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TMCNet:  Platinum Communications Corporation Reports First Quarter Financial Results

[January 16, 2013]

Platinum Communications Corporation Reports First Quarter Financial Results

CALGARY, Alberta --(Business Wire)--

Platinum Communications Corp. (TSX-V: PCS) today announced financial results for the three months ending November 30, 2012.

Highlights for the three months, include the following:

  • Platinum's revenues from operations for the three months ending November 30, 3012 increased 22% compared to the same three month period of fiscal 2012. The acquisition of two competitors in the previous year contributed 79% to this increase and accelerated activity with our commercial clients provided the balance of the increase. In addition, the acquisitions increased Platinum's customer base by over 1,700 customers to a milestone of 10,150 customers now serving 180 communities.
  • Reduced operational expenses and other efficiencies provided an increase in gross profit of 19% and an increase of 65% in earnings before interest, depreciation and amortization compared to the prior year.
  • Cash provided by operating activities was $468,549 Q1 2013 compared to $269,756 in the same quarter of fiscal 2012, an increase of 74%. Cash used to acquire property, plant and equipment and intangible assets was $130,465 in the first quarter of fiscal 2013, compared to $256,008 in the same quarter of fiscal 2012. Platinum recorded Net Income of $219,708 for the first quarter of fiscal 2013 an increase of 209% over the net income recorded in the same quarter of the previous year.
  • As of the date of this release Platinum has approximately $897,000 of available cash.



 

SELECTED HIGHLIGHTS1

 

 

Three months ended November 30,

     

2012

     

2011

      %

 

 

Change
Revenue $1,960,781 $1,612,238 22

Gross profit2

1,327,101 1,110,649 19

Earnings before interest, depreciation and amortization3

594,157 359,549 65
Net income 219,708 71,156 209
Earnings per share, basic and diluted 0.0040 0.0013 205
Cash provided by operating activities 468,549 269,756 74
ARPU(Average revenue per user) 188 182 3
Customers 10,189 8,613 18
Common Shares Outstanding 55,593,398 54,741,654 2
Return on Equity 17.2% 6.0% 187
 

_____________________________

1 Includes acquisitions of MyCanopy and AlbertaHighSpeed from March 1, 2012 and May 1, 2012 respectively.
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, 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 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 13,000 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.


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