Business & Finance
Tue, June 1, 2010Mon, May 31, 2010Fri, May 28, 2010Thu, May 27, 2010Wed, May 26, 2010Tue, May 25, 2010Mon, May 24, 2010iTeknik Holding Corporation Improves Gross Margin, Revenue and Profit While Decreasing Debt in Q3 FY 2010
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Published in Business and Finance on Thursday, May 27th 2010 at 7:50 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
COMMERCE, MI--(Marketwire - May 27, 2010) - iTeknik Holding Corporation (
- Sales for the three months ending March 31, 2010 were $ 1,620,169
- Sales for the nine months ending March 31, 2010 were $ 5,250,234
- Net Income for the quarter was $24,257
- Gross Margin improved by nearly 3%
- Assets increased by $79,026 and liabilities were reduced by more than $62,398
Jeffrey L. Lauzon, President of iTeknik Holding Corporation, stated, "Our financial results are the payoff for our many cost cutting initiatives. We moved our Network Operations Center and we rerouted many of our calls to more cost effective carriers."
Fredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, "We are very satisfied with this quarter's financial improvements. Since the last fiscal year, which ended June 30, 2009, iTeknik has been able to significantly improve its balance sheet in addition to streamlining operations. We are now poised to grow revenues and profits both organically and through strategic actions."
The financials for the nine months of FY 2010, through the period ending March 31, 20010, can be viewed at: [ http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=32453 ]
About iTeknik Holding Corporation
iTeknik Holding Corporation provides wholesale and retail telecommunications services, and products worldwide. Its services include voice over Internet protocol origination and termination; A-Z routing and switching; wholesale carrier routing services; reseller billing and reporting; Web-based reseller solutions; prepaid calling card solutions; international cellular calling; and retail point of sale solutions. The company serves B2B carriers, telecom resellers, retail outlets and consumers direct through websites such as [ www.greatminutes.com ] and [ www.indiaminutes.com ]. iTeknik Holding Corporation was founded in 2007 and is based in Commerce, Michigan. Through its subsidiaries, iTeknik has more than 13 years of history in the telecommunications industry. For more information please visit website [ www.iteknik.com ] and [ www.sendglobal.com ].
Safe Harbor: This letter contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the ability of the Company to successfully implement its turnaround strategy, changes in costs of raw materials, labor, and employee benefits, as well as general market conditions, competition and pricing. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this letter will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as representation by the Company or any other person that the objectives and plans of the Company will be achieved. In assessing forward-looking statements included herein, readers are urged to carefully read those statements. When used in the Annual Report on Form 10-K, the words "estimate," "anticipate," "expect," "believe," and similar expressions are intended to be forward-looking statements.
