Sangoma Provides a Business Update for Fiscal 2021
Revenue and EBITDA are expected to exceed previous guidance
MARKHAM, Ontario, July 29, 2021 (GLOBE NEWSWIRE) — Sangoma Technologies Corporation (TSX VENTURE:STC), a trusted leader in delivering cloud-based Communications as a Service solutions for companies of all sizes, is providing a business update for Fiscal 2021.
“Many of our shareholders seek information about our fiscal year, before the full audit cycle is completed,” noted David Moore, Sangoma’s Chief Financial Officer. “This release is a way for us to provide a business update and accelerate some high-level disclosure before the announcement of our full financial results after the completion of our annual audit. At that point, we will hold a conference call with investors to discuss the full results in detail.”
“I am most pleased that Sangoma has delivered another very strong year, especially given the unusual challenges of the global Covid pandemic,” said Bill Wignall, President and CEO of Sangoma. “It is reassuring to see continued momentum in the business during these difficult times, and I’m especially gratified to finish the year with Sangoma expected to exceed our previously announced guidance. Although the audit is still ongoing, we can now share that we expect sales to be approximately $167 million (up from $166 million in our prior guidance on May 20), and EBITDA to exceed the $30 million we had indicated in our most recent forecast. Both measures include the fourth quarter results from our March 31 acquisition of Star2Star. I look forward to sharing full financial results with our shareholders once the audit is complete around late September, at which time we will provide guidance for Fiscal 2022, as we have in prior years.”
EBITDA is one of the non-IFRS measures that has been used by the Company to monitor its performance for many years. It does not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other reporting issuers. Sangoma has determined that it will be renaming this non-IFRS measure as Adjusted EBITDA for its fiscal 2021 results. Such change is to the nomenclature only and the measure will continue to be calculated as it has been in the past. Please see the Company’s MD&A for the three and nine month periods ended March 31, 2021, available on www.sedar.com, for definitions of and additional information on the Company’s use of non-IFRS measures.
About Sangoma Technologies Corporation
Sangoma Technologies is a trusted leader in delivering value-based Communications as a Service (CaaS) solutions for businesses of all sizes. Sangoma’s cloud-based Services include Unified Communication (UCaaS) business communications, Meetings as a Service (MaaS), Communications Platform as a Service (CPaaS), Trunking as a Service (TaaS), Fax as a Service (FaaS), Device as a Service (DaaS), and Access Control as a Service (ACaaS). In addition, Sangoma offers a full line of communications Products, including premise-based UC systems, a full line of desk phones and headsets, and a complete connectivity suite (gateways/SBCs/telephony cards). Sangoma’s products and services are used in leading UC, PBX, IVR, contact center, carrier networks, office productivity, and data communication applications worldwide. Sangoma is also the primary developer and sponsor of Asterisk and FreePBX, the world’s two most widely used open-source communication software projects.
Sangoma Technologies Corporation is publicly traded on the TSX Venture Exchange (TSX VENTURE: STC). Additional information on Sangoma can be found at: www.sangoma.com.
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements regarding the expected Fiscal 2021 financial results and the future success of our business, development strategies and future opportunities.
Forward-looking statements include, but are not limited to, statements concerning estimates of expected expenditures (including in respect of IT and security enhancements being implemented in response to the cyber attack), statements relating to expected future production and cash flows, statements relating to the ongoing investigation into and actions being undertaken in response to the cyber attack and the anticipated impact on our business, and other statements which are not historical facts. When used in this document, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions indicate forward-looking statements.
Although Sangoma believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date that the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in forward-looking statements. Such risks and uncertainties include, but are not limited to, the outcome of our ongoing investigation into the cyber attack, costs related to our investigation and any resulting liabilities, our ability to recover any proceeds under our insurance policies, and costs related to and the effectiveness of our mitigation and remediation efforts. Sangoma undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by law.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other events contemplated by the forward-looking statements will not occur. Although Sangoma believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct as these expectations are inherently subject to business, economic and competitive uncertainties and contingencies. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in its management’s discussion and analysis, annual information form and management information circular relating the special meeting to approve the acquisition of StarBlue Inc. (each available on www.sedar.com) include, but are not limited to risks and uncertainties associated with the COVID-19 pandemic, changes in exchange rate between the Canadian Dollar and other currencies, changes in technology, changes in the business climate, changes in the regulatory environment, the decline in the importance of the PSTN and new competitive pressures. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT: Sangoma Technologies Corporation David Moore Chief Financial Officer (905) 474-1990 Ext. 4107 dsmoore@sangoma.com
