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Highlights for the third quarter of fiscal 2009 include the following:
* An overall increase in revenues (excluding discontinued cable revenues) of 7% for the first nine months of fiscal 2009 compared to the first nine months of the 2008 fiscal year, despite a $155,949 reduction in installation fees. Wireless internet revenues increased 10% overall from $3,046,307 at May 31, 2008 to $3,421,854 at May 31, 2009.
* Overall, gross margins increased 8% and EBITDA decreased 6% for the nine months ended May 31, 2009 when compared to the nine months ended May 31, 2008.
* Platinum's overall net loss increased 25% from a loss of $800,217 for the nine months ending May 31, 2008 to $1,001,611 for the same period ending May 31, 2009, primarily a result of increased general and administrative expenses, marketing and amortization expenses.
* Cash flows from operations before working capital changes was $693,678 compared to $552,956 at May 31, 2008 a 25% period-over-period change. Cash provided by financing activities was $72,050 for the nine months ending May 31, 2009 compared to cash used in financing activities of $255,396 during the same period of the year before, a result of the deferred principal payments on the outstanding term loan.
* Capital expenditures decreased 59% during the first nine months when compared to the same nine months of the fiscal 2008 year.
* At May 31, 2009 Platinum had 51,633,495 common shares outstanding, 2,629,530 warrants outstanding at prices ranging from $0.15 to $0.22 each and 3,644,000 employee options outstanding at prices ranging from $0.10 to $0.55 each.
Overall Performance:
NINE MONTHS ENDED MAY 31,
2009 2008 CHANGE
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STATEMENTS OF LOSS AND DEFICIT
----------------------------------------------------------------------
Revenues from continuing operations $3,854,842 $3,612,869 7%
Cable revenues 2,894 345,964 -52%
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Total revenues $3,857,736 $3,791,184 2%
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Gross margin $2,457,023 $2,280,174 7%
Earnings before interest
and amortization 689,404 732,184 -6%
Net income (loss) (1,001,611) ( 800,217) 25%
Loss per share, basic and diluted ( 0.021) ( 0.019) 12%
----------------------------------------------------------------------
STATEMENTS OF CASH FLOWS
----------------------------------------------------------------------
Cash flow from operations before
working capital changes $693,678 $ 552,956 25%
Cash provided by (used in)
operating activities 506,753 700,704 -28%
Capital expenditures (456,123) (1,106,915) -59%
Cash provided by (used in)
financing activities 72,050 (255,396) -128%
----------------------------------------------------------------------
OTHER MEASURABLES
----------------------------------------------------------------------
Shares outstanding 51,633,495 48,000,162 8%
Warrants outstanding 2,629,530 2,629,530 0%
Options outstanding 3,644,000 3,774,000 -3%
Subscribers 8,499 8,038 6%
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About Platinum Communications
Platinum Communications Corporation (TSX-V: PCS | Quote | Chart | News | PowerRating) is a leading provider of superior quality fixed wireless Internet and broadband solutions. Platinum delivers enterprise class solutions that align a corporation's Wide Area Network strategy with its business objectives. Platinum's high quality infrastructure and excellent service record make it the provider of choice for business and residential customers within its vast coverage area. See www.platinum.ca for details.
This news release may contain forward-looking statements. These forward-looking statements do not guarantee future events or performance and should not be relied upon. Actual outcomes may differ materially due to any number of factors or uncertainties, many of which are beyond Platinum's control. Some of these risks and uncertainties may be described in Platinum's corporate filings (posted at www.sedar.com). Platinum has no intention or obligation to update or revise any forward-looking statements due to new information or events.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
Robert Matheson, Danielle Leger,
Chief Executive Officer Chief Financial Officer
Phone (403) 301-4591 Phone (403)301-4594
Platinum Communications Corporation
t: 403.301.4590 f: 403.301.4599 toll free: 866.301.4590
unit 15, 6320 11 street SE, Calgary, AB T2H 2L7
www.platinum.ca
Source: Platinum Communications Corporation (TSX-V: PCS | Quote | Chart | News | PowerRating) http://www.platinum.ca
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