United American Corporation Posts Back-to-Back Quarterly Net Profits; Revenues Surpass $10 Million for the First Nine Months of 2006, a 287 Percent Increase from Previous Year Comtex Newswires - December 05, 2006 10:00 AM ET
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United American Corporation (OTCBB:UAMA) is pleased to announce that its total revenue reported for the three months ended September 30, 2006 was $6,490,857, a 311% increase from last year. Our total revenue reported for the nine months ended September 30, 2006 was $10,838,193, a 287% increase year-over-year.
Gross profit increased to $658,127, or approximately 10% of sales, for the three months ended September 30, 2006.
The increase in gross profit for the three month period when compared to the same reporting period in the prior fiscal year is attributable to increased sales of termination traffic in our Gabon and Mali networks.
We had net income of $107,562 for the three months ended September 30, 2006, compared to net loss of $293,367 for the same period last year. This three-month period represents the second time since our inception that we have reported a net income, and we have produced these results back-to-back in the second and third quarters of 2006. Net loss for the nine months ended September 30, 2006 was $137,513, compared to a net loss of $1,070,153 for the nine months ended September 30, 2005.
About United American Corporation
United American Corporation is a holding and management company focused on next generation Voice over Internet Protocol (VoIP) based telecommunications. Its operating division, United American Telecom operates an international VoIP settlement and exchange gateway linking Tier 1 and Tier 2 Telecom carriers with the Company's installed gateways in countries such as Mali and Gabon, Africa. The Company recently spun-off its Retail operation TeliPhone(tm) by paying a special stock dividend to shareholders. For more information, visit the company website at http://www.unitedamericancorp.com.
This news release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors that may be beyond the Company's control. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made, and the Company assumes no obligation to update forward-looking statements should circumstances in management's expectations or opinions change.