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Platinum Communications Corporation Reports Financial Results for the Nine Months Ending May 31, 2014

Platinum Communications Corp. (TSX-V: PCS) today announced financial results for the nine months ending May 31, 2014.

Highlights for the nine months, include the following:

  • Platinum’s revenues from operations for the nine months ending May 31, 2014 increased 19%, compared to the same nine month period of fiscal 2013. The acquisition of three competitors since March 2013 contributed to the majority of the increase while accelerated activity with our commercial and energy clients provided the balance of the increase.
  • Gross profit increased by 8% and Earnings before interest, tax, depreciation and amortization increased by 2%.
  • Cash provided by operating activities was $867,738 for the nine months ending 2014 compared to $1,494,680 in the same period of fiscal 2013, a decrease of 42%. The majority of the reduction in cash provided by operating activities is due to the increase in accounts receivable for several transactions with commercial companies.
  • Platinum recorded Net Income of $201,519 for the nine months of fiscal 2014, a decrease of 49% over the net income recorded in the same nine months of the previous year. The decrease in net income is primarily due to two non cash expenses, a provision for deferred income taxes of $67,172, due to Platinum’s ability to generate continuous earnings, and a loss on settlement of debt of $72,993 which resulted from the refinancing completed during first nine months of fiscal 2014.
  • As of the date of this release Platinum has approximately $1,120,000 of available cash.


SELECTED HIGHLIGHTS1

 

 

Nine months ended May 31,

   
2014

2013

% Change

 
Revenue $7,602,233 $6,386,781 19

Gross profit2

4,653,478 4,314,407 8

Earnings before interest, tax, depreciation and amortization3

1,670,854 1,639,025 2
Net income 201,519 395,321 -49
Earnings per share, diluted 0.0035 0.0071 -51
Cash provided by operating activities 867,738 1,494,680 -42
ARPU(Average revenue per user) 627 498 26
Customers 11,839 12,551 -6
Common Shares Outstanding 56,448,449 55,966,731 1
Return on Equity   3.6%   9.82%   -172
 

1 Includes the previously announced acquisitions of Community Networks Inc., Hybrid southern Alberta residential customers and Pathcom from March 1, 2013, November 1, 2013 and January 1, 2014 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.



ABOUT PLATINUM COMMUNICATIONS
Platinum Communications Corporation (TSX-V: PCS) is a leading provider of superior quality fixed wireless Internet and Broadband solutions utilizing Next-Generation WiMax technology. The Company caters to urban, rural and remote markets that are often beyond the reach of traditional Internet providers. Platinum's custom-built, wireless broadband network provides high-speed data and voice services to enterprise operations and residential customers throughout Alberta and NE British Columbia. 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

Kathy Kirkup, CFO

Phone (403) 301-4591 Phone (403) 301-4594

(PCS)http://www.platinum.ca

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