Wireless Age Communications, Inc.
OTC Bulletin Board : WLSA

Wireless Age Communications, Inc.

August 14, 2007 16:00 ET

Wireless Age Announces Operating Results for Second Quarter 2007

TORONTO, ONTARIO--(Marketwire - Aug. 14, 2007) - Wireless Age Communications, Inc. (OTCBB:WLSA) ("Wireless Age" or the "Company") today reported its financial performance for the second quarter, ended June 30, 2007.

The Company reported earnings from operations of $3,455,690 during the quarter ended June 30, 2007 compared to a loss of $703,086 during the comparative period in 2006. Net loss attributable to common shareholders (after a deemed dividend related to the beneficial conversion feature of the preferred stock and certain financing expenses related to preferred stock) was $69,751 in the current period. Earnings from continuing operations were $357,648 and earnings from discontinued operations were $3,088,042 during the three month period ended June 30, 2007.

Consolidated revenues from continuing operations for the second quarter of fiscal 2007 were $7,574,598 up from $5,957,974 in second quarter of fiscal 2006. Retail business segment revenues were $3,912,419 up from $3,398,115 during the second quarter of fiscal 2006. Distribution business segment revenues were $3,662,179 up from $2,559,859 during the second quarter of fiscal 2006.

Revenues from discontinued operations during the second quarter of 2007 were $119,363 compared to $1,807,707 a year ago. The earnings from discontinued operations in the second quarter of fiscal 2007 were $3,088,042 compared to a loss of $344,047 during the second quarter of fiscal 2006. The loss from discontinued operations for 2007 included a $3,395,772 gain on the bankruptcy of mmwave Technologies Inc.

Wireless Age CFO Gary Hokkanen stated, "Continuing operations generated $0.01 basic earnings per share during the second quarter, bringing continuing earnings per share to $0.017 year to date at June 30, 2007. The Company is entering the latter half of the year and earnings are expected to accelerate."

The Company's Chairman and CEO, John G. Simmonds commented, "We made significant progress during the second quarter. mmwave was assigned into bankruptcy turning the page on that investment and we came to satisfactory settlement terms with Newlook on the package of securities they acquired from the New York based investor earlier this year. We are in the process of rationalizing operations with Newlook and expect that the benefits of that relationship will start to become apparent."

Note: 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.

Contact Information

  • Wireless Age Communications, Inc.
    John G. Simmonds
    Chairman & CEO
    (905) 833-9845 ext. 223