VANCOUVER, British Columbia, April 29, 2020 (GLOBE NEWSWIRE) -- Uniserve Communications Corporation (“Uniserve”) a provider of IT solutions and services to business and residential customers in Canada wishes to announce third quarter fiscal 2020 financial results.
Q3 and Q3 year to date fiscal 2020 revenues decreased by 23% and 16.5% respectively as compared to the same periods in the prior fiscal year. Q3 fiscal 2020 Net loss was $1,002K and Q3 year to date fiscal 2020 Net loss was $2,385K, as compared to Net loss of $218K and Net loss of $2,328K respectively for the prior year fiscal periods. Included in the current quarter Net Loss was $550K of goodwill writedown and a $165K provision for a doubtful account for a large customer for which collections action continues. During the current February quarter and following, the Company has reduced its number of staff by approximately 30 percent as it continues to focus on cost cutting measures.
| Uniserve Communications Corporation | ||||||||||||
| Condensed Interim Consolidated Statements of Comprehensive Loss | ||||||||||||
| (Expressed in Canadian dollars) | ||||||||||||
| Three months ended | Nine months ended | |||||||||||
| February 29 | February 28 | February 29 | February 28 | |||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||
| Revenue | $ | 2,814,377 | $ | 3,652,248 | $ | 7,898,932 | $ | 9,459,690 | ||||
| Cost of revenues | 1,764,540 | 2,401,670 | 4,835,437 | 5,978,133 | ||||||||
| 1,049,837 | 1,250,578 | 3,063,495 | 3,481,557 | |||||||||
| Expenses | ||||||||||||
| Operations and service delivery expenses | 939,605 | 912,854 | 3,355,622 | 4,052,137 | ||||||||
| Sales and marketing | 318,972 | 276,051 | 842,835 | 917,729 | ||||||||
| Amortization of property and equipment | 181,543 | 130,062 | 537,267 | 377,482 | ||||||||
| Amortization of intangible assets | 33,123 | 26,341 | 154,609 | 90,274 | ||||||||
| 1,473,243 | 1,345,308 | 4,890,333 | 5,437,622 | |||||||||
| Operating Loss | (423,406 | ) | (94,730 | ) | (1,826,838 | ) | (1,956,065 | ) | ||||
| Other Expenses (Income) | ||||||||||||
| Finance charges | 64,126 | 79,375 | 202,261 | 247,789 | ||||||||
| Loss (Gain) on foreign exchange | 2,280 | 41,772 | (22,549 | ) | 99,074 | |||||||
| Impairment of Goodwill | 550,000 | - | 550,000 | - | ||||||||
| Loss (Gain) on settlements and reversals of debts | (37,799 | ) | 2,117 | (171,714 | ) | 24,782 | ||||||
| 578,606 | 123,264 | 557,998 | 371,645 | |||||||||
| Net Comprehensive Loss for the period | $ | (1,002,012 | ) | $ | (217,994 | ) | $ | (2,384,836 | ) | $ | (2,327,710 | ) |
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. The unique selling proposition of the business is “SMART” People, Solutions, and Technology with over 13,000 customers spread across residential and enterprise centered around Vancouver, Calgary and Kitchener-Waterloo.
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.