UTLM Announces Revenues and Earnings Growth for Q4 2007
This afternoon, USTelematics reported its operating results for the quarter ended November 30, 2007. The results include the revenues generated in addition to $6.3 million in earnings for the fiscal quarter, which resulted from positive derivative instrument accounting.
The CEO of USTelematics, Howard Leventhal, commented on the results, “We are continuing to experience the non-operating, non-cash effects of the accounting rules applying to the derivative financial instruments underlying our capital structure. We work every day with our accountants, legal counsel and financial advisors to simplify the Company’s capital structure while shifting from a development stage entity to an operating company. We fully expect calendar 2008’s news to be more about operating results than about the intricacies of our financing.”
The Company recently received its first broad exposure of the Vivee(TM) and Voyager(TM) communications and entertainment product lines at the 2008 International Consumer Electronics Show (CES). USTelematics reported a successful product exhibition as the Company inked a number of distribution and marketing agreements as well as strengthened its relationships with a global network of independent sales representatives.
“The developments at CES are the final step after a long development period, preceding the significant revenue traction we foresee in calendar 2008. The global media interest and coverage we received during CES coupled with the signing of tier-1 distributors and sales representatives portends a complete shift away from development stage and to operating revenue early this year,” said Mr. Leventhal.
