MARKHAM, ONTARIO–(Marketwired – July 22, 2013) – Sangoma Technologies Corporation (TSX VENTURE:STC), a leading provider of hardware and software components that enable or enhance IP Communications Systems for both voice and data, today announced preliminary unaudited revenue for the fourth quarter of fiscal 2013 ended June 30, 2013.
Sales for the fourth quarter were a record $4.0 million, an increase of 25% from the immediately preceding third quarter of fiscal 2013 and an increase of 8% over the same quarter of fiscal 2012.
“I am very pleased that we have closed the year so strongly,” said Bill Wignall, President and CEO of Sangoma. “The entire team drove extremely hard to achieve this quarterly revenue milestone of $4 million, something Sangoma has sought for many years, so this is an excellent way to close off a challenging year. I remain encouraged with the uptake of our new products and I’m similarly pleased with the stronger sales of our legacy products this quarter as well. We know that Sangoma’s fiscal first quarter revenue is typically lower than the prior year’s fourth quarter, due to the seasonality of a weak summer period. I therefore expect our first quarter sales to be well below this $4 million level, but everyone at Sangoma is very focused on the objective of delivering growth above last year’s first quarter sales level.”
David Moore, Sangoma’s Chief Financial Officer noted that “many of our shareholders have been seeking information about our fourth quarter, and in fact we received questions about this on our last quarterly shareholder call. The release of our preliminary revenue results now, before the full audit cycle is completed, is a way for us to further accelerate disclosure and increase transparency. We will do this only for fourth quarters, when the release cycle is longer. Sangoma will of course announce its full annual financial results after completion of the annual audit, and the full release will be followed shortly thereafter by a conference call to discuss the results with investors.”
At the end of the fiscal fourth quarter, the company undertook a modest cost reduction to better align its costs with revenue. The board of directors continues to monitor Sangoma’s share price which it believes to be undervalued, which under IFRS, will necessitate consideration of possible balance sheet impairment issues during the annual audit cycle.