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Tucows Inc. reports financial results for the first

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Rckhnd   Wednesday, 05/13/09 09:21:56 PM
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Tucows Inc. reports financial results for the first quarter of 2009

TORONTO, May 13, 2009 (Canada NewsWire via COMTEX) --




<<

- Eight-Year High in New Registrations Contributes to Strong Growth in

Revenue and Profitability -

>>



Tucows Inc., (AMEX:TCX, TSX:TC) a global provider of domain names, email and
other Internet services, today reported its financial results for the first
quarter of 2009 ended March 31, 2009. All figures are in U.S. dollars.

"During the first quarter of 2009, we saw continued strength in domain
registrations through our OpenSRS wholesale services business, marked by the
highest number of new registrations since the second quarter of 2000 and strong
year-over-year growth in renewal transactions," said Elliot Noss, President and
CEO of Tucows. "In our YummyNames branded domain portfolio business, we
completed a $1 million bulk domain name sale and executed an arrangement with
the buyer committing them to ongoing domain purchases over the next 12 to 18
months. The contributions from these businesses in the first quarter resulted in
strong revenue growth, profitability and solid cash flow from operations."





<<

Summary Financial Results

(Numbers in Thousands of US Dollars, Except Per Share Data)



-------------------------------------------------------------------------

3 Months 3 Months

Ended Ended

Mar. 31, Mar. 31,

2009 2008

(unaudited) (unaudited)

-------------------------------------------------------------------------

Net Revenue $20,091 $18,711

-------------------------------------------------------------------------

Net Income (Loss) 964 (1,082)

-------------------------------------------------------------------------

Net Income (Loss)/Share 0.01 (0.01)

-------------------------------------------------------------------------

Cash Flow from Operations 913 117

-------------------------------------------------------------------------







Summary of Revenue and Cost of Revenue

(Numbers in Thousands of US Dollars)



-------------------------------------------------------------------------

Revenue Cost of Revenue

-------------------------------------------------------------------------

3 Months 3 Months 3 Months 3 Months

Ended Ended Ended Ended

Mar. 31, Mar. 31, Mar. 31, Mar. 31,

2009 2008 2009 2008

(unaudited) (unaudited) (unaudited) (unaudited)

-------------------------------------------------------------------------

Traditional Domain

Registration Services $14,156 $12,871 $11,355 $9,936

-------------------------------------------------------------------------

Domain Portfolio Services 1,911 905 185 178

-------------------------------------------------------------------------

Email Services 1,122 1,575 180 107

-------------------------------------------------------------------------

Retail Services 1,301 1,641 513 567

-------------------------------------------------------------------------

Other Services 1,601 1,719 396 412

-------------------------------------------------------------------------

Total $20,091 $18,711 $12,629 $11,200

-------------------------------------------------------------------------

>>



Net revenue for the first quarter of 2009 increased 7.4% to $20.1 million from
$18.7 million for the first quarter of 2008. The increase was primarily the
result of growth in both new registrations and renewals from our domain
registration service, as well as higher domain portfolio sales.

Net income for the first quarter of 2009 was $1.0 million, or $0.01 per share,
compared with a net loss of $1.1 million, or $0.01 per share, for the first
quarter of 2008. Net income for the first quarter included a loss on foreign
exchange of $0.7 million, inclusive of a mark to market gain of $0.1 million,
compared to a loss on foreign exchange of $0.1 million, inclusive of a mark to
market loss of $0.3 million in the first quarter 2008.

Deferred revenue at the end the first quarter of fiscal 2009 was $56.7 million,
an increase of 5.7% from $53.6 million at the end of the first quarter of fiscal
2008 and an increase of 4.5% from $54.2 million at the end of the fourth quarter
of fiscal 2008.

Cash and cash equivalents at the end of the first quarter of fiscal 2009 was
$4.0 million compared with $7.5 million at the end of the first quarter of
fiscal 2008 and $5.4 million at the end of the fourth quarter of fiscal 2008.
This decrease in cash compared with the fourth quarter of 2008 is primarily the
result of the Company's repurchase of its shares valued at $1.8 million
(including the Company's modified Dutch auction tender offer) and the repayment
of $479,000 of the Company's bank loan. This was partially offset by the
generation of cash from operations of $913,000.

Conference Call

Tucows will host a conference call today, Wednesday, May 13, 2009 at 5:00 p.m.
ET to discuss the Company's first quarter fiscal 2009 results. To access the
conference call via the Internet go to http://tucowsinc.com/investors and click
on "Financials."

For those unable to participate in the conference call at the scheduled time, it
will be archived for replay both by telephone and via the Internet beginning
approximately one hour following completion of the call. To access the archived
conference call by telephone, dial 416-640-1917 or 1-877-289-8525 and enter the
pass code 21303435 followed by the pound key. The telephone replay will be
available until Wednesday, May 20, 2009 at midnight. To access the archived
conference call as an MP3 via the Internet, go to
http://tucowsinc.com/investors.

About Tucows

Tucows is a global Internet services company. OpenSRS manages over 8 million
domain names and millions of email boxes through a reseller network of over
9,000 web hosts and ISPs. Hover is the easiest way for individuals and small
businesses to manage their domain names and email addresses. YummyNames owns
premium domain names that generate revenue through advertising and resale.
Butterscotch.com is an online video network building on the foundation of
Tucows.com. More information can be found at http://tucowsinc.com.





<<

Tucows Inc.

