TORONTO, ONTARIO — (Marketwire) — 03/28/12 — Phonetime Inc. (TSX: PHD) announced today the financial results for its 2011 fiscal year. Net income was $3.4 Million, or $0.02 per share, compared to a Net loss of $2.5 Million, or a net loss of ($0.02) per share, in 2010. The Company is pleased to report a year over year improvement in Net income of $5.9 Million, or $0.04 per share. Management attributes this improvement to the Company-s restructuring in 2010.
Critical Success Factors for the 2010 restructuring:
Key Income Statement metrics for 2011:
Key Balance sheet metrics as at December 31, 2011:
Phonetime Operations
Outlook for 2012
“We expect EBITDA(1) to grow by 25% in 2012; while remaining cautious of heightened credit risk. We are reviewing business opportunities in growing traffic areas including SMS messaging, Mobile wallet and MVNO platforms. We are also looking at opportunities to consolidate traffic with competitors and partners. A Normal Course Issuer Bid has been put in place to allow the Company to acquire for cancellation common stock of the Company, at times when excess of supply of stock becomes available.” said, Gary Clifford, Executive Chairman. “We are excited about our progress in 2011. Phonetime is back on track, and our seasoned management team is poised to take advantage of market opportunities brought about by the ongoing recession and the need for telecommunication providers to be more efficient and effective in the procurement of telecommunications traffic. Shortly, I intend to step back from management, and remain on as Chairman of the Board.”
The Company-s annual audited consolidated financial statements have been filed on SEDAR.
About Phonetime Inc.
Established in 1994, Phonetime is a leading provider of international and domestic switched voice services to the world-s telecommunication operators and voice service providers. Phonetime-s customers and suppliers include, fixed line operators, mobile operators, retail and VoIP service providers, who buy and sell voice and IP telecommunications services. Phonetime has traders in Europe, Asia and the Americas using its proprietary trading platform with embedded intelligence, which includes profitability benchmarking, call routing, credit management, network quality visibility and loss prevention. As voice technology evolves Phonetime has commoditized its trading philosophy and along with its platform is positioned to emerge as a leading clearing house. Phonetime is a public company listed on the Toronto Stock Exchange (TSX).
Caution Regarding Forward Looking Information:
This press release contains forward-looking statements, which may be identified by words like “expects”, “anticipates”, “plans”, “intends”, “indicates” or similar expressions. These statements are not a guarantee of future performance and are inherently subject to risks and uncertainties. Phonetime-s actual results could differ materially from those currently anticipated due to a number of factors set forth in reports and other documents filed by the Company with Canadian securities regulatory authorities from time to time. See which contains all securities files.
(1) EBITDA is non-GAAP financial measure. It is defined as Income from continuing operations excluding depreciation and amortization expense, stock based compensation, interest expense and mark to fair value of common stock warrants.
Contacts:
Phonetime Inc.
Gary Clifford
Executive Chairman
+416-418-9802
Phonetime Inc.
Michael Vazquez
President and COO
+954-608-5058
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