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 Sangoma Announces Record Net Income in Second Quarter
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26 February 2009
Sales of $2.60 million results in net earnings of $1.11 million
MARKHAM, ONTARIO--(Marketwire - Feb. 26, 2009) - 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 December 31, 2008.
Sales were $2.60 million for the quarter ended December 31, 2008 as compared to $3.07 million for the quarter ended December 31, 2007, a decrease of 16%, but almost identical to sales during the previous quarter ended September 30, 2008. Net income after provision for taxes was a record $1.11 million for the quarter ended December 31, 2008, 47% higher than net income for the corresponding quarter in 2007. Earnings during the quarter ended December 31, 2008 benefited from the effects of a reduced Canadian/US Dollar exchange rate during the quarter.
The decline in sales relative to sales in the quarter ended December 31, 2007 occurred mostly in non-North American markets.
The Corporation completed the financial quarter ended December 31, 2008 with working capital of $7.30 million, as compared to $8.96 million on June 30, 2008, a decrease of 19%. The decrease was due to the purchase of Paraxip Technologies Inc. of Montreal in July 2008. Cash flow was positive $1.42 million during the quarter ended December 31, 2008.
Sangoma Technologies
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