RAMTelecom Announces FY2008 Financial Results



    OTTAWA, April 16 /CNW/ - RAMTelecom Inc. (TSXV: RTC) today announced the
filing of its financial results for the year ended December 31, 2008. The
highlights provided in this press release should be read in conjunction with
the Corporation's audited annual Financial Statements and Management's
Discussion and Analysis for the year ended December 31, 2008 found on SEDAR at
www.sedar.com.

    
    Financial Highlights

    Year Ended Dec 31, 2008                            FY2008         FY2007
    -----------------------                            ------         ------

    Revenues                                       $4,380,392     $4,420,210
    Cost of Sales                                  $3,011,615     $3,212,345
    Gross Margin                                   $1,368,777     $1,207,865
    Gross Margin Percentage(1)                            31%            27%
    Net Income (Loss)                             ($1,984,892)   ($1,394,484)
    Basic Earnings Per Share                          ($0.121)       ($0.089)

    (1) see Non-GAAP Measures in MD&A
    

    Highlights

    Revenues for the Corporation for the year ended December 31, 2008 were
$4,380,392 compared to $4,420,210 for the year ended December 31, 2008. Cost
of sales declined to $3,011,615 in 2008 from $3,212,345 in 2007. With slightly
decreased revenue and lower cost of sales, gross margin increased to
$1,368,777 in 2008 from $1,207,865 in 2007. Expenses for the period ended
December 31, 2008 increased to $3,353,669 compared to $2,602,349 for the same
period ended December 31, 2007. The Corporation recorded a write-down of the
value of its goodwill by 50%, or $1,062,349, due to the impairment determined
from difficulties raising capital under current market conditions, which may
adversely affect the Corporation's recurring revenue streams. A net loss of
$1,984,892 was realized for the year ended December 31, 2008 as compared to a
net loss of $1,394,484 for the comparable period in 2007. Cash flow, excluding
non-cash expenditures, was negative $430,350 for the year ended December 31,
2008 compared to a negative cash flow, excluding non-cash expenditures, of
$651,772 for the same period in 2007.
    On December 16, 2008, the Corporation publicly disclosed entering into a
Letter of Intent to sell its operating asset, R.A. Misener Telecom Corporation
to Omniglobe Networks Inc for $2,400,000. A shareholder's meeting will be held
on April 17, 2009 to vote on the sale of the asset with the closing scheduled
to take place in Q2, 2009.
    Ralph Misener, President and CEO, noted that "the Corporation's operation
continued to improve throughout the first 3 quarters of 2008 in spite of the
difficulties faced in raising capital. However, the sudden down-turn in the
economy in October 2008 had a negative impact on the Corporation's Q4 2008
results and this has carried over into Q1 2009. The decision to act upon the
opportunity to consider selling the operating asset is felt to be the most
sensible approach to protect the shareholder value in a tough market
environment."

    About RAMTelecom Inc

    RAMTelecom Inc. (TSXV:RTC) is a satellite service provider delivering
flexible, scalable solutions for broadband data and voice business
communications. Its fixed and mobile satellite-based communication services
and value-add solutions are designed for medium and large enterprises in oil
and gas, mining, and forestry and government agencies. With complete coverage
of the North American market, the Corporation's satellite broadband services
help organizations achieve greater operational efficiency by providing
continuous real-time communications between central offices and remote
locations anywhere in North America.

    
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    

    %SEDAR: 00023242E




For further information:

For further information: R. A. (Ralph) Misener, President and Chief
Executive Officer, Tel: (613) 747-1836 Ext. 125, Email:
rmisener@ramtelecom.ca

Organization Profile

RAMTELECOM INC.

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