TigerTel Communications Inc.
TSX VENTURE : TTL

TigerTel Communications Inc.

July 24, 2009 16:01 ET

TigerTel Communications Inc. Announces Amended Earnings Results for the Quarter and Year Ended April 30, 2009

MISSISSAUGA, ONTARIO--(Marketwire - July 24, 2009) - TigerTel Communications Inc. (TigerTel) (TSX VENTURE:TTL), announced today its operating results for the three-month period ending April 30, 2009. TigerTel reported revenue of $6,103,053, direct costs of $2,839,126 and a gross profit of $3,263,927. Operating expenses amounted to $2,362,862. Net earnings before interest, taxes and amortization for the period were $901,065. Loss on discontinued operation, loss on disposal of property and equipment, impairment of property and equipment and gain on settlement of debt were $33,258, $84,000, $200,000 and $311,590 respectively. Interest, amortization, provision for current and future income taxes amounted to $71,625, $406,552, $130,115 and $24,362 respectively resulting in net earnings for the period of $262,743.

For the corresponding period last year the Company reported revenue of $5,742,901, direct costs of $3,072,775 and a gross profit of $2,670,126. Operating expenses amounted to $2,122,663. Net earnings before interest, taxes and amortization for the period were $547,463. Loss on discontinued operation, interest, amortization, provision for current income taxes and recovery of future income taxes amounted to $299, $114,113, $216,156, $200,347 and $300,000 respectively resulting in net earnings for the period of $316,548.

For the year-ended April 30, 2009, TigerTel reported revenue of $22,575,468, direct costs of $11,453,606 and a gross profit of $11,121,862. Operating expenses amounted to $8,285,091. Net earnings before interest, taxes and amortization for the year were $2,836,771. Loss on discontinued operation, loss on disposal of property and equipment, impairment of property and equipment and gain on settlement of debt were $84,604, $84,000, $200,000 and $311,590 respectively. Interest, amortization, provision for current and future income taxes amounted to $351,718, $1,420,387, $290,743 and $24,362 respectively resulting in net earnings for the year of $692,547.

For the previous year the Company reported revenue of $22,117,032, direct costs of $11,470,456 and a gross profit of $10,646,576. Operating expenses amounted to $7,616,650. Net earnings before interest, taxes and amortization for the year were $3,029,926. Gain on discontinued operation, interest, amortization, provision for current income taxes and recovery of future income taxes amounted to $43,202, $527,565, $1,131,882, $641,480 and $330,000 respectively resulting in net earnings for the year of $1,102,201.

Douglas D. Swift, President and CEO, commented, "The company continued to perform well in Q4 despite the aforementioned extraordinary expenses and a one time unusually high bad debt write off. Revenue remaining strong and the continuation of improved operating efficiencies, were, and will continue to be, the key factors carrying the success of the company forward. During a time when many organizations are experiencing considerable decline, we have managed to increase revenue and improve performance".

"Looking forward to the new fiscal year, we are confident in our ability to continue to grow the organization. Our team is poised to deliver increased revenue and net earnings, while maintaining service levels demanded by our clients. Fiscal '10 could be our most exciting year yet."

About TigerTel

TigerTel, a Canadian call center organization, specializes in inbound and outbound call center solutions and services for clients throughout North America. With multiple call centers across Canada, TigerTel has built an infrastructure that provides personalized services to our clients while at the same time delivering world-class results at every level. TigerTel's vision is to provide interactive communication solutions for our clients and their customers by a team focused on service excellence, personal integrity and technical innovation.

This news release contains forward-looking statements that involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in forward-looking statements.

TIGERTEL COMMUNICATIONS INC.

Douglas D. Swift, President and Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content on this news release.

Contact Information

  • TigerTel Communications Inc.
    P. Livingstone
    905-629-7190