RUSHVILLE, Ind., Nov. 19, 2010 (GLOBE NEWSWIRE) -- Omnicity Corp (OTCBB:OMCY), the Midwest's largest and fastest growing fixed Wireless Internet Service Provider (WISP), today announced its financial results for the fourth quarter and fiscal year ended July 31, 2010.
Highlights include:
- 2010 revenues increased 106% to $3.5 million compared to 2009 revenues of $1.7 million
- Q4 2010 revenues increased 117% to $1.4 million compared to 2009 revenues of $0.6 million
- Successfully expanded its subscriber base to 11,500 subscribers
Adjusted EBITDA ("EBITDA") (Conventional earnings before interest, taxes, depreciation, and amortization) for the fourth quarter 2010 was negative $17,000 (negative $1,131,000 fiscal year 2010) compared to EBITDA for the fourth quarter 2009 of negative $454,000 (negative $1,665,000 fiscal year 2009). EBITDA was positively impacted in fiscal 2010 by continued record increases in revenues from acquisitions and organic growth and from reductions in costs associated with connectivity, operations, and general and administrative expenses. The Company has reported its final audited results on Form 10-K with the Securities and Exchange Commission filed November 17, 2010.
Greg Jarman, CEO, said, "We are very pleased with our earnings progress over the last fiscal year and particularly the last quarter, and we believe that our EBITDA profitability will continue to improve over the foreseeable future. This certainly paves the way for our growth strategy and we expect to rapidly drive positive EBITDA as we complete acquisitions that generate incremental profit margins of at least 40%. We have 10 acquisitions ready to complete. While we are focused on increasing our top-line revenues, we do not intend to take our eyes off of our goal to continue to rapidly improve profitability. We expect these acquisitions, along with stepped up organic growth, will positively impact Omnicity's valuation in the public market."
About Omnicity:
Omnicity Corp is a public company based in Indiana providing broadband access, including advanced services of voice, video and data, in un-served and underserved small and rural markets and is planning to be the premier consolidator of rural market broadband nationwide. Omnicity's strategy is to provide a total broadband solution and continue rapid growth through acquisitions of networks and subscribers, organic growth and continue to partner with Rural Electric Membership Co-ops and Rural Telephone Companies. Omnicity has an experienced broadband operations team with extensive wireless broadband/ISP expertise as well as the expertise to consolidate large numbers of networks and subscribers through its roll-up strategy.
Forward-looking statements, made pursuant to safe harbor provisions of the PSLR Act of 1995, inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. By making these forward-looking statements, the Company undertakes no obligation to update these statements for changes after the date of this release.