VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 27, 2017) - Uniserve Communications Corporation (the "Company") (TSX VENTURE:USS) is pleased to announce the 3rd quarter 2017 financial results. Year to date revenue increases by 20%. The Company finished the quarter with:
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Gross revenues for the 2017 year to date of $5.64M vs 2016 year to date of $4.68M representing an 20% increase
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Year to date operating expenses decreased to $2.2M from $2.6M or 15.4%
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A positive 2017 year to date EBITDA of $256K vs 2016 loss of ($296K)
| Three Months Ended | Year To Date | |||||||
| 2017 | 2016 | 2017 | 2016 | |||||
| $ | $ | $ | $ | |||||
| Revenue | 2,208,138 | 1,624,190 | 5,638,938 | 4,680,024 | ||||
| Cost of Revenues | 1,325,702 | 809,613 | 3,186,674 | 2,348,867 | ||||
| 882,436 | 814,577 | 2,452,264 | 2,331,157 | |||||
| Expenses | ||||||||
| Operations and Service Delivery Expenses | 587,948 | 772,845 | 1,923,941 | 2,251,725 | ||||
| Sales and Marketing | 87,171 | 124,914 | 271,500 | 375,996 | ||||
| EBITDA | 207,317 | (83,182 | ) | 256,824 | (296,564 | ) | ||
| Amortization of Property and Equipment | 92,495 | 93,207 | 242,643 | 259,011 | ||||
| Operating Profit/(Loss) | 114,822 | (176,389 | ) | 14,181 | (555,575 | ) | ||
| Other Expenses (Income) | ||||||||
| Finance Charges | 67,275 | 15,061 | 374,189 | 263,708 | ||||
| Foreign Exchange | 10,026 | (2,667 | ) | 18,850 | 7,030 | |||
| Gain on Settlements and Reversals of Debts | (326,296 | ) | (555,232 | ) | (326,296 | ) | (555,232 | ) |
| Gain on Disposal of Property and Equipment | (2,397 | ) | - | (2,397 | ) | - | ||
| (251,391 | ) | (542,838 | ) | 64,348 | (284,494 | ) | ||
| Net Income (Loss) and Comprehensive Income (Loss) | 366,213 | 366,449 | (50,167 | ) | (271,081 | ) | ||
A significant part of third quarter results can be directly attributed to the Company's 29% reduction in operating expenses. Uniserve continues to focus on strengthening its infrastructure, its leadership group and its investment in new business products as well as interprovincial data storage redundancy.
With the recent introduction of Nicholas Jeffery as the new CEO, several new key board members, new branding, new website and product lines, the company will continue to focus on accelerating sales growth, in both its business and residential product offerings.
With the successful January private placement completed, the company is in a secure financial position for strategic acquisitions, partnerships and growth.
Uniserve's CEO, Nicholas Jeffery: "The company is now in a great place for substantial growth, particularly with the recent launch of our 'Transit' small business bundles, as well as new residential internet pricing."