pimji
join:2007-11-06
Kemptville, ON | reply to scruffy
Re: 3Web / CyberSurf / CIA Officially Worst ISP in Canada FSC / Press Release
CYBERSURF CORP. ANNOUNCES RESULTS FOR FISCAL YEAR ENDED JUNE 30, 2007
Calgary, Alberta CANADA, October 30, 2007 /FSC/ - Cybersurf Corp. (CY - TSX Venture), ("Cybersurf"),one of Canada's leading Internet technology and service companies, today reported financial results for the fourth quarter and its fiscal year ended June 30, 2007.
The Company's 2007 financial results indicate a slight decrease (5%) in gross revenues to $15,202,850 for fiscal year 2007 compared to $16,044,904 for fiscal 2006. The consolidated net loss for the year ended June 30, 2007 was $1,600,785 (or $0.05 per share), compared to $1,386,917 (or $0.04 per share) in fiscal year 2006. The Company experienced a significant decline in its high margin dial up customer base and continued to incur expenses as a result of supply problems caused by one of the Company's suppliers in the last year. However, the Company has completed, for the most part, the amalgamation of the IGS acquisition and has capitalized on the majority of synergies by eliminating any unprofitable products, significantly reducing costs under general and administration, eliminating redundant telecom services and improving collections processes in an effort to reduce accounts receivable and bad debt expenses. In addition, the Company has experienced significant growth in its local phone "VoIP" services and long distance customer base which are high margin services.
Fiscal 2007 Highlights
* Revenue growth of 372% increase in the Company's Local Phone services;
* Company continues to add to its High Speed and Local Phone footprint;
* Considerable reduction of debt
In other words Cybersurf fired everyone. |
