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.
About Sangoma Technologies Corporation
Sangoma is a leading provider of hardware and software components that enable or enhance IP Communications Systems for both telecom and datacom applications. Sangoma's data boards, voice boards, gateways and connectivity software are used in leading PBX, IVR, contact center and data-communication applications worldwide. The product line includes both hardware and software components that offer a comprehensive toolset for deploying cost-effective, powerful, and flexible communication solutions.
Founded in 1984, 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 future success of our business, development strategies and future opportunities.
Forward-looking statements include, but are not limited to, statements and objectives concerning estimates of expected expenditures, statements relating to expected future production and cash flows, 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. Sangoma undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by law.
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