Wireless Age Communications, Inc.
OTC Bulletin Board : WLSA

Wireless Age Communications, Inc.

November 14, 2005 16:17 ET

Wireless Age Announces Earnings for the Third Quarter 2005

TORONTO, ONTARIO--(CCNMatthews - Nov. 14, 2005) -

Revenues of over $6.8 million and net income of $271,431

Conference Call Scheduled for November 29, 2005

Wireless Age Communications, Inc. (OTCBB:WLSA), a leading supplier of solutions to the Canadian wireless communications industry, today reported its financial performance for the third quarter, ended September 30, 2005.

Consolidated revenues for the third quarter of fiscal 2005 were an all time record as a public company at $6,827,008 up from $6,365,854 in the second quarter and $3,884,137 in the comparative period a year ago. Retail business segment revenues were $3,026,972 up from $2,784,360 in the second quarter and $2,234,522 a year ago. Wholesale business segment revenues were $3,800,036 up from $3,581,494 during the second quarter and $1,649,615 during the third quarter of fiscal 2004. Net income for the third quarter of fiscal 2005 was $271,431 down from $340,977 during the second quarter and up from $4,432 a year ago.

Consolidated year to date revenues at September 30, 2005 were $17,184,421 up substantially from $10,433,515 a year ago. Consolidated net income for the nine month period ended September 30, 2005 was $719,752, $0.026 basic and fully diluted earnings per share, a dramatic increase over the result in the same period one year earlier, in which the company posted a loss of $161,875, or $0.008 per share.



Three Months Nine Months
Summary financial ended September 30, ended September 30,
Information
(unaudited): 2005 2004 2005 2004
---- ---- ---- ----

Sales $6,827,008 $3,884,137 $17,184,421 $10,433,515
Gross profit 2,346,895 1,324,748 5,912,139 3,504,451
Selling and
administrative
expenses 1,956,264 1,208,962 4,886,462 3,549,271
Earnings (loss)
from operations 293,437 55,776 803,821 (219,430)

Net income (loss) $271,431 $4,432 $719,752 $(161,875)
---------------------------------------------------------------------
---------------------------------------------------------------------
Basic earnings
(loss) per
share $0.009 $0.000 $0.026 $(0.008)
Diluted
earnings
per share $0.009 $0.000 $0.026 -


"We are extremely pleased to be presenting shareholders with record quarterly revenues and significantly increased performance over last year," stated Mr. Brad Poulos, President and CEO. "These operating metrics unequivocally demonstrate that Wireless Age is delivering substantial top and bottom line growth, while also delivering higher levels of efficiency. Wireless Age is stronger than ever and determined to build on this momentum towards greater results and long-term shareholder value."

An investor conference call will be held at 4:15 p.m. Eastern Standard Time on Tuesday, November 29, 2005. Wireless Age's CEO and CFO will host the call.



Instructions for hearing the conference call:
To hear the conference call as it takes place:
Call 1-877-407-9205 in the United States or Canada or;
If there are any problems please call the local number:
201-689-8054

To hear a recording of the call
Call 1-877-660-6853 in the United States or Canada or;
If there are any problems please call the local number:
201-612-7415
Playback Account # Star Key Required for Playback Access 286
Playback Conference ID # Star Key Required for Playback Access 178378


Special Note: Wireless Age Communications, Inc. recently filed Securities and Exchange Commission (SEC) Form 10-KSB/A Amendment No. 2 for the year ended December 31, 2004, Form 10-QSB/A Amendment No. 1 for the three month period ended March 31, 2005 and Form 10-QSB/A Amendment No. 1 for the three and six month period ended June 30, 2005 in response to comments made by the SEC during their review of Wireless Age's Registration Statement on Form SB-2/A Amendment No. 3 filed on September 14, 2005. The Company revalued higher the common stock issued in four less dilutive business acquisitions that occurred between September 16, 2004 and May 31, 2005. The result was an increase in the carrying value of investments and goodwill with a corresponding increase in additional paid in capital. The Company also reformatted the presentation of its Consolidated Statement of Operations. None of the adjustments resulted in a change in net income or loss.

The Company's December 31, 2004 total assets increased from $9,205,430 to $9,374,817 arising from an increase in goodwill from $2,976,032 to $3,145,419. There was also corresponding increase in stockholders' equity from $5,285,998 to $5,455,385.

The Company's March 31, 2005 total assets increased from $11,668,150 to $11,885,727 arising from an increase in the value of its investments from $88,793 to $122,408 and an increase in goodwill from $4,246,500 to $4,430,461. There was also corresponding increase in stockholders' equity from $7,277,713 to $7,495,290.

The Company's June 30, 2005 total assets increased from $12,396,456 to $12,618,533 arising from an increase in the value of its investments from $56,177 to $89,792 and an increase in goodwill from $4,348,280 to $4,536,741. There was also corresponding increase in stockholders' equity from $7,568,604 to $7,790,681.

Shareholders are urged to review the complete financial statements which are available on the website of the SEC at www.sec.gov.

For all future Wireless Age investor relations needs, investors are asked to visit the Wireless Age IR Hub at http://www.agoracom.com/IR/WirelessAge where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to WLSA@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

About Wireless Age Communications Inc.

Wireless Age Communications Inc. owns and operates four Strategic Business Units.

Wireless Age retail outlets sell next generation wireless products and services to business and individual end users in Saskatchewan and Manitoba. Wireless Source distributes prepaid phone cards, wireless accessories, land mobile radios, batteries and ancillary electronics products to dealers throughout North America. mmwave does specialty distribution and network engineering and integration, for carriers and manufacturers of communications equipment in Canada. Wireless Works operates broadband public access and private networks in Southern Ontario, and develops and deploys consumer and commercial products for those networks.

The company is a recognized leader in the wireless industry in Canada and is a member of the WiMax forum, as well as a very active member of the Canadian Wireless Telecommunications Association.

Wireless Age has an investment in Midland International Corporation, which plans to market low cost, wireless devices including cellular phones. One such phone is designed to be located in glove boxes, first aid kits, emergency supply packages and used for emergency purposes. Another is a prepaid wireless phone designed to be used in the low cost and short-term usage markets.

This press release contains "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. Wireless Age Communications, Inc. cannot provide assurances that the matters described in this press release will be successfully completed or that the company will realize the anticipated benefits of any transaction. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to: global economic and market conditions; the war on terrorism and the potential for war or other hostilities in other parts of the world; the availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management's ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the company's ability to retain key management and employees; intense competition and the company's ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in Wireless Age Communications, Inc. SEC filings. Wireless Age Communications, Inc. undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with Wireless Age Communications, Inc.'s business, please refer to the risks and uncertainties detailed from time to time in Wireless Age Communications, Inc.'s SEC filings.

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