Uniserve 3rd Quarter Results for the period ended February 28, 2022

Vancouver, British Columbia, CANADA


VANCOUVER, British Columbia, April 28, 2022 (GLOBE NEWSWIRE) -- Uniserve Communications Corporation (the “Company” or “Uniserve”) (TSXV: USS) a provider of IT solutions and services to business and residential customers in Canada wishes to announce third quarter and year to date fiscal 2022 financial results. Q3 and Q3 year to date fiscal 2022 revenue increased by 17% and 8% respectively as compared to the same periods in the prior fiscal year. Q3 fiscal 2022 Net Income was $76K and Q3 year to date fiscal 2022 Net Income was $342K, as compared to Net Income of $24K and Net loss of $294K respectively for the prior year fiscal periods. The Company will continue to focus on its operating results in fiscal 2022 by continuing to implement operational efficiencies, grow recurring revenues and enhance value added for its customers.

Uniserve Communications Corporation   
Consolidated statements of comprehensive Income (loss)   
(Expressed in Canadian dollars)    
     
 Three months ended February 28Nine months ended February 28
  2022   2021   2022   2021 
     
Revenue$2,099,430  $1,791,308  $5,734,848  $5,319,410 
Cost of revenues 1,225,476   964,286   3,217,385   3,038,137 
  873,954   827,022   2,517,463   2,281,273 
     
Expenses    
Operations and service delivery expenses 547,132   506,239   1,447,345   1,636,314 
Sales and marketing 139,195   142,506   379,375   407,256 
Amortization of property and equipment 79,193   94,659   251,597   331,508 
Amortization of intangible assets 13,529   17,322   43,017   56,017 
  779,049   760,726   2,121,334   2,431,095 
     
Operating Profit (Loss) 94,905   66,296   396,129   (149,822)
     
Other Expenses (Income)    
Finance charges 24,336   55,435   107,255   183,834 
Gain on foreign exchange (314)  (1,007)  (1,545)  (27,797)
Gain on settlements and reversals of debts (1,849)  (6,000)  (40,478)  (6,000)
Finance Income (3,731)  (6,138)  (10,812)  (6,138)
  18,442   42,290   54,420   143,899 
     
Net and Comprehensive Income (Loss) for the period$76,463  $24,006  $341,709  $(293,721)
     

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.

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.