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Platinum Communications Corporation Reports First Quarter Financial Results

Platinum Communications Corp. (TSX-V: PCS) today announced financial results for the three months ending November 30, 2013.

Highlights for the three months, include the following:

  • Platinum’s revenues from operations for the three months ending November 30, 3013 increased 24% compared to the same three month period of fiscal 2012. The acquisition of two competitors in the past nine months contributed the majority of the increase and accelerated activity with our commercial clients provided the balance of the increase. In addition, the acquisitions increased Platinum’s customer base by over 2,000 customers to 12,258 customers now serving 180 communities.
  • Gross profit increased by 16%. Earnings before interest, tax, depreciation and amortization decreased due to additional employees, increased operating costs and transaction costs related to the acquisitions.
  • Cash provided by operating activities was $378,478 in Q1 2014 compared to $468,549 in the same quarter of fiscal 2013, a decrease of 19%. Platinum recorded Net Income of $116,389 for the first quarter of fiscal 2014 a decrease of 47% over the net income recorded in the same quarter of the previous year.
  • As of the date of this release Platinum has approximately $502,000 of available cash.
 

SELECTED HIGHLIGHTS1

 
  Three months ended November 30,
      2013       2012       %

Change

Revenue $2,440,143 $1,960,781 24

Gross profit

1,540,625 1,327,101 16

Earnings before interest, tax, depreciation and amortization3

590,647 594,157 -1
Net income 116,389 219,708 -47
Earnings per share, basic and diluted 0.0021 0.0040 -48
 
Cash provided by operating activities 378,478 468,549 -19
 
ARPU(Average revenue per user) 196 188 4
Customers 12,258 10,189 20
 
Common Shares Outstanding 55,966,731 55,593,398 1
 
Return on Equity 8.5% 17.2% -50
 

1 Includes the previously announced acquisition of Community Networks Inc. and Hybrid southern Alberta residential customers from March 1, 2013 and November 1, 2013 respectively.

2 Gross Profit is a widely accepted measure of financial performance used by some analysts and investors to analyze and compare companies on the basis of operating performance. Gross profit is not defined under IFRS and should not be considered in isolation or as an alternative to, or more meaningful than, net income or cash flow as determined in accordance with IFRS as an indicator of the Corporation’s performance or liquidity. Platinum’s gross profit is unlikely to be comparable to similar measures presented by other companies.

3 Earnings before interest, tax, depreciation and amortization is a widely accepted financial indicator used by some analysts and investors to analyze and compare companies on the basis of liquidity. Earnings before interest, depreciation and amortization is not defined under IFRS and should not be considered in isolation or as an alternative to, or more meaningful than, net income or cash flow as determined in accordance with IFRS as an indicator of the Corporation’s financial performance or liquidity.

Platinum is a leading provider of superior quality fixed wireless Internet and Broadband solutions in Alberta. Based in Calgary, Platinum operates a wireless broadband network that utilizes Next-Generation Wimax technology to bring fast, reliable and affordable Internet and digital phone service to residents and businesses across the province. Serving approximately 12,000 customers in over 180 communities, Platinum caters primarily to rural and near-urban markets that are often beyond the reach of traditional Internet providers. Platinum’s high quality infrastructure, excellent service record and ever-growing network and capabilities, make it the provider of choice for customers within its vast coverage area. For more information please visit our website at www.platinum.ca or call 403-301-4591.

This news release may contain forward-looking statements. These forward-looking statements do not guarantee future events or performance and should not be relied upon. Actual outcomes may differ materially due to any number of factors or uncertainties, many of which are beyond Platinum's control. Some of these risks and uncertainties may be described in Platinum's corporate filings (posted at www.sedar.com). Platinum has no intention or obligation to update or revise any forward-looking statements due to new information or events.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

For further information please contact:
Bernard Parkinson, CEO           Katherine Kirkup, CFO
Phone (403) 301-4591 Phone (403) 301-4594

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