IDNW growth of 189%
THE WOODLANDS, Texas, Aug 15, 2001 (BUSINESS WIRE) -- iDial Networks, Inc. (IDNW, Trade) today announced record revenues of $1,273,222 for the second quarter ended March 31, 2001, a growth of 189% from $440,336 for the comparable period in 2000 and a revenue growth of 294% from $814,232 to $3,210,920 for the 6 months ending June 30 over the comparable period in 2000. EBITDA for the second quarter 2001 increased 72.6% to $7,116 or .5% compared to a loss of $(317,482) or (72.1%) in the second quarter 2000.
"At a time when EBITDA profitability, combined with continued growth, are scarce among technology companies, we are proud to be a part of a select group of companies that are executing successfully," said Mark T. Wood, Chairman of iDial Networks, Inc. "Having achieved two consecutive quarters of EBITDA profitability, we are now positioned to support new international growth of our network with second to market revenue opportunities like our SMS call technology, exploring network expansion opportunities offering a clear return on investment, while maintaining a continued diligence in controlling our costs," Mr. Wood said.
The Company reported a gross profit of $306,444 and gross margin percentage of 24% for second quarter 2001, as compared to a gross loss of ($82,629) and a gross margin percentage of negative (18.8%) in second quarter 2000. For the 6 months ending June 30, 2001 the company reported a gross profit of $859,020 compared to a gross loss of ($40,134) for the same period in 2000. This represents a 571% increase in gross profit for the second quarter 2001 and a 2,240% increase in gross profit for the 6 months ending June 30, 2001 over the same 6 month period in 2000.
Carl Battie, Vice-Chairman of the Board commented, "We believe iDial Networks is the second Voice-over Internet Protocol (VoIP) carrier to report positive EBITDA for two consecutive quarters. Our gross profit and EBITDA performance during the second half of 2001 reflects the company's continued revenue growth, our focus on higher gross margin business, and diligent cost controls."
iDial Networks, Inc. reported comprehensive loss for the second quarter 2001 of ($573,592), or ($0.01) per share including the inclusion of $571,334 of non-cash depreciation charges of network equipment and amortization charges relating to the merger and acquisition of Whoofnet.Com and 2Sendit.Com.
iDial Networks, Inc., www.idialnetworks.com, an application service provider in leading communication technologies, provides a wide range of Voice over Internet Protocol (VoIP) services, Internet-activated applications and products that bring affordable telecommunications services to users around the globe. The company is building a next generation VoIP and TDM network based on carrier class technologies from Cisco Systems (CSCO, Trade) and Microsoft Corporation (MSFT, Trade).
iDial Networks, Inc. is actively seeking to diversify and grow its operations internally and through selective, well-structured acquisitions. The Company will continue on its path of growing internally and acquiring profitable businesses and service providers that compliment iDial Networks diversified geographical, product and retail/wholesale composition.
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Reform act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price, volatility, product demand, market competition, risk inherent in the Company's domestic and international operations, imprecision in estimating product reserves and the Company's ability to replace and expand its holdings. CONTACT: iDial Networks, Inc. Investor Relations, 954/351-9860 investors@administrationcentre.com URL: http://www.businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page.
Copyright (C) 2001 Business Wire. All rights reserved.
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