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Attention Business/Financial Editors
GLENTEL Inc. 2nd quarter earnings increase 42%
BURNABY, BC, July 28 /CNW/ - GLENTEL Inc. (TSX: GLN) today reported its
results for the 2nd quarter and six months ended June 30, 2010.
Financial highlights (tabular amounts in thousands of Canadian dollars,
except per share data):
<<
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Three months ended Six months ended
June 30 June 30
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2010 2009 2010 2009
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Sales $78,970 $67,849 $153,755 $135,293
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Income, before interest, taxes
and amortization 7,669 5,408 12,967 10,414
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Operating income, before
interest and taxes 5,747 3,897 9,158 7,410
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Net income $3,761 $2,644 $6,088 $5,060
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Basic net income per share $0.34 $0.24 $0.55 $0.47
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Diluted net income per share $0.34 $0.24 $0.54 $0.46
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>>
Consolidated sales for the three months ended June 30, 2010 grew 16%, to
$78,970,000 compared to $67,849,000 in the same period of 2009. Income before
interest, taxes and amortization for the three months was $7,669,000 compared
to $5,408,000 in 2009. Operating income before interest and taxes for the
three months was $5,747,000 compared to $3,897,000 in 2009. Net income and
basic earnings per share for the three months were $3,761,000, and $0.34 per
share respectively, compared to $2,644,000, and $0.24 per share, for the same
period in 2009.
Consolidated sales for the six months ended June 30, 2010 grew 14%, to
$153,755,000 compared to $135,293,000 in the same period of 2009. Income
before interest, taxes and amortization for the six months was $12,967,000
compared to $10,414,000 in 2009. Operating income before interest and taxes
for the six months was $9,158,000 compared to $7,410,000 in 2009. Net income
and basic earnings per share for the six months were $6,088,000, and $0.55 per
share respectively, compared to $5,060,000, and $0.47 per share, for the same
period in 2009.
"We are delighted with the significant growth in our net income for the
quarter," stated Thomas Skidmore, GLENTEL's President and Chief Executive
Officer. We continue to grow in sales and profitability in both our Retail and
Business Divisions. In particular, our retail store sales grew 20% in the 2nd
quarter and same store sales increased 10% compared to the same period last
year. Smartphones continue to be very popular with our customers. The new
iPhone4 will be available in our retail stores nationally on Friday, July 30.
We are also pleased to welcome "chatr" today to our stable of brands - Rogers,
Fido, Bell, Virgin and Solo - as our 6th carrier brand available in all stores
operated by GLENTEL. With our strategic positioning in the mall marketplace
and the Costco channel, and with the ongoing consumer interest in new
smartphone releases, we look forward to a strong second half 2010."
About Glentel
GLENTEL (TSX: GLN) is a leading provider of innovative and reliable
telecommunications services and solutions in Canada and the United States.
Founded in 1963 and headquartered in Burnaby, B.C., GLENTEL comprises two
operating divisions - Retail and Business - that service thousands of
consumers and commercial telecommunications customers. Together with its
divisions, the company operates more than 280 locations across Canada located
in retail malls and high pedestrian-traffic street-front locations, Costco
Wholesale stores, and business centers. As the largest multi-carrier mobile
phone retailer in Canada, it offers a choice of network carrier and wireless
device or phone. To its business and government customers, GLENTEL offers
wireless service, rental equipment, satellite and terrestrial network systems,
tower sites, and wireless asset monitoring. GLENTEL operates its business
under the trading names Glentel Wireless, WirelessWave, The Telephone Booth
(Tbooth and la cabine T) and WIRELESS etc.
Forward-Looking Statements:
Statements in this release relating to matters that are not historical
fact are forward-looking statements based on current expectations, forecasts
and assumptions that involve risks and uncertainties that could cause actual
outcomes and results to differ materially. Factors that could cause or
contribute to such differences include, but are not limited to, general
economic conditions, changes in technology, reliance on third-party
manufacturing, managing rapid growth, limited intellectual property
protection, and other risks and uncertainties described in GLENTEL's public
filings with securities regulatory authorities.
NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY
HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
To secure a copy of GLENTEL's annual report or for additional information
visit www.glentel.com or www.sedar.com.
-30-
/For further information: Investor Relations Contact: Jas Boparai, Chief
Financial Officer, GLENTEL INC., 604.415.6500, investors@glentel.com; Media
Contact: Shafiq Jamal, VP, James Hoggan & Associates, 604.739.7500,
sjamal@hoggan.com/
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