinum Communications Corp. Reports Financial Results for the Year Ending August 31, 2013admin
Platinum Communications Corp. Reports Financial Results for the Year Ending August 31, 2013
Calgary, Alberta CANADA, December 12, 2013 /FSC/ – Platinum Communications Corporation (PCS – TSX Venture), 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.
Year ended August 31,
2013 2012 % Change
Revenue $8,845,630 $7,099,555 25
Gross profit(2) 5,935,775 4,781,595 24
Earnings before interest,
and amortization(3) 2,187,136 1,510,617 45
Net income 2,148,154 197,601 987
Earnings per share,
basic and diluted 0.0385 0.0036 969
Cash provided by
operating activities 2,151,542 1,178,238 83
ARPU(Average revenue per user) 769 728 6
Customers 12,219 10,272 19
Common Shares Outstanding 55,593,398 55,136,654 1
Return on Equity 30% 4% 650
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.”
(1) Includes the previously announced acquisition of Community Networks Inc.from March 1, 2013.
(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 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.
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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, CEO Katherine Kirkup, CFO
Phone (403) 301-4591 Phone (403) 301-4594
Source: Platinum Communications Corporation (PCS)http://www.platinum.ca
To view this press release as a PDF, please click on the following link:
Source: Platinum Communications Corporation (TSX-V: PCS) http://www.platinum.ca
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Posted: December 12th, 2013 under FSCWIRE.