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Radiant Communications Announces 2011 Year-End Results
VANCOUVER, Mar 27, 2012, 2012 (Canada NewsWire via COMTEX) --
Radiant Communications Corp. ("Radiant") (TSX-V:RCN), a leading provider of managed network
and cloud hosting solutions for medium-size enterprises today announced
its financial results for the fourth quarter and year ended December
31, 2011.
HIGHLIGHTS:
-- Record revenue of $32.3 million for the year ended December 31,
2011 increased by 3.2% compared to revenue of $31.3 million for
the year ended December 31, 2010. Fourth quarter revenue of
$8.2 million increased by 2.9% compared to the fourth quarter
of 2010.
-- Gross margin was 39.1% for the year and 38.1% in the fourth
quarter.
-- EBITDA for the year ended December 31, 2011 was $1.3 million
and EBITDA in the fourth quarter was $419,625. (see EBITDA
section for the reconciliation of EBITDA to Net Income).
-- The Net Loss for the year was $663,233 or $0.04 per share with
a net profit of $20,392 or $0.00 per share in the fourth
quarter.
-- The Company ended the year with cash and short-term investments
of $4.0 million and generated $689,376 of cash from operating
activities during the year.
-- During 2011 Radiant re-signed several existing customer
relationships, continued to add new services with existing
customers and sold new services to many small and medium
businesses.
-- In August of 2011 a decision was made to reorganize the company
in order to better focus on strategic long term shareholder
return with costs of restructuring activities of $523,377
expensed during the period.
-- In September of 2011 Paul Healey was appointed Interim
President and CEO
-- On March 5, 2012, subsequent to the end of fiscal 2011, Paul
Healey was appointed President and CEO by the Board of
Directors.
"Radiant continues to benefit from a strong customer base with recurring
revenue and a compelling value proposition," said Paul Healey,
President and CEO. "2011 was a transitional year where we made
adjustments to our tactical sales model and improved our suite of
solutions for medium-sized enterprises. I am very pleased with our
progress and our 2011 results provide evidence of the resilience and
loyalty of our valued customers. We achieved record revenue and
generated positive cash flow and EBITDA even as we made significant
adjustments to our business processes. I look forward to continuing
improvement in our results as our team delivers reliable, secure and
scalable IT infrastructure services to our growing list of Canada's
leading medium sized enterprises."
EBITDA
Earnings before Interest, Taxes, Depreciation and Amortization, is
calculated as follows:
($000s) Year ended Year ended
December 31, December 31,
2011 2010
Operating Income $ (684) $ 73
(loss)
Amortization 1,445 1,205
Stock-based 60 129
compensation expense
Restructuring costs 523 -
EBITDA $ 1,344 $ 1,407
In the twelve months ended December 31, 2011 Radiant achieved positive
EBITDA of $1.3 million compared to positive EBITDA of $1.4 million in
the comparable period of 2010.
About Radiant
Radiant Communications is a leading provider of managed network and
cloud hosting solutions for medium-size enterprises. Leveraging one of
the largest Internet footprints across Canada, Radiant offers a
comprehensive portfolio of reliable, secure and scalable IT
infrastructure services, simplified under a single point of contact.
For over 15 years, many of Canada's most recognized brand names have
been relying on Radiant to support their mission-critical business
operations.
All trademarks, service marks, registered trademarks, or registered
service marks are the property of the respective owners.
This press release may contain forward-looking statements, including
statements regarding the business and anticipated financial performance
of Radiant, which involve risks and uncertainties. These risks and
uncertainties may cause Radiant's actual results to differ materially
from those contemplated by the forward-looking statements. Factors that
might cause or contribute to such differences include, among others,
competitive pressures, the growth rate of the Internet and
telecommunications concerns, constantly changing technology and market
acceptance of Radiant's products and services. Investors are also
directed to consider the other risks and uncertainties discussed in
Radiant's required financial statements and filings. All other
companies and products listed herein may be trademarks or registered
trademarks of their respective holders.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/March2012/27/c8484.html
SOURCE: Radiant Communications Corp.
Investors: Chuck Leighton, CFO, 604.692.4531,cleighton@radiant.net Media:Janice
Keay, Senior Director of Marketing, 416. 646.9416,jkeay@radiant.net
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