Wireless Age Communications, Inc.
OTC Bulletin Board : WLSA

Wireless Age Communications, Inc.

November 14, 2007 09:20 ET

Wireless Age Announces Profit for Third Quarter 2007

TORONTO, ONTARIO--(Marketwire - Nov. 14, 2007) - Wireless Age Communications, Inc. (OTCBB:WLSA) ("Wireless Age" or the "Company") today reported its financial performance for the third quarter, ended September 30, 2007.

The Company reported earnings of $496,423 during the quarter ended September 30, 2007 compared to a loss of $1,468,410 during the comparative period in 2006. Earnings from continuing operations were $595,147 ($0.01 per share) and the loss from discontinued operations was $98,724 ($0.002 per share) during the three month period ended September 30, 2007.

Consolidated revenues for the third quarter of fiscal 2007 were $8,279,518 up from $7,574, 598 in the second quarter of fiscal 2007 and up from $6,504,134 during the third quarter of fiscal 2006. Retail business segment revenues were $4,349,086 up from $3,912,419 during the previous quarter and up from $3,615,719 during the third quarter of fiscal 2006. Distribution business segment revenues were $3,930,432 up from $3,662,179 during the previous quarter and up from $2,888,415 during the third quarter of fiscal 2006.

Wireless Age CFO Gary Hokkanen stated, "Continuing operations generated $0.01 basic earnings per share during the third quarter. October revenues indicate that the trend of strong results from continuing operations will continue."

The Company's Chairman and CEO, John G. Simmonds commented, "I'm pleased with the progress our management team has been able to make and the third quarter results reflect that. The full impact of the rationalization of our management with Newlook Industries Corp. is not yet fully apparent but I'm confident that as events unfold in the future, the benefits will become more obvious."

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) 833-9845 ext. 223