Total Telcom Announces 6th Consecutive Profitable Quarter
EDMONTON, May 21, 2004 (Canada NewsWire via COMTEX) --
TOTAL TELCOM INC. (TSX Venture: TTZ) today announced its financial results for the quarter ended March 31, 2004. The Corporation recorded its 6th consecutive profitable quarter with net earnings of $208,094 or 1.1 cents per share. Net earnings for the same quarter last year were $354,553 or 1.8 cents per share, largely attributable to a gain on the sale of network assets. Net earnings for three quarters ended March 31, 2004 are $1,415,153 or 7.2 cents per share compared to $945,407 or 4.9 cents per share for the same period last year.
Revenue for the quarter ended March 31, 2004 was $1,903,282, a significant increase from $950,503 for the same period last year. The increase in revenue is largely attributable to the Corporation's ongoing third party network design/construction work within the Province of Alberta. Revenue for three quarters ended March 31, 2004 is $10,323,404 compared to $2,072,026 for the same period last year.
'We are pleased that our company has been able to realize such a significant improvement to our financial condition'stated Total Telcom's President, Robert Beaton, who further commented, 'The fact that we are building a substantial cash reserve primarily from continuing operations and have virtually eliminated all long-term debt, places our company in an enviable position. Our personnel continue to operate all divisions of the Company successfully and we remain optimistic that our financial results from operations will continue to be positive as we approach our fiscal year end.'
Lawrence Cunningham, VP Corporate Affairs, also commented, 'Fiscal 2004 has definitely been a strong year for the Company as we continue to improve over 2002/2003. It is very gratifying to see earnings continue to grow as a direct result of successful operations and not necessarily dependant upon the sale of our network assets. I view the continued strengthening of our balance sheet to be of a very positive nature.'
Total Telcom owns, operates and manages state of the art long haul IP Broadband Fiber Optic Networks, currently providing Bandwidth, Lit and Dark Fiber-Optic Services to communities in Alberta and British Columbia. They also provide turnkey design, engineering, construction and maintenance services for private networks owned and operated by government and industry