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News : Prepaid Credit Card UK
Wireless Age Announces Third Quarter Revenues
Oct 07, 2008
TORONTO, Oct 06, 2008 /PRNewswire-FirstCall via COMTEX/ -- Wireless Age Communications, Inc ("Wireless Age") is pleased to announce unaudited consolidated revenues for September 2008 and the third quarter of fiscal 2008.
Unaudited consolidated revenues for the third quarter of 2008 were approximately CAD$11,100,000, compared to approximately $8,520,000 during the third quarter of 2007, representing an increase of approximately 30%. Unaudited consolidated September 2008 revenues were approximately $3,578,000 compared to $2,636,000 in September 2007, representing year over year growth of 36%.
Retail segment revenues grew by 23% from approximately $4,541,000 in the third quarter of 2007 to approximately $5,588,000 in 2008. September 2008 retail segment revenues were up by 14% at approximately $1,749,000 in 2008 and $1,537,000 in 2007.
Commercial segment revenues, including discontinued prepaid card revenues, grew by 39% from approximately $3,979,000 in the third quarter of 2007 to approximately $5,512,000 in 2008. September 2008 commercial segment revenues were up by 66% at approximately $1,829,000 compared to $1,099,000 in 2007. As previously reported revenues from the distribution of prepaid cards will cease on September 30, 2008. Prepaid card revenues (which will be reported as revenues of discontinued operations in future financial reports) were $1,622,000 and $927,000, in September 2008 and 2007, respectively, and $4,788,000 and $3,342,000, during the third quarters of fiscal 2008 and 2007, respectively.
John G. Simmonds, Wireless Age CEO stated; "The turmoil in financial markets did not have an effect on our September operating results, revenues from continuing operations during September 2008 were almost $2 million compared to $1.7 million in 2007. Going forward, due to the termination of the prepaid card distribution agreement we will no longer be recording revenues from that component of our commercial operating segment. As I've stated in the past, this business did not make a material contribution to the bottom line. In the future our base level of revenues will be in the order of $2 million per month. During September we acquired an additional 86,850 shares of our own common stock for cancellation and year to date we have now acquired 1,362,950 shares at an average price of approximately $0.27 per share."
About Wireless Age
Wireless Age Communications, through its 99.7% owned subsidiary, Wireless Age Communications Ltd., is in the business of operating retail cellular and telecommunications outlets in cities in western Canada. Through its other wholly owned subsidiary, Wireless Source Distribution Ltd., the company distributes two-way radio products, prepaid phone cards, wireless accessories and various battery and ancillary electronics products in Canada.
Source: http://www.marketwatch.com/
