- Adjusted net earnings rose to $501k, up from a loss of $192k in 2010
- Adjusted net income increased to $2 million or $0.05 per share, up from a loss of $590k or ($0.02) per share in 2010
- Total shareholder equity rose to $2.4 million or $0.06 per share (including a stock issuance of $470k) up from a deficit of $460k or $0.01 per share
TORONTO, Jan. 18, 2012 (GLOBE NEWSWIRE) -- Teliphone Corp. (OTCQB:TLPH) the world's local digital telecommunications company announced the results for its year end September 30, 2011. This is the first report of annual earnings after the April 1, 2011 disposition of its majority-owned subsidiary, Teliphone Inc. therefore results are not directly comparable to prior periods.
Consolidated results net revenue for the year ending September 30, 2011 was $2,257,385 a 20-fold increase from year end September 30 2010. These revenues represent six months of operations after the disposition of Teliphone Inc. Accounting for discontinued operations from its former subsidiary Teliphone Inc., revenues were $4,694,393, up 0.7% from $4,663,201 in 2010. Consolidated net income from operations was $501,269 in 2011 up from a loss of $192,952 in 2010. Teliphone Corp. also recorded a one time net gain of $1,514,629 from the disposition of Teliphone Inc. and will retain ongoing revenues from the former subsidiary. The adjusted net income was $2,015,898 in 2011, up from a loss of $590,041 in 2010. Earnings per share in 2011 were $0.05 ($0.01 from operations and $0.04 from the disposition of Teliphone Inc.), up from a loss of $0.02 and the accumulated deficit was $224,852, down from $2,240,750 in 2010. Total shareholder equity in 2011 rose to $1,926,756 or $0.05 per share from a deficit of $435,694 or ($0.01 per share) in 2010. The 2011 figure includes $469,868 liability for shares to be issued. These shares were issued in September 2011 and adjusting for this, the shareholder equity was $2,396,624 or $0.06 per share.
Lawry Trevor-Deutsch, President and CEO stated, "In 2011 we worked hard to accomplish major restructuring of the company which has resulted in significant improvements to our balance sheet and net income and putting us in an excellent position for growth in 2012. In 2012 we intend to focus on both increased sales of our traditional offerings as well as the launch of an expanded line of services for both business and consumers. We also intend to reduce our cost base by shortening our supply chain and re-negotiating supply agreements. Along with the acquisition of the New York Telecom Exchange (NYTEX) in December 2011 and the expansion of our telecommunications infrastructure, Teliphone Corp. is now poised for growth in all three major areas of telecommunications; wholesale, commercial and retail."
About Teliphone
Teliphone Corp. is the world's local digital telecommunications company providing Internet, voice, IPTV, digital content and data services to business, government and residential customers. Teliphone operates a Canadian coast to coast network with its own national infrastructure and its voice and IPTV services are also available in 47 countries. Teliphone is able to deliver more value added services to its customers at a lower cost than other suppliers.
NYTEX is an international telecommunications commodity exchange which uses a proprietary algorithm which commoditizes international telecommunications minutes. NYTEX also developed the concept of trading of blocks of minutes and when used in conjunction with the algorithm allows minutes to be traded like any other commodity as in other mercantile exchanges. NYTEX provides a trading platform for wholesale carriers, mobile and fixed network operators and retail operators and acts as the central clearing house to all exchange-traded transactions therefore ensuring the delivery and fulfillment of these transactions. NYTEX has data centers in Montreal (NYTEX), London (LondonTelex) and Brussels (Europe Telecom Exchange).
Forward-Looking Statements
This press release includes "forward-looking statements" as defined by the SEC. All statements, other than statements of historical fact, included herein that address activities, events or developments that Teliphone Corp. or New York Telecom Exchange Inc. expects, believes or anticipates will or may occur in the future, including anticipated benefits and other aspects of the proposed acquisition, are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of their dates. Except as required by law, neither Teliphone Corp. nor the New York Telecom Exchange Inc. intends to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.