SelectCore Ltd.
TSX VENTURE : SCG

SelectCore Ltd.

April 30, 2010 09:20 ET

RETRANSMISSION: SelectCore Announces Record Financial Results for 2009

TORONTO, ONTARIO--(Marketwire - April 30, 2010) - SelectCore Ltd. (TSX VENTURE:SCG), a provider of prepaid telecom and financial solutions for the credit challenged and unbanked consumer market, is pleased to announce record results for the Company's audited financial statements for the year ending December 31, 2009.

Financial highlights:

  • Revenues increased 21% to $84.4 million over 2008
  • Gross profit increased 15% over 2008
  • Adjusted EBITDA increased 1,215% over 2008
  • Net earnings increased $8.3 million over 2008
  • Working capital position improved 15% over 2008
  • General and administrative expenses decreased 7% from 2008
  • 6th consecutive quarter of positive financial results

Revenue for the year ending December 31, 2009 totaled $84,448,174, an increase of $14.74 million or 21.1% compared to $69.7 million for the year ending December 31, 2008. Sales have continued to increase year over year due to the market demand for the Company's proprietary PrepaidONE point-of-sale solution for the sale of prepaid telecom products.

Gross Profit for year ending December 31, 2009 increased 15.50% over 2008 to $4,785,225. Adjusted EBITDA for the year ending December 31, 2009 was $1,021,389 compared to $77,629 for 2008, a significant improvement of 1,215%. Net Earnings for the year ending December 31, 2009 was $430,934, a significant improvement of $8,315,500 compared to the same period 2008. 

In 2009 SelectCore successfully completed several business and product development milestones that will materially benefit the Company in 2010 and beyond. These milestones include the Company's recently announced entry into the US market and prepaid financial services space with the launch of Iridium MasterCard and international mobile top-up.

Keith McKenzie, CEO of SelectCore stated "2009 was a transformative year that has positioned SelectCore for a high level of continued growth not only in sales but also margins. Early results of this transformation have already been demonstrated and we expect this trend will be a key driver towards enhancing shareholder value in 2010".

The Company's Audited Financial Statements and Management Discussion and Analysis for the year ended December 31, 2009 are available on SEDAR at www.sedar.com.

About SelectCore:

Established in 1999, SelectCore is one of North America's largest point-of-sale transaction processors for the prepaid telecom and financial services industry. We process millions of transactions every month over our proprietary PrepaidONE technology platform. From wireless top-up to stored-value cards, we deliver a full suite of prepaid products and services to millions of credit-challenged and un-banked consumers through our extensive retail network. We also offer wholesale solutions to some of the nation's largest distributors, retailers and telecom providers. SelectCore is a public company on the TSX Venture Exchange trading under the symbol "SCG". We were ranked one of the nation's top 100 fastest-growing companies in 2006 and 2007 by Profit100.

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. 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.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.

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