MARKHAM, ONTARIO, November 26, 2013 -
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 first quarter of fiscal 2014, ended
September 30, 2013.
Sales for
the first quarter of fiscal 2014 were $2.74 million, down from
$3.02 million in the first quarter of fiscal 2013. As in
previous years, Sangoma's sales in the first quarter were well
below those of the fourth quarter in the prior year, owing to
seasonally lower demand during summer months, a trend that the
company expects will continue.
"Our
revenue was lower than we anticipated this quarter, especially
after a record end to fiscal 2013", said Bill Wignall, President
and CEO of Sangoma. "We believe this is a timing issue, due
primarily to the lumpiness we described last year, since Sangoma is
now deriving revenues from larger customers with longer sales
cycles, and this makes it difficult to forecast when a particular
order will be received. We remain focused on growth and we believe
that our strategy of developing new products, for sales to new
customer segments in new geographies, will deliver that growth in
fiscal 2014. The ongoing economic climate and the transition away
from PSTN-based products make this challenging, but in spite of the
soft revenue this quarter producing a modest operating loss, we can
now see the benefits of the restructuring undertaken recently. That
process is now complete and we will see the full effect of the cost
savings in the second quarter ending December 31, 2013. Finally,
I'm pleased to see Sangoma generate positive cash in an otherwise
tough quarter"
------------------------------------------------------------------
| |Q1 FY2014|Q1 FY2013|Change|Q4 FY2013|Change|
|----------------------------------------------------------------|
|Sales |$2.74 m |$3.02 m |(9%) |$4.00 m |(32%) |
|----------------------------------------------------------------|
|Gross Profit |$1.83 m |$2.16 m |(15%) |$2.46 m |(26%) |
|----------------------------------------------------------------|
|Operating Expense |$2.03 m |$2.15 m |(6%) |$2.04 m |(0%) |
|----------------------------------------------------------------|
|Operating Income (1)|- $0.20 m|$0,01 m | |$0.42 m | |
|----------------------------------------------------------------|
|Net income |-$0,16 |$0.01 m | |-$3.95 m | |
| | m | | | | |
|----------------------------------------------------------------|
|Net earnings per |($0.006) |$0.000 | |($0.136) | |
|share (fully | | | | | |
|diluted) | | | | | |
|----------------------------------------------------------------|
|EBITDA |-$0.09 |$0.13 m | |$0.55 m | |
------------------------------------------------------------------
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 $1.83 million for the quarter or 67% of revenue, below
the 72% in the same period of 2013, and consistent with the
percentages experienced over recent quarters which are more
representative of Sangoma's business going forward.
Operating
expense for the first quarter was $2.03 million, in line with that
of the immediately prior fourth quarter. Operating expenses were 6%
below last year's first quarter reflecting the modest restructuring
completed at the end fiscal 2013.
Operating
Loss was $0.20 million for the quarter, $0.21 million below that of
the same quarter last year, driven by lower sales and gross
margins.
Net
Loss for the quarter ended September 30, 2013 was
$0.16 million ($0.006 per share fully
diluted), compared to net income of $0.01 million ($0.000 per share
fully diluted) for the quarter ended September 30, 2012.
Sangoma continues to
maintain a solid cash balance of $4.33 million, up somewhat from
$4.01 million on June 30, 2013. Working capital was $10.42 million
as compared to $10.62 million one quarter
ago.
The Board of Directors of Sangoma
Technologies invites all shareholders to the annual shareholders
meeting to be held on December 20, 2013, the details of which have
been mailed to shareholders.
President and CEO,
Bill Wignall, and CFO, David Moore will host a conference call on
Monday December 2, 2013 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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