[January 22, 2015] |
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Platinum Communications Corporation Reports First Quarter Financial Results
Platinum Communications Corp. (TSX-V: PCS) today announced
financial results for the three months ending November 30, 2014.
Highlights for the three months, include the following:
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Platinum's revenues from operations for the three months ending
November 30, 2014 increased 6% compared to the same three month period
of fiscal 2014. The acquisition of two competitors in the past year
contributed the majority of the increase and accelerated activity with
our commercial clients provided the balance of the increase.
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Gross profit increased by 4%. Earnings before interest, tax,
depreciation and amortization decreased due to additional employees
and increased operating costs related to the acquisitions.
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Cash provided by operating activities was $328,020 in Q1 2015 compared
to $378,478 in the same quarter of fiscal 2014, a decrease of 13%.
Platinum recorded Net Income of $12,781 for the first quarter of
fiscal 2015 a decrease of 89% over the net income recorded in the same
quarter of the previous year.
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As of the date of this release Platinum has approximately $740,000 of
available cash.
SELECTED HIGHLIGHTS1
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Three months ended November 30,
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2014
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2013
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%
Change
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Revenue
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$2,597,446
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$2,440,143
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6
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Gross profit2
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1,600,214
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1,540,625
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4
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Earnings before interest, tax, depreciation and amortization3
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507,942
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590,647
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-14
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Net income
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12,781
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116,389
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-89
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Earnings per share, basic and diluted
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0.0002
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0.0021
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-90
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Cash provided by operating activities
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328,020
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378,478
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-13
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ARPU(Average revenue per user)
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225
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196
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15
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Common Shares Outstanding
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56,448,449
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55,966,731
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1
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Return on Equity
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.7%
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6.4%
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-89
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1 Includes the previously announced acquisitions of Hybrid
and Pathcom operations from November 1, 2013 and January 1, 2014
respectively. 2Gross 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. 3Earnings 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.
Bernard Parkinson, CEO comments: Our revenue continues to trend upwards
as we increase our sales wins in the large enterprise market; especially
in agriculture and oil & gas. As a result, commercial revenues now
contribute 36% to our overall topline. Platinum's repositioning of its
commercial sales group to a professional engineering and construction
company, with full safety accreditation in Alberta and BC, is gaining
significant traction with our existing and newer clients. To meet the
increasing demands for telecommunications, power and IT consulting our
Professional Services Group will begin contributing to overall revenues
in Q2.
Platinum 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 approximately 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:
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Bernard Parkinson, CEO
Phone (News - Alert) (403) 301-4591
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Katherine Kirkup, CFO
Phone (403) 301-4594
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