Sales of $12.51 Million Result in Net Earnings of $2.56 Million
MARKHAM, ONTARIO - Oct. 19, 2010 - Sangoma Technologies Corporation (TSX VENTURE:STC), today released highlights of its audited financial results for the year ended June 30, 2010. They include revenue growth of 12% from the year prior and an increase in Net Income of 3%, as shown below.
2009-2010 2008-2009 Change Sales $12.51 million $11.12 million +12% Income before provision for income taxes $3.04 million $4.01 million -24% Net income $2.56 million $2.49 million +3% Net earnings per share (fully diluted) $0.085 $0.081 EBITDA $4.42 million $5.18 million -15%
Sangoma finished the financial year with working capital of $10.92 million, as compared to $8.97 million on June 30, 2009. Total cash and equivalents was $7.74 million at the end of the year, as compared to $6.87 million at June 30, 2009. As shown above, "Income before provision for income taxes" decreased 24%, caused most materially by foreign exchange fluctuations. In the fiscal year ended June 30, 2010 Sangoma had foreign currency exchange losses of $405 thousand versus foreign currency exchange gains the year prior of $963 thousand, an unfavourable swing of $1.37 million.
About Sangoma Technologies Corporation
Sangoma is the premium provider of voice and data connectivity components for software-based communication applications. Sangoma's data cards, voice cards, gateways and connectivity software are used in leading PBX, IVR, contact center and data-communication applications worldwide. The product line represents a comprehensive toolset for deploying cost-effective, powerful, and flexible software communication applications.
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.
CONTACT INFORMATION: Sangoma Technologies Corporation William J Wignall President and CEO bwignall@sangoma.com www.sangoma.com
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