SelectCore Ltd.
TSX VENTURE : SCG

SelectCore Ltd.

August 13, 2009 09:59 ET

SelectCore Achieves Record Revenues and Earnings for Q2 2009

TORONTO, ONTARIO--(Marketwire - Aug. 13, 2009) - SelectCore Ltd. (TSX VENTURE:SCG), Canada's premier provider of prepaid telecom and transaction solutions is pleased to report its financial results for the second quarter ended June 30, 2009.

Financial highlights:

  • Revenues increased 38% to $22.6 million over the same period 2008
  • Gross Profit increased 42% over the same period 2008
  • Net Earnings improved over $1.4 million over the same period 2008
  • 4th consecutive quarter of EBITA positive financial results

Record revenues of $22.6 million for the second quarter 2009 represented an increase of 38% as compared to $16.4 million in the same period 2008. This organic growth was attributable to the strong market demand for the Company's proprietary point of sale activation (POSA) solution and prepaid products and services.

Gross profit of $1.3 million for the second quarter 2009 represented an increase of 42% over the same period 2008. The improvement is due to higher sales volumes combined with increased margins.

Net income for the second quarter 2009 was $318,000 or $0.003 per share, an increase in excess of $1.4 million over the same period 2008.

"We are pleased with our financial results and expect the demand for prepaid to continue," commented Keith McKenzie, CEO of SelectCore. "Our focus is simple - expand our distribution footprint and leverage our channel to launch new and innovative prepaid products and services"

The Company's Financial Statements and Management Discussion and Analysis for the three months ending June 30, 2009 are available on SEDAR at www.sedar.com.

About SelectCore:

SelectCore is in the business of providing prepaid telecom and transaction-based POSA (point of sale activation) solutions utilizing its own network infrastructure and proprietary technology. SelectCore connects everyone by offering prepaid products and services to Canada's credit-challenged consumer market through thousands of retail convenience and grocery store locations nation-wide. Profit 100 ranked SelectCore one of Canada's fastest-growing companies in 2006 and again in 2007. SelectCore is listed on the TSX Venture Exchange under the symbol SCG.

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. The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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