VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 31, 2017) - Uniserve Communications Corporation (the "Company") (TSX VENTURE:USS) is pleased to announce that as a result of the second quarter corporate restructuring activity, the fiscal Q2 2017 financial results show a 28% reduction in operating expenses, a 16.6% increase in revenues and a 145% improvement in EBITDA versus the Q2 2016 results.
The Company finished the quarter with:
- A positive Q2 2017 EBITDA of $85K vs Q2 2016 loss of $188k
- Gross revenues for the quarter ending November 2016 of $1.8m representing an 16.6% increase over the comparable quarter in 2016
- A positive EBITDA of $50K in the first six months of fiscal 2017
To view a financials table related to this release, please visit this link: http://media3.marketwire.com/docs/Revenu_EBITDA.jpg
These excellent results are directly attributed to the company's restructuring activity. Uniserve focused on strengthening its internal infrastructure, its leadership group and its investment into its data centre. Product expansion has also resulted in investments into infrastructure as well as building out of the consumer offering in the broadband arena. The external efforts focused on directing the sales team to source and sign larger Enterprise size IT projects, where Uniserve has started to build a portfolio of on-premise managed services.
As part of the overall strategy acceleration the Company will continue its efforts to improve its financial structure by addressing its working capital deficit and other liabilities.
Uniserve's President and COO, Hashim Mitha: "Having a clear vision and a dedicated team of exceptional people has made this process fun. I am delighted that our efforts spent on building out the strategy are paying off so quickly."
The company aims to strengthen all three pillars of its audience offerings (Consumer, Business to Business and Enterprise IT) which will continue to boost the company's growth, overall revenues, and profitability.
Uniserve Communications Corporation (TSX VENTURE:USS) is a leader in the integration and delivery of voice and data services over multiple IP networks directly and through wholesale partnerships to businesses and retail consumers throughout western Canada.
Uniserve currently has over 13,000 active business, residential and wholesale customers combined, providing over 45,000 active services.
Uniserve offers a comprehensive portfolio of managed services ranging from storage, disaster recovery firewalls, application hosting and a redundant resilient network, all backed by 24/7 technical support.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
Learn more at www.uniserve.com or at www.sedar.com.
Michael C. Scholz, Chairman of the Board
Neither TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management's estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.