TORONTO, May 29 /CNW/ - Telehop Communications Inc. (TSXV-HOP) today
released its financial results for the first quarter ended March 31, 2009
reporting revenue of $3,477,153 compared to revenue of $4,371,194 in the same
quarter 2008. The net loss for the period was $330,704 or $0.02 per share,
compared to net loss of $204,540 or $0.02 per share for 2008. We completed the
quarter with working capital of $2,001,939 which includes cash of $1,031,069.
During the first quarter we have implemented the strategies as outlined
in our press release dated April 15, 2009.
Quarterly financial summary -
- Revenue for the first quarter 2009 declined $894,041 or 20% compared
to revenue of the same quarter 2008 attributable predominately to a
reduction in our retail long-distance business.
- Gross margin as a percentage of revenue was 37.5% compared to 38.1%
for first quarter 2008 a reduction of 0.6% and is the result of the
competitive nature of our industry.
- Operating expenses were decreased by $252,556 or 12.5% from $2,028,821
in 2008 to $1,776,265. For the first quarter 2009 we expected our
expenses to be lower as
- During the first quarter 2008 we incurred additional expenses of a
non-recurring nature which pertained to corporate matters and due
to the deteriorating credit position in our subscriber services we
increased our bad debt expense.
- We have initiated a number of cost reduction programs.
- We completed the quarter with $1,031,069 of cash a reduction of
$242,515 for the first quarter.
A complete financial reporting package is available on Sedar
http://www.sedar.com or by contacting the company. Certain statements in this
press release may constitute "forward looking statements" and involve known
and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Corporation to be materially
different from any performance or achievement expressed or implied by such
"forward looking statements".
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release
For further information:
For further information: Company Contact: Mr. Hersh Spiegelman,
President and CEO, (416) 494-4490, email@example.com