Uniserve's Q3 results show continued revenue boost
'Structural and financing changes show significant payoff'
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 27, 2017) - Uniserve Communications Corporation (the "Company") (TSX VENTURE:USS) is pleased to announce the 3rd quarter 2017 financial results. Year to date revenue increases by 20%. The Company finished the quarter with:
Gross revenues for the 2017 year to date of $5.64M vs 2016 year to date of $4.68M representing an 20% increase
Year to date operating expenses decreased to $2.2M from $2.6M or 15.4%
A positive 2017 year to date EBITDA of $256K vs 2016 loss of ($296K)
Three Months Ended | Year To Date | |||||||
2017 | 2016 | 2017 | 2016 | |||||
$ | $ | $ | $ | |||||
Revenue | 2,208,138 | 1,624,190 | 5,638,938 | 4,680,024 | ||||
Cost of Revenues | 1,325,702 | 809,613 | 3,186,674 | 2,348,867 | ||||
882,436 | 814,577 | 2,452,264 | 2,331,157 | |||||
Expenses | ||||||||
Operations and Service Delivery Expenses | 587,948 | 772,845 | 1,923,941 | 2,251,725 | ||||
Sales and Marketing | 87,171 | 124,914 | 271,500 | 375,996 | ||||
EBITDA | 207,317 | (83,182 | ) | 256,824 | (296,564 | ) | ||
Amortization of Property and Equipment | 92,495 | 93,207 | 242,643 | 259,011 | ||||
Operating Profit/(Loss) | 114,822 | (176,389 | ) | 14,181 | (555,575 | ) | ||
Other Expenses (Income) | ||||||||
Finance Charges | 67,275 | 15,061 | 374,189 | 263,708 | ||||
Foreign Exchange | 10,026 | (2,667 | ) | 18,850 | 7,030 | |||
Gain on Settlements and Reversals of Debts | (326,296 | ) | (555,232 | ) | (326,296 | ) | (555,232 | ) |
Gain on Disposal of Property and Equipment | (2,397 | ) | - | (2,397 | ) | - | ||
(251,391 | ) | (542,838 | ) | 64,348 | (284,494 | ) | ||
Net Income (Loss) and Comprehensive Income (Loss) | 366,213 | 366,449 | (50,167 | ) | (271,081 | ) | ||
A significant part of third quarter results can be directly attributed to the Company's 29% reduction in operating expenses. Uniserve continues to focus on strengthening its infrastructure, its leadership group and its investment in new business products as well as interprovincial data storage redundancy.
With the recent introduction of Nicholas Jeffery as the new CEO, several new key board members, new branding, new website and product lines, the company will continue to focus on accelerating sales growth, in both its business and residential product offerings.
With the successful January private placement completed, the company is in a secure financial position for strategic acquisitions, partnerships and growth.
Uniserve's CEO, Nicholas Jeffery: "The company is now in a great place for substantial growth, particularly with the recent launch of our 'Transit' small business bundles, as well as new residential internet pricing."
About Uniserve
Uniserve (TSX VENTURE:USS) is a unified communications company delivering integrated voice, data and media services to over 13,000 customers within the residential, business to business and enterprise IT markets, currently focusing on Western Canada.
The company has been in existence for almost 28 years and has a client base across three sectors selling directly and through the wholesale channel.
The recent corporate restructuring has resulted in the majority of the board and management team being replaced, culminating in the hiring of Nicholas Jeffery the new CEO from Europe, who has a wealth of internet service provider and managed service company experience.
Uniserve prides itself on delivering world class customer services. They believe when all else is equal you can trust the company to offer highly competitive pricing and cutting edge technology bundles, all underpinned by an exemplary customer service team based in Canada.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
Learn more at www.uniserve.com or at www.sedar.com.
Michael C. Scholz, Chairman of the Board
Neither TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management's estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.
