MARKHAM, ONTARIO--(Marketwire - Dec. 1, 2008) - Sangoma Technologies Corporation (TSX VENTURE:STC), the premium provider of PC-based telephony hardware and software products for proprietary and open source based networking and telephony solutions, today released highlights of its unaudited financial results for the quarter ended September 30, 2008.
Sales were $2.60 million for the quarter ended September 30, 2008 as compared to $2.82 million for the quarter ended September 30, 2007, a decrease of 8%. The decrease was largely due to a decline in economic conditions during the quarter. Net income after provision for taxes was $0.68 million for the quarter ended September 30, 2008, 40% higher than net income for the corresponding quarter in 2007. Earnings during the quarter ended September 30, 2008 benefited from the effects of a reduced Canadian/US Dollar exchange rate during the quarter.
Sales declined in the US and offshore, but increased in Canada.
The Corporation completed the financial quarter ended September 30, 2008 with working capital of $6.14 million, as compared to $8.96 million on June 30, 2007, a decrease of 32%. The decrease was due to the purchase of Paraxip Technologies Inc. of Montreal in July 2008.
About Sangoma Technologies Corporation
Sangoma is the premium provider of software-centric media and signal processing hardware. The company develops and manufactures the most scalable and reliable voice and Wide Area Network data cards in the industry, including the award-winning Advanced Flexible Telecommunications (AFT) product line. By offering the building blocks for all processing in any architecture, Sangoma gateways are tightly integrated and easily scalable. The result is a comprehensive toolset for creating cost-effective, powerful, and flexible 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.