VANCOUVER, British Columbia, Oct. 30, 2019 (GLOBE NEWSWIRE) -- Uniserve Communications Corporation (“Uniserve”) a provider of IT solutions and services to business and residential customers in Canada wishes to announce its first quarter fiscal 2020 financial results. Revenues for Q1 FY2020 were $2,587K as compared to $2,917K in the prior fiscal year. The first quarter fiscal 2020 Operating loss was $468K compared to an operating loss of $1,104K for the prior fiscal year. Net loss for the first quarter of fiscal 2020 was $395K as compared to $1,239K for the prior fiscal year. The Company’s focus in the fiscal year 2020 will be to focus the sales team to grow managed services and voice recurring revenue streams. As well, Uniserve continues to focus on lean operations to maximize profitability and increase speed of delivery and invoicing. During FY2020 the company will launch new products and focus on generating recurring revenue.
| Uniserve Communications Corporation | ||||||
| Condensed Interim Consolidated Statements of Comprehensive Loss | ||||||
| (Expressed in Canadian dollars) | ||||||
| Three months ended | ||||||
| August 31, 2019 | August 31, 2018* | |||||
Revenue | $ | 2,587,398 | $ | 2,917,452 | ||
| Cost of revenues | 1,561,804 | 1,895,984 | ||||
| 1,025,594 | 1,021,468 | |||||
Expenses | ||||||
| Operations and service delivery expenses | 968,150 | 1,572,665 | ||||
| Sales and marketing | 286,275 | 394,384 | ||||
| Amortization of property and equipment | 177,038 | 123,934 | ||||
| Amortization of intangible assets | 61,966 | 34,004 | ||||
| 1,493,429 | 2,124,987 | |||||
| Operating Loss | (467,835 | ) | (1,103,519 | ) | ||
Other Expenses (Income) | ||||||
| Finance charges | 74,784 | 86,980 | ||||
| Loss (Gain) on foreign exchange | (13,402 | ) | 33,642 | |||
| Loss (Gain) on settlements and reversals of debts | (133,914 | ) | 15,110 | |||
| (72,532 | ) | 135,732 | ||||
| Net Comprehensive Loss for the period | $ | (395,303 | ) | $ | (1,239,251 | ) |
| * The Company applied IFRS 16 using the modified retrospective approach. Under this method, the comparative information is not restated. See note 3 of August 31, 2019 unaudited condensed interim consolidated financial statements. | ||||||
About Uniserve
Uniserve Communications Corporation is a 2018 TSX Venture top 50 performance company.
Uniserve is a unified communications company which has been in business for 30 years, combining voice, data and media services all into one seamless solution, one bill and one point of contact.
Uniserve prides itself on world class customer service based in Canada. When all else is equal, clients can trust Uniserve to have a great price, a great experience and to be a company that customers enjoy working with – we call it “ONE click, call, connect”.
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
For more information please call 604-395-3961 or email corporate.relations@uniserveteam.com.
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.