Business & Finance
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Published in Business and Finance on Wednesday, October 28th 2009 at 7:59 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
TORONTO, ONTARIO--(Marketwire - Oct. 28, 2009) - SelectCore Ltd. (TSX VENTURE:SCG), a provider of prepaid telecom and prepaid financial solutions is pleased to report its financial results for the third quarter ended September 30, 2009.
Financial highlights:
- Revenues increased 17% to $23.1 million over the same period 2008
- Gross Profit increased 34% over the same period 2008
- Margins improved 15% over the same period 2008
- Overhead reduced by 13% over the same period 2008
- Net Earnings improved $1.1 million over the same period 2008
- Improved working capital position by $900,000 over the last 3 quarters
- 5th consecutive quarter of positive financial results
Record revenues of $23.1 million for the third quarter 2009 represented an increase of 17% as compared to $19.8 million in the same period 2008. This organic growth was attributable to the strong market demand for the Company's proprietary point of sale activation (POSA) solution and prepaid products and services.
Gross profit of $1.4 million for the third quarter 2009 represented an increase of 34% over the same period 2008. The improvement is due to higher sales volumes combined with increased margins.
Reflecting our continued emphasis on controlling costs and the past year's restructuring actions, SG&A expenses were $913 thousand for the third quarter 2009, a 13% decrease over the same period 2008.
Net income for the third quarter 2009 was $594,445 or $0.006 per share, an increase in excess of $1.1 million over the same period 2008.
"We continue to deliver shareholder value with improved financial results quarter over quarter" commented Keith McKenzie, CEO of SelectCore. "We believe that the company is now in a good position to accelerate our growth strategy of launching new, high margin offerings for the prepaid financial services market"
The Company's Financial Statements and Management Discussion and Analysis for the three months ending September 30, 2009 are available on SEDAR at [ www.sedar.com ].
About SelectCore:
SelectCore (TSX VENTURE:SCG) is in the business of providing prepaid telecom and prepaid financial solutions utilizing its own network infrastructure and proprietary technology. SelectCore connects everyone with prepaid products and services through its nation-wide distribution channel of thousands of retail convenience and grocery store locations. Profit 100 ranked SelectCore one of Canada's fastest-growing companies in 2006 and again in 2007. SelectCore is listed on the TSX Venture Exchange under the symbol SCG.
This news release contains projections and other forward-looking statements regarding future events. Such statements are predictions, which may involve known and unknown risks, uncertainties and other factors, which could cause the actual events or results and objections to differ materially from those expressed.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
