Uniserve reports quarter end results August 31, 2019
October 30 2019 - 9:30AM
Uniserve Communications Corporation (“Uniserve”) a
provider of IT solutions and services to business and residential
customers in Canada wishes to announce its first quarter fiscal
2020 financial results. Revenues for Q1 FY2020 were $2,587K as
compared to $2,917K in the prior fiscal year. The first
quarter fiscal 2020 Operating loss was $468K compared to an
operating loss of $1,104K for the prior fiscal year. Net loss
for the first quarter of fiscal 2020 was $395K as compared to
$1,239K for the prior fiscal year. The Company’s focus
in the fiscal year 2020 will be to focus the sales team to grow
managed services and voice recurring revenue streams. As
well, Uniserve continues to focus on lean operations to maximize
profitability and increase speed of delivery and invoicing. During
FY2020 the company will launch new products and focus on generating
recurring revenue.
Uniserve Communications Corporation |
|
Condensed Interim Consolidated Statements of Comprehensive
Loss |
|
(Expressed in Canadian dollars) |
|
|
|
|
|
|
Three months
ended |
|
August 31, 2019 |
|
August 31, 2018* |
|
Revenue |
$ |
2,587,398 |
|
$ |
2,917,452 |
|
Cost of
revenues |
|
1,561,804 |
|
|
1,895,984 |
|
|
|
1,025,594 |
|
|
1,021,468 |
|
Expenses |
|
|
Operations and service delivery expenses |
|
968,150 |
|
|
1,572,665 |
|
Sales and marketing |
|
286,275 |
|
|
394,384 |
|
Amortization of property and equipment |
|
177,038 |
|
|
123,934 |
|
Amortization of intangible assets |
|
61,966 |
|
|
34,004 |
|
|
|
1,493,429 |
|
|
2,124,987 |
|
|
|
|
Operating Loss |
|
(467,835 |
) |
|
(1,103,519 |
) |
Other
Expenses (Income) |
|
|
Finance charges |
|
74,784 |
|
|
86,980 |
|
Loss (Gain) on foreign exchange |
|
(13,402 |
) |
|
33,642 |
|
Loss (Gain) on settlements and reversals of debts |
|
(133,914 |
) |
|
15,110 |
|
|
|
(72,532 |
) |
|
135,732 |
|
|
|
|
Net Comprehensive Loss for the period |
$ |
(395,303 |
) |
$ |
(1,239,251 |
) |
* The Company applied IFRS 16 using the modified retrospective
approach. Under this method, the comparative information is not
restated. See note 3 of August 31, 2019 unaudited condensed interim
consolidated financial statements. |
About Uniserve
Uniserve Communications Corporation is a
2018 TSX Venture top 50 performance company.Uniserve is a
unified communications company which has been in business for 30
years, combining voice, data and media services all into one
seamless solution, one bill and one point of contact.
Uniserve prides itself on world class customer
service based in Canada. When all else is equal, clients can
trust Uniserve to have a great price, a great experience and to be
a company that customers enjoy working with – we call it “ONE
click, call, connect”.
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
For more information please call 604-395-3961 or
email corporate.relations@uniserveteam.com.
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.
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