-- Record revenue of $5,825,309 for the period -- Increase in revenue of 77% over 2007 -- Increase in gross margin of 394% over 2007Operating Results Revenues for the three months ended September 30, 2008 increased $2,528,371 or 77% to $5,825,309, compared with revenues of $3,296,938 for the three months ended September 30, 2007. Gross margin for the three months ended September 30, 2008 increased $1,482,879 or 394% to $1,859,357, compared to $376,478 for the three months ended September 30, 2007. The Company experienced a net loss of $2,712,221 for the three months ended September 30, 2008 compared to a net loss of $6,274,288 for the comparable period in 2007. "Once again, Juma has demonstrated our company's stability and momentum as we continue to grow our business and contract new clients. This marks the fourth consecutive quarter of positive revenue growth," said Chairman and Chief Executive Officer, Anthony M. Servidio. "Our consistent growth, especially in today's tumultuous economy, clearly signifies the value that our services deliver and the strength of our management team in executing on our business plan," said Mr. Servidio. "Without question, increasing sales in this economy is an impressive achievement," said Anthony Fernandez, Chief Financial Officer for Juma. "Equally important and noteworthy is the fact that we have successfully maintained our gross profit while reducing overall net loss." About Juma (www.jumacorp.com) Juma Technology Corp. provides advanced IP Convergence solutions that integrate voice, data and video applications. Juma's IP Convergence solutions enable companies to increase productivity, enhance mobility and create significant cost savings, particularly for multi-location businesses. Juma has been recognized as an industry leader in providing integrated business communications and services, helping customers leverage network convergence to achieve their business goals. Nectar Services Corp., an IP communications and management services provider, is a wholly owned subsidiary of Juma and represents the company's services division. The Nectar suite of services delivers real business solutions to help companies mitigate risk, centralize systems management and dramatically reduce telecom expenses. Forward-Looking Statements Historical results and trends should not be taken as indicative of future operations. Management's statements contained in this report that are not historical facts may be forward-looking statements under the Private Securities Litigation Act of 1995. Actual results may differ materially from those included in the forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "prospects," or similar expressions. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse affect on the operations and future prospects of the Company on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, significant restructuring and acquisition activities, and generally accepted accounting principles. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Further information concerning the Company and its business, including additional factors that could materially affect the Company's financial results, is included herein and in the Company's other filings with the SEC.
Juma Technology Corp. and Subsidiaries Condensed Consolidated Balance Sheet September 30, December 31, 2008 2007 (Unaudited) (Audited) ---------------- ---------------- ASSETS Current assets: Cash $ 410,677 $ 302,889 Accounts receivable, (net of allowance of $358,292 and $0, respectively) 2,987,982 3,775,360 Inventory 162,543 184,357 Prepaid expenses 37,877 100,180 Other current assets 267,973 312,051 ---------------- ---------------- Total current assets 3,867,052 4,674,837 ---------------- ---------------- Fixed assets, (net of accumulated depreciation of $343,984 and $540,344, respectively) 1,594,343 1,686,189 Other assets: Security deposits 86,127 101,700 ---------------- ---------------- Total assets $ 5,547,522 $ 6,462,726 ================ ================ LIABILITIES AND STOCKHOLDERS' DEFICIENCY Current liabilities: Notes payable $ 299,776 $ - Convertible notes payable, (net of discount of $15,278 and $219,444, respectively) 534,723 905,556 Current portion of capital leases payable 216,028 196,720 Accounts payable 2,604,297 2,564,353 Accrued expenses and taxes payable 1,805,495 552,006 Deferred revenue 214,181 654,032 ---------------- ---------------- Total current liabilities 5,674,500 4,872,667 Capital leases payable, net of current maturities 244,014 397,256 Notes payable 86,825 - Convertible notes payable, (net of discount of $198,042 and $484,376, respectively) 6,801,957 3,615,624 ---------------- ---------------- Total liabilities 12,807,296 8,885,547 ---------------- ---------------- Commitments and contingencies Stockholders' deficiency Series A Preferred stock, $0.0001 par value, 8,333,333 shares authorized, 8,333,333 shares issued and outstanding, respectively 833 833 Series B Preferred stock, $0.0001 par value, 1,666,667 shares authorized, 1,310,500 and 0 shares issued and outstanding, respectively 131 - Common stock, $0.0001 par value, 900,000,000 shares authorized, 45,524,685 and 43,943,950 shares issued and outstanding, respectively 4,552 4,394 Additional paid in capital 19,457,611 15,342,357 Retained deficit (26,722,901) (17,770,405) ---------------- ---------------- Total stockholders' deficiency (7,259,774) (2,422,821) ---------------- ---------------- Total liabilities and stockholders' deficiency $ 5,547,522 $ 6,462,726 ================ ================ Juma Technology Corp. and Subsidiaries Condensed Consolidated Statement of Operations For the three and nine months ended September 30, Three months Three months Nine months Nine months ended ended ended ended September 30, September 30, September 30, September 30, 2008 2007 2008 2007 ------------- ------------- ------------- ------------- Sales $ 5,825,309 $ 3,296,938 $ 15,436,935 $ 9,537,002 Cost of goods sold 3,965,952 2,920,460 11,539,452 8,244,510 ------------- ------------- ------------- ------------- Gross margin 1,859,357 376,478 3,897,483 1,292,492 ------------- ------------- ------------- ------------- Operating expenses Selling 348,972 874,269 1,406,077 2,183,545 Research and development 239,581 232,936 629,103 410,027 Goodwill impairment - (425,779) 204,600 1,569,480 Consulting - 715,000 - 715,000 General and administrative 3,564,999 2,211,681 8,186,773 4,279,743 ------------- ------------- ------------- ------------- Total operating expenses 4,153,552 3,608,107 10,426,553 9,157,795 ------------- ------------- ------------- ------------- (Loss) from operations (2,294,195) (3,231,629) (6,529,070) (7,865,303) Amortization of discount on notes (107,078) (2,973,220) (655,538) (2,973,220) Interest (expense), net (290,636) (69,439) (633,677) (138,042) ------------- ------------- ------------- ------------- (Loss) before income taxes (2,691,909) (6,274,288) (7,818,285) (10,976,565) (Benefit)/ Provision for income taxes 20,312 - 22,011 (306,783) ------------- ------------- ------------- ------------- Net (loss) $ (2,712,221) $ (6,274,288) $ (7,840,296) $ (10,669,782) Deemed preferred stock dividend - - 1,112,200 - ------------- ------------- ------------- ------------- Net (loss) attributable to common shareholders $ (2,712,221) $ (6,274,288) $ (8,952,496) $ (10,669,782) ============= ============= ============= ============= Basic and diluted net (loss) per share $ (0.06) $ (0.15) $ (0.20) $ (0.25) ============= ============= ============= ============= Weighted average common shares outstanding 44,718,084 43,120,864 44,206,378 42,275,329 ============= ============= ============= =============
Contact Information: Contact: Melissa Nacerino Juma Technology Corp 646.291.8264