VANCOUVER, BC--(Marketwired - August 31, 2016) - Urban Communications Inc. (TSX VENTURE: UBN), one of the country's first telecommunications companies to deliver Gigabit Internet service to the home, is pleased to announce that its consolidated interim financial statements, related Management's Discussion & Analysis ("MD&A") and National Instrument ("NI") 52-109FV1 officer certification reports for the six months ended June 30, 2016, were filed with SEDAR on August 24, 2016, and can be viewed at www.sedar.com.
HIGHLIGHTS FOR THE SIX MONTHS ENDED JUNE 30, 2016:
- 100% increase in revenue in second quarter over first quarter 2016
- 75% increase in revenue for the six months ended June 30, 2016 over same period 2015
- Net loss for the quarter of $1,038,982 vs $1,033,776 for same period 2015. Net cash loss (net loss excluding depreciation, amortization of intangible assets, share based compensation and amortization of discount on debt) of $692,706 in the second quarter 2016 vs $834,176 for same period 2015
- 66% gross margins with 100% monthly recurring service revenue
- 40% increase in residential units added in second quarter over first quarter 2016
- 80% increase in commercial services revenue second quarter over first quarter 2016
Services revenue increased from $197,676 in the first quarter 2016 to $396,465 in the second quarter. Revenue for the first six months of the year rose by 75% over the prior year, increasing from $339,353 in 2015 to $594,141 in 2016.
"We have invested heavily in our commercial service business unit this year and are just beginning to see the results of that investment," said John Farlinger, Urban CEO. "More commercial buildings, a larger sales team and increased commercial offerings have all contributed to our revenue growth which we expect to continue to increase through the balance of 2016 and 2017."
Urbanfibre residential Internet at 1,000 Mbps and unlimited data transfer is the fastest residential Internet available in Canada and more than 50 times faster than average. Priced at $79/month it is the overall best value price and performance offering available anywhere. Urbanfibre is unique in delivering symmetrical residential speeds -- 1,000 Mbps download and upload -- which allows customers to get more out of the Internet: stream more video, upload and share more photos faster, play more online games, all worry free and at the same or lower cost than the typical slower services currently offered by other providers.
For more information about Urbanfibre Gigabit Internet or to request service in your building, please visit www.urbanfibre.ca.
ABOUT URBAN COMMUNICATIONS INC.
Urban Communications Inc. (TSX VENTURE: UBN) is a telecommunications company providing a full suite of Internet, voice, video and broadband application products over its 200 km. state-of-the-art carrier grade fibre optic network in Metro Vancouver and Victoria to commercial, residential and public sector customers. Urban has recently launched high-speed Internet service to residential and commercial subscribers on its network at 1,000 Mbps (1 Gbps).
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