Sangoma Reports Results for Third Quarter of Fiscal 2013
23 Maggio 2013 - 2:47AM
Marketwired Canada
Sangoma Technologies Corporation (TSX VENTURE:STC), a leading provider of
hardware and software components that enable or enhance IP Communications
Systems for both voice and data, today announced highlights of its unaudited
consolidated interim financial statements under IFRS for the third quarter of
fiscal 2013, ended March 31, 2013.
Sales for the third quarter of fiscal 2013 were $3.2 million, an increase of
approximately 15% from $2.8 million in the immediately preceding second quarter,
although still down from the prior year.
"I am encouraged with the improvement this quarter, after a somewhat
disappointing second quarter," said Bill Wignall, President and CEO of Sangoma.
"There are several positive signals emerging over recent months, including
revenue strengthening, significant customer wins, good uptake of the newer
products including SBCs and Lync Express, and some substantial new partners
joining the Sangoma network. We know that our revenue is lumpier these days than
in the past, for all the reasons we've explained previously, but I'm cautiously
optimistic that our fourth quarter will show continued progress on the top line.
Although Sangoma produced a modest operating loss this quarter, we generated
positive cash and added to our cash balance. There is still much hard work to be
done as we continue to strive for growth by transitioning away from relying on
TDM products, into a company that can grow revenue via its new products. This
transition is an extremely challenging one for a company with Sangoma's
resources, especially compared to our larger competitors, but I'm very proud of
our progress, even if it's taken a bit longer than we may have hoped at times.
We have utilized a highly focused R&D program and roadmap, to launch an
incredible number of exciting new products over the past year or two, and we are
now nearing the point where we can feel confident that Sangoma has caught up in
our product portfolio and started to lead in some key product categories. That
should make it possible to tighten both expense and cash management slightly
over the next couple of quarters."
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Q3 FY2013 Q2 FY2013 Change Q3 FY2012 Change
Sales $ 3.2 m $ 2.8 m 15% $ 3.6 m (12%)
Gross profit $ 2.0 m $ 1.9 m 6% $ 2.4 m (17%)
Operating Expense $ 2.2 m $ 2.2 m (2%) $ 2.3 m (7%)
Operating Income(1) -$0.2 m -$0.3 m $ 0.1 m
Net income -$0.1 m -$0.3 m $ 0.1 m
Net earnings per share
(fully diluted) (0.005) (0.009) 0.003
EBITDA(1) $ 0.0 m -$0.2 m $ 0.2 m
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(1) Sales for the third quarter of fiscal 2013 were $3.2 million, an
increase of approximately 15% from $2.8 million in the immediately preceding
second quarter, although still down from the prior year.
Gross profit was $2.0 million for the quarter or 63% of revenue, which is
slightly lower than margins in recent quarters, purely as result of the mix of
products sold this quarter.
Total operating expense for the third quarter was $2.2 million, down 7% from the
same quarter of the last fiscal year, and down 2% from the immediately preceding
quarter.
Operating loss was $0.2 million for the quarter, an improvement from last
quarter but still lower than the operating profit of $0.1 million during the
same quarter last year.
Net loss for the quarter ended March 31 2013 was $0.1 million (-$0.005 per share
fully diluted), compared to net income of $0.1 million ($0.003 per share fully
diluted) for the same quarter last year.
For the nine months of fiscal 2013 to date, Sangoma's revenue is about 11% lower
than the same period of fiscal 2012, driven mostly by soft second quarter sales.
Net loss of $0.4 million is lower than the net income of $0.7 million earned in
the first nine months of fiscal 2012, resulting from the lower revenue and gross
margin as well as the impact of a $0.4 million foreign exchange gain realized in
the second quarter of last year not repeating this year. Total operating expense
was otherwise approximately flat with the prior year and has stabilized as
expected.
Sangoma continues to have a very strong balance sheet, with working capital of
$10.8 million on March 31, 2013 as compared to $11.4 million on June 30, 2012,
and a solid cash balance that has increased from $3.4 million at the end of last
quarter to $3.5 million as of March 31.
President and CEO, Bill Wignall, and CFO, David Moore will host a conference
call on Friday May 24, 2013 at 11.30 am Eastern Standard Time to discuss the
quarterly results. The dial-in number for the call is 1-800-319-4610
(International 1-604-638-5340). Investors are requested to dial in 5 to 10
minutes before the scheduled start time and ask to join the Sangoma call.
About Sangoma Technologies Corporation
Sangoma is a leading provider of hardware and software components that enable or
enhance IP Communications Systems for both telecom and datacom applications.
Sangoma's data boards, voice boards, gateways and connectivity software are used
in leading PBX, IVR, contact center and data-communication applications
worldwide. The product line includes both hardware and software components that
offer a comprehensive toolset for deploying cost-effective, powerful, and
flexible communication solutions.
Founded in 1984, Sangoma Technologies Corporation is publicly traded on the TSX
Venture Exchange (TSX VENTURE:STC). Additional information on Sangoma can be
found at: www.sangoma.com.
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements
regarding the future success of our business, development strategies and future
opportunities.
Forward-looking statements include, but are not limited to, statements
concerning estimates of expected expenditures, statements relating to expected
future production and cash flows, and other statements which are not historical
facts. When used in this document, the words such as "could", "plan",
"estimate", "expect", "intend", "may", "potential", "should" and similar
expressions indicate forward-looking statements.
Although Sangoma believes that its expectations reflected in these
forward-looking statements are reasonable, such statements involve risks and
uncertainties and no assurance can be given that actual results will be
consistent with these forward-looking statements. Forward-looking statements are
based on the opinions and estimates of management at the date that the
statements are made, and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ materially
from those projected in forward-looking statements. Sangoma undertakes no
obligation to update forward-looking statements if circumstances or management's
estimates or opinions should change except as required by law.
Readers are cautioned not to place undue reliance on forward-looking statements,
as there can be no assurance that the plans, intentions or expectations upon
which they are based will occur. By their nature, forward-looking statements
involve numerous assumptions, known and unknown risks and uncertainties, both
general and specific, that contribute to the possibility that the predictions,
forecasts, projections and other events contemplated by the forward-looking
statements will not occur. Although Sangoma believes that the expectations
represented by such forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct as these expectations
are inherently subject to business, economic and competitive uncertainties and
contingencies. Some of the risks and other factors which could cause results to
differ materially from those expressed in the forward-looking statements
contained in the management's discussion and analysis include, but are not
limited to changes in exchange rate between the Canadian Dollar and other
currencies, changes in technology, changes in the business climate, changes in
the regulatory environment, the decline in the importance of the PSTN and new
competitive pressures. The forward-looking statements contained in this press
release are expressly qualified by this cautionary statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sangoma Technologies Corporation
David Moore
Chief Financial Officer
(905) 474-1990 Ext. 107
dsmoore@sangoma.com
www.sangoma.com
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