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February 15, 2010

Voiceserve Announces Third Quarter Results, Enjoys Strong Revenue Growth

By Susan J. Campbell, TMCnet Contributing Editor


Voiceserve, Inc., a London-based VoIP platform solutions developer reported financial results for its third quarter, which ended December 21, 2009.
 
According to the company, they reported revenues of $985,000 for the current fiscal year third quarter, compared to $439,000 for the same period of the previous fiscal year.

This change in revenue represents a 31 percent increase over the current fiscal year second quarter. Voiceserve generated $2.4 million in revenue for the nine month period, which represents an increase of $1.0 million or 72 percent. The first nine months of the previous fiscal year produced $1.4 million.

Company officials attribute revenue growth to an increase in the sale of VoIP software licenses.
 
Also, forecasts completed by management show a continuation of this growth pace for the foreseeable future as more licenses are sold within its current use base and as VoIP call volumes increase along with geographical expansion into large new markets.

In addition, Voiceserve's gross profit on revenue was $642,000 and $1.6 million, yielding gross margins of 65 percent and 66 percent, respectively, for the three month and nine month periods ended December 30, 2009.

Gross margins in the comparable periods the previous fiscal year were 45 percent and 30 percent, respectively. As Voiceserve continues to focus on higher margin license sales, the company also expects margins to remain in the 65 percent range.

Michael Bibelman, Voiceserve's CEO, commented, 'Voiceserve is making material progress in fiscal 2010. As our fiscal year draws to a close in March, we have succeeded in implementing approximately 2000 VoipSwitch systems around the world, bringing the total to approximately 16,000 IP installations since its introduction in 2005.”

“We also added future recurring revenue opportunities via additional services including our cell phone VoIP capability, where we have a tremendous head start over any emerging competition. We have mapped out a strategy to expand the company's sales and marketing effort to address vast markets in the United States, Canada, Mexico and Central and South America and have recently secured a leasing partner to enable our sales effort to pursue much larger enterprise relationships,' Bibelman also said.

Voiceserve had approximately 32.4 million shares of common stock outstanding basic and diluted as of December 31, 2009. This is an increase of 3.0 million over the prior year period. The increase in share count is mainly due to shares issued to VoipSwitch founders during the first quarter 2010 in fulfillment of the 2008 acquisition terms of the entity.

'Our presence at the ITEXPO (News - Alert)-East in Miami last month was recognized with the Best of Show Award for Best Service Provider Solution. We plan to attend other, significant conferences to spread the company's visibility,' Alexander Ellinson, Voiceserve's chairman and president said.

For more, check out the VoIPSwitch channel on TMCnet.
 

Susan J. Campbell is a contributing editor for TMCnet and has also written for eastbiz.com. To read more of Susan’s articles, please visit her columnist page.

Edited by Stefania Viscusi




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