SOURCE: iTeknik Holding Corp.

December 17, 2010 16:25 ET

iTeknik Holding Corporation Posts Q1 FY 2011 Financials

Sales Are up 20% Over Prior Quarter and Profits Increase by 39.8%

COMMERCE, MI--(Marketwire - December 17, 2010) - iTeknik Holding Corporation (PINKSHEETS: ITKH), a leader in the telecommunications industry through its Send Global subsidiary, has posted its consolidated financial statements for the first quarter of FY 2011 ending September 30, 2010 on PinkSheets.com. 

  • Sales for the three months ending September 30, 2010 were $3,005,126 compared to $2,501,591 for the prior quarter ending June 30, 2010 and $1,904,002 for the quarter ending September 30, 2009
  • Net income for the three months ending September 30, 2010 was $73,438 compared to net income of $52,546 for the prior quarter ending June 30, 2010 and a loss of $166,341 for the quarter ending September 30, 2009
  • Net Income was $73,438 compared to $52,546 for the prior quarter
  • Total liabilities were reduced by 6.6%

The Company said that these results were before the Company made a one-time adjustment of $402,168 to its deferred revenue account in June which is explained in the notes accompanying the financials.

The Quarterly Report for Q1 FY 2011, through the period ending September 30, 2010, can be viewed at: http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=39967

Fredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, "We are very pleased with the financial progress that we made in the first quarter. Our objectives are to increase our sales and profits and continue to improve our balance sheet."

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 websites 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.

Contact Information

  • Contact:
    Investor Relations
    iTeknik Holding Corporation
    888-333-1486