MARKHAM, ONTARIO, February 11, 2014 -
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 second quarter of fiscal 2014, ended
December 31, 2013.
Sales for
the second quarter of fiscal 2014 were $3.63 million, up 32% from
both the same quarter last year in fiscal 2013 and from the
immediately preceding quarter this year.
"I'm most
pleased to see solid revenue growth this quarter, especially with
that growth all coming from new products, while sales of legacy
products were quite stable as well", said Bill Wignall, President
and CEO of Sangoma. "I indicated last quarter that we typically
experience greater variability in sales these days, depending on
timing of significant orders, as we target larger customers with
longer sales cycles". This quarter's result reflects Sangoma's
focus on growth and we believe that our strategy of developing new
products, for sales to new customer segments in new geographies, is
the way to deliver that growth. At the same time, we continue to
carefully manage expense levels and can now see the benefits of the
restructuring undertaken a few months ago. Revenue growth and
controlled but targeted spending, logically leads to the healthy
bottom line we see this quarter, which enabled modest increases in
cash and working capital, maintaining our strong balance
sheet."
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1 Operating Income and EBITDA are metrics used by the Company to
monitor its performance and the definitions may be found in the
accompanying MD&A posted today at
www.sedar.com.
Gross
profit was $2.44 million for the quarter or 67% of revenue,
consistent with recent quarters, and in or around the levels the
Company expected, depending upon product mix in any particular
quarter.
Operating
expense for the second quarter was $2.13 million, down $0.07
million (3%) from the $2.20 million last year, due primarily to
reduce spending in R&D and G&A, as well as a foreign
exchange gain, which partially offset the increased investment in
sales and marketing. The mix of spending has also been shifted more
towards sales and marketing from R&D and G&A, both of which
were helped by the modest restructuring undertaken
previously.
Operating
income was $0.31 million for the quarter, reflecting the increase
in sales and healthy gross profit.
Net
Income for the quarter ended December 31, 2013 was
$0.22 million ($0.008 per share fully
diluted), compared to a net loss of $0.25 million (-$0.009 per
share fully diluted) for the quarter ended December 31,
2012.
Sangoma continues to
maintain a solid balance sheet with $4.34 million in cash, up from
$4.0 million on June 30, 2013 and up slightly from $4.33 million on
September 30, 2013. Working capital was $10.71 million as compared
to $10.62 million on June 30, 2013.
President and CEO,
Bill Wignall, and CFO, David Moore will host a conference call on
Thursday February 13, 2014 at 11.30am 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
in-cludes both hardware and software compo-nents that offer a
comprehensive toolset for deploying cost-effective, powerful, and
flex-ible 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.
# # #
Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
Sangoma Technologies
Corporation
David Moore
Chief Financial Officer
(905) 474-1990 Ext. 107
dsmoore@sangoma.com
www.sangoma.com
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