TORONTO, ONTARIO -- (Marketwire) -- 01/11/13 -- Phonetime Inc. (TSX: PHD) announced today its unaudited preliminary financial results for 2012.
Revenue was $102 Million compared to $120 Million in 2011. Net income was $0.02 per share compared to $0.02 per share in 2011. Fourth quarter - 2012 run rate revenue was $120 Million.
At December 31, 2012, Phonetime had $2.2 million in cash, available borrowings of an additional $2.5 million and remained debt free. Phonetime had assets of $21 million and shareholder's equity of $11 million. During 2012, the Company acquired and cancelled 7.5 million common shares or 4.8% of the outstanding stock and paid off all remaining debt with cash flows from operations.
"We continue to execute on our stated business plan. We continue to looking for opportunities to consolidate traffic with competitors and partners. We are pleased to have become debt free in 2012 and to have purchased and cancelled common shares equal to 4.8% of the Company. We will continue to use excess cash flows to expand our infrastructure, for synergistic investments, and to acquire additional common shares for cancellation. The Company is not considering issuing any dividends at this time," said Gary Clifford, Executive Chairman and CEO.
The Company's financial statements and other disclosures are available on SEDAR.
About Phonetime Inc.
Established in 1994, Phonetime is a leading provider of international and domestic switched voice services to the worlds telecommunication operators and voice service providers. Phonetime's customers and suppliers include, fixed line operators, mobile operators, retail and VoIP service providers, who buy and sell voice and IP telecommunications services. Phonetime has traders in Europe, Asia and the Americas using its proprietary trading platform with embedded intelligence, which includes profitability benchmarking, call routing, credit management, network quality visibility and loss prevention. As voice technology evolves Phonetime has commoditized its trading philosophy and along with its platform is positioned to emerge as a leading clearing house. Phonetime is a public company listed on the Toronto Stock Exchange (TSX).
Caution Regarding Forward Looking Information:
This press release contains forward-looking statements, which may be identified by words like "expects", "anticipates", "plans", "intends", "indicates" or similar expressions. These statements are not a guarantee of future performance and are inherently subject to risks and uncertainties. Phonetime's actual results could differ materially from those currently anticipated due to a number of factors set forth in reports and other documents filed by the Company with Canadian securities regulatory authorities from time to time. See www.sedar.com which contains all securities files.