Uniserve 3rd Quarter Results for the period ended February 28, 2021
VANCOUVER, British Columbia, April 27, 2021 (GLOBE NEWSWIRE) — Uniserve Communications Corporation (“Uniserve”) (TSX.V: USS) a provider of IT solutions and services to business and residential customers in Canada wishes to announce third quarter fiscal 2021 financial results. Q3 and Q3 year to date fiscal 2021 revenues decreased by 36% and 33% respectively as compared to the same periods in the prior fiscal year. Q3 fiscal 2021 Net Profit was $24K and Q3 year to date fiscal 2021 Net loss was $294K, as compared to Net loss of $1,002K and Net loss of $2,385K respectively for the prior year fiscal periods. In upcoming quarters the Company will continue focusing on generating recurring revenue through new higher profit margin product offerings while continuing to focus on cost savings.
| Uniserve Communications Corporation | ||||||||||||
| Condensed interim consolidated statements of comprehensive profit and loss | ||||||||||||
| (Expressed in Canadian dollars) | ||||||||||||
| Three months ended | Nine months ended | |||||||||||
| February 28 2021 | February 29 2020 | February 28 2021 | February 29 2020 | |||||||||
| Revenue | $ | 1,791,308 | $ | 2,814,377 | $ | 5,319,410 | $ | 7,898,932 | ||||
| Cost of revenues | 964,286 | 1,764,540 | 3,038,137 | 4,835,437 | ||||||||
| 827,022 | 1,049,837 | 2,281,273 | 3,063,495 | |||||||||
| Expenses | ||||||||||||
| Operations and service delivery expenses | 506,239 | 939,605 | 1,636,314 | 3,355,622 | ||||||||
| Sales and marketing | 142,506 | 318,972 | 407,256 | 842,835 | ||||||||
| Amortization of property and equipment | 94,659 | 181,543 | 331,508 | 537,267 | ||||||||
| Amortization of intangible assets | 17,322 | 33,123 | 56,017 | 154,609 | ||||||||
| 760,726 | 1,473,243 | 2,431,095 | 4,890,333 | |||||||||
| Operating Income (Loss) | 66,296 | (423,406 | ) | (149,822 | ) | (1,826,838 | ) | |||||
| Other Expenses (Income) | ||||||||||||
| Finance charges | 55,435 | 64,126 | 183,834 | 202,261 | ||||||||
| Gain on foreign exchange | (1,006 | ) | 2,280 | (27,797 | ) | (22,549 | ) | |||||
| Gain on settlements and reversals of debts | (6,000 | ) | (37,799 | ) | (6,000 | ) | (171,714 | ) | ||||
| Finance Income | (6,138 | ) | – | (6,138 | ) | – | ||||||
| Impairment of goodwill | – | 550,000 | – | 550,000 | ||||||||
| 42,290 | 578,606 | 143,899 | 557,998 | |||||||||
| Net and Comprehensive Profit (Loss) for the period | $ | 24,006 | $ | (1,002,012 | ) | $ | (293,721 | ) | $ | (2,384,836 | ) | |
About Uniserve
Uniserve Communications Corporation is a 2018 TSX Venture top 50 performance company.
Uniserve is a unified communications company which has been in business for 30 years, combining voice, data and media services all into one seamless solution, one bill and one point of contact.
Uniserve prides itself on world class customer service based in Canada. When all else is equal, clients can trust Uniserve to have a great price, a great experience and to be a company that customers enjoy working with – we call it “ONE click, call, connect”.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
Learn more at www.uniserve.com or at www.sedar.com.
Walter Schultz
Chairman of the Board
For more information please call 604-395-3961 or email corporate.relations@uniserveteam.com.
Neither TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management’s estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.
