Uniserve reports results for fiscal year ended May 31, 2021

Vancouver, British Columbia, CANADA


VANCOUVER, British Columbia, Sept. 28, 2021 (GLOBE NEWSWIRE) --  Uniserve Communications Corporation (“Uniserve”) a provider of IT solutions and services to business and residential customers in Canada wishes to announce its annual fiscal 2021 financial results. Revenues for fiscal 2021 were $8,064K as compared to $12,359K for the prior fiscal year. The annual fiscal 2021 Operating Profit was $360K compared to an Operating Loss of $1,632K for the prior fiscal year. Net Income for fiscal 2021 was $140K as compared to Net Loss of $3,496K for the prior fiscal year. Included in the prior year Net Loss were impairment charges totaling $1,772K. During the year Uniserve focused on reducing operational costs and improving processes across the organization.

Uniserve Communications Corporation  
Consolidated statements of comprehensive income (loss)  
(Expressed in Canadian dollars)  
   
 Year ended May 31
 2021
2020
   
Revenue$8,063,502 $12,358,516 
Cost of revenues4,708,371 8,132,964 
 3,355,131 4,225,552 
   
Expenses  
Operations and service delivery expenses1,860,964 3,965,172 
Sales and marketing627,770 1,033,588 
Amortization of property and equipment433,891 721,592 
Amortization of intangible assets72,202 137,351 
 2,994,827 5,857,703 
   
Operating Profit (Loss)360,304 (1,632,151)
   
Other Expenses (Income)  
Finance charges235,800 266,792 
Loss (Gain) on foreign exchange(5,013)3,886 
Gain on settlements and reversals of debts(1,386)(171,714)
Miscellaneous Income- (7,674)
Finance Income(9,097)- 
Impairment of customer relationships- 118,500 
Impairment of goodwill- 1,653,657 
 220,304 1,863,447 
   
Net and Comprehensive Income (Loss) for the year$140,000 ($3,495,598)
   

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.

Walter Schultz
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.