Wireless Age Communications, Inc.
OTC Bulletin Board : WLSA

Wireless Age Communications, Inc.

January 03, 2008 09:52 ET

Wireless Age Achieves Record Fourth Quarter Revenues

TORONTO, ONTARIO--(Marketwire - Jan. 3, 2008) - Wireless Age Communications, Inc. (OTCBB:WLSA), ("Wireless Age") is pleased to announce record unaudited consolidated revenues for the fourth quarter of fiscal 2007.

Unaudited revenues for the fourth quarter of 2007 were approximately CAD$10,844,000, compared to approximately CAD$7,871,000 during the fourth quarter of 2006, representing an increase of approximately 38%. Unaudited fiscal 2007 revenues were approximately CAD$34,666,000 compared to CAD$27,085,000 from continuing operations in 2006, representing year over year growth of 28%.

Retail segment revenues grew by 33% from approximately CAD$4,697,000 in the fourth quarter of 2006 to approximately CAD$6,232,000 in 2007. Annual retail segment revenues were up by 20% at approximately CAD$18,826,000 in 2007 and CAD$15,679,000 in 2006.

Commercial segment revenues grew by 45% from approximately CAD$3,174,000,000 in the fourth quarter of 2006 to approximately CAD$4,612,000 in 2007. Fiscal 2007 commercial segment revenues were up by 39% at approximately CAD$15,840,000 compared to CAD$11,406,000 in 2006.

Allen Cowie, Wireless Age retail segment President commented; "2007 has been a great year and the fourth quarter topped it off. Extremely strong demand was led by very aggressive cellular plan pricing launched in the Manitoba market in early November. This drove year over year post paid handset growth by over 50% and as much as 90% in some of our Manitoba locations in the months of November and December. The timing of the acquisition we made in Selkirk on November 1st could not have been better. As usual, our staff did an outstanding job in meeting the tremendous demands of a great fourth quarter. This continued growth in the wireless market was echoed in our commercial segment in particular in the cellular prepaid cards and accessory product lines."

John G. Simmonds, Wireless Age CEO stated; "This has been a pivotal year for Wireless Age. Business continues to exceed all of our expectations and we look forward to 2008 with great optimism. I want to congratulate our staff on a job well done and thank our shareholders for their loyal support during our turnaround."

About Wireless Age

Wireless Age Communications, through its 99.7% owned subsidiary, Wireless Age Communications Ltd., is in the business of operating retail cellular and telecommunications outlets in cities in western Canada. Through its other wholly owned subsidiary, Wireless Source Distribution Ltd., the company distributes two-way radio products, prepaid phone cards, wireless accessories and various battery and ancillary electronics products in Canada.

Note: This press release contains "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. Wireless Age Communications, Inc. cannot provide assurances that the matters described in this press release will be successfully completed or that the company will realize the anticipated benefits of any transaction. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to: global economic and market conditions; the war on terrorism and the potential for war or other hostilities in other parts of the world; the availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management's ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the company's ability to retain key management and employees; intense competition and the company's ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in Wireless Age Communications, Inc. SEC filings. Wireless Age Communications, Inc. undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with Wireless Age Communications, Inc.'s business, please refer to the risks and uncertainties detailed from time to time in Wireless Age Communications, Inc.'s SEC filings.

Contact Information

  • Wireless Age Communications, Inc.
    John G. Simmonds
    Chairman & CEO
    (905) 833-2753 ext. 223
    or
    Andrew Barwicki
    Investor Relations
    (516) 662-9461