IPVoice Communications Inc. Reports Fifth Consecutive Profitable Quarter and Nineteen Percent Quarter to Quarter Organic Revenue Growth For Q303 at $669,550
Business Wire - November 17, 2003 12:34
Nine Month Year Over Year Revenue Increased 225%; Recent Pacific Rim Acquistion Results to be Realized in Fourth Quarter
DALLAS, Nov 17, 2003 (BUSINESS WIRE) -- IPVoice Communications, Inc. (OTCBB:IPVO)(
www.ipvoice.com) reports its fifth consecutive profitable quarter with a 19% growth in sales in the filing of SEC Form 10QSB for the third quarter of 2003. Sales for the third quarter of this year were $669,550 compared to $562,972 in the first quarter. This is the second consecutive double digit quarter-to-quarter revenue growth the Company has reported. IPVoice also turned in a 15 percent jump in second quarter sales over first. The total sales for the year for the nine months ended September 30, 2003 were $1,753,577 compared to $540,211 for the same period last year; a year-to-year revenue growth of 225%.
The Company had a net income of $76,176 or $0.01 per share, for the nine months ended September 30, 2003, compared to a net loss of $(637,236), or $(0.02) per share, for the nine months ended September 30, 2002.
"In June of 2002, IPVoice Communications Inc. embarked upon a business plan focused on introducing ground breaking communication technology innovations," explains Philip Verges, CEO and Chairman of IPVoice Communications. "We have worked diligently over the last seventeen months to establish traction with our organic sales, our merger and acquisition strategy and on Wall Street. We have made substantial progress on all three fronts. IPVoice is turning in a fifth consecutive profitable quarter that includes double digit quarter-to-quarter revenue growth produced solely by our organic, core operations. Next quarter, IPVoice will report at least a 100% quarter-to-quarter revenue growth with a distinct possibility of reporting up to 150% growth as a result of our recently announced acquisition of Infotel Technologies in Singapore. We at IPVoice are all very enthusiastic about launching into 2004 on the momentum of 2003. We look forward to sharing several strategic announcements with our shareholders between now and the end of the year."
About IPVoice Communications Inc.
IPVoice is a six-year-old company that has reported as a research and development concern for most of its history. Just over one year ago, IPVoice launched a business plan to reinvent itself. Since then the Company has posted five consecutive profitable quarters and has booked over $2.5 million in revenue. The Company is actively acquiring early stage proprietary technology companies and financially distressed systems integration companies in specific global markets. In addition to the Infotel acquisition which brought the IPVoice annualized revenue rate from $2 million to over $7 million, IPVoice also recently announced the acquisition of IP Global Voice, an early stage emerging technology company led by CEO Peter Geddis, a former Executive Vice President and Chief Operating Officer of Qwest Communications (NYSE:Q). IPVoice plans to acquire additional companies similar to Infotel and IP Global Voice.
This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to the risks inherent in the integration of Infotel Technologies into IPVoice Communications, Inc business, the ability of IPVoice to restore and stabilize the client base of Infotel and re-establish relationships with key suppliers, the development and market acceptance of the products and services of the combined companies, demand for the telecommunication and other products and related services, domestic and foreign government spending, budgetary and trade policies, economic and political changes in the domestic and international markets where the Company competes, successful deployment of advanced technologies, competitive product and pricing pressures as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Company's filings with the Securities and Exchange Commission.
SOURCE: IPVoice Communications, Inc.
IPVoice Communications Inc., Dallas
Investor Relations, 972-386-3372 (211)
ir@ipvoice.com
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