Consolidated Balance Sheets

(Dollar amounts in U.S. dollars)



March 31, December 31,

2009 2008

-------------- --------------

(unaudited) (unaudited)



Assets



Current assets:

Cash and cash equivalents $ 4,002,743 $ 5,427,467

Accounts receivable 3,717,355 3,200,362

Prepaid expenses and deposits 2,852,611 2,274,043

Prepaid domain name registry and other

Internet services fees, current portion 31,016,360 29,212,610

Deferred tax asset, current portion 590,000 590,000

-------------- --------------

Total current assets 42,179,069 40,704,482



Prepaid domain name registry and other

Internet services fees, long-term portion 12,177,620 11,855,971

Property and equipment 2,571,889 3,072,958

Deferred financing charges 68,100 78,500

Deferred tax asset, long-term portion 2,410,000 2,410,000

Intangible assets 19,822,184 20,206,996

Goodwill 17,990,807 17,990,807

Investment 200,000 200,000

-------------- --------------

Total assets $ 97,419,669 $ 96,519,714

-------------- --------------

-------------- --------------



Liabilities and Stockholders' Equity



Current liabilities:

Accounts payable $ 1,448,814 $ 1,633,830

Accrued liabilities 2,130,796 2,000,146

Customer deposits 3,009,739 3,319,241

Derivative instrument liability 1,889,576 1,974,919

Loan payable, current portion 2,624,242 2,624,242

Deferred revenue, current portion 40,129,171 37,985,821

Accreditation fees payable, current portion 585,514 510,548

Income taxes payable 83,305 -

-------------- --------------

Total current liabilities 51,901,157 50,048,747



Deferred revenue, long-term portion 16,521,830 16,201,804

Accreditation fees payable, long-term portion 191,015 187,374

Loan payable, long-term portion 2,756,564 3,235,125

Deferred tax liability, long-term portion 5,396,000 5,396,000



Stockholders' equity:

Preferred stock - no par value, 1,250,000

shares authorized; none issued and

outstanding - -

Common stock - no par value, 250,000,000

shares authorized; 66,888,092 shares

issued and outstanding at March 31, 2009

and 73,073,782 shares issued and

outstanding at December 31, 2008 14,361,220 15,198,358

Additional paid-in capital 47,789,835 48,714,676

Deficit (41,497,952) (42,462,370)

-------------- --------------

Total stockholders' equity 20,653,103 21,450,664

-------------- --------------

Total liabilities and stockholders' equity $ 97,419,669 $ 96,519,714

-------------- --------------

-------------- --------------





Tucows Inc.

Consolidated Statements of Operations

(Dollar amounts in U.S. dollars)



Three months ended March 31,

2009 2008

-------------- --------------

(unaudited)



Net revenues $ 20,091,424 $ 18,711,207



Cost of revenues:

Cost of revenues (*) 13,785,398 13,149,932

Depreciation of property and equipment 452,709 825,837

Amortization of intangible assets 29,199 73,457

-------------- --------------

Total cost of revenues 14,267,306 14,049,226

-------------- --------------



Gross profit 5,824,118 4,661,981



Expenses:

Sales and marketing (*) 1,353,176 1,696,132

Technical operations and development (*) 1,104,139 1,565,854

General and administrative (*) 1,869,896 1,539,432

Depreciation of property and equipment 86,405 61,070

Amortization of intangible assets 360,540 385,161

(Gain) / loss in fair value of forward

exchange contracts (85,343) 255,433

-------------- --------------

Total expenses 4,688,813 5,503,082

-------------- --------------



Income (loss) from operations 1,135,305 (841,101)



Other income (expenses):

Interest income (expense), net (63,462) (209,984)

-------------- --------------

Total other income (expenses) (63,462) (209,984)

-------------- --------------



Income (loss) before provision for income

taxes 1,071,843 (1,051,085)



Provision for income taxes 107,425 31,134

-------------- --------------

Net income (loss) for the period $ 964,418 $ (1,082,219)

-------------- --------------

-------------- --------------



Basic earnings (loss) per common share $ 0.01 $ (0.01)

-------------- --------------

-------------- --------------



Shares used in computing basic earnings

(loss) per common share 72,655,213 73,888,542

-------------- --------------

-------------- --------------



Diluted earnings (loss) per common share $ 0.01 $ (0.01)

-------------- --------------

-------------- --------------



Shares used in computing diluted earnings

(loss) per common share 72,657,604 73,888,542

-------------- --------------

-------------- --------------



(*) Stock-based compensation has been included in expenses as follows:

Cost of revenues $ 5,000 $ 4,300

Sales and marketing $ 14,900 $ 18,300

Technical operations and development $ 10,600 $ 20,700

General and administrative $ 18,700 $ 28,900







Consolidated Statements of Cash Flows

(Dollar amounts in U.S. dollars)



Three months ended March 31,

2009 2008

-------------- --------------

(unaudited)

Cash provided by (used in):

Operating activities:

Net income (loss) or the period $ 964,418 $ (1,082,219)

Items not involving cash:

Depreciation of property and equipment 539,114 886,907

Amortization of deferred financing charges 10,400 13,500

Amortization of intangible assets 389,739 458,618

Disposal of domain names 973 -

Unrealized (gain)/loss in the fair value

of forward contracts (85,343) 255,433

Stock-based compensation 49,200 72,200

Change in non-cash operating working capital:

Accounts receivable (516,993) (66,120)

Prepaid expenses and deposits (578,568) 139,689

Prepaid fees for domain name registry and

other Internet services fees (2,125,399) (2,530,601)

Accounts payable (180,821) (433,827)

Accrued liabilities 128,773 (529,247)

Customer deposits (309,502) (100,590)

Deferred revenue 2,463,376 2,978,934

Accreditation fees payable 78,607 56,816

Income taxes payable 85,182 (2,591)

-------------- --------------



Net cash provided by operating activities 913,156 116,902

-------------- --------------



Financing activities:

Repurchase of shares (1,811,179) -

Repayment of loan payable (478,561) (478,560)

-------------- --------------



Net cash used in financing activities (2,289,740) (478,560)

-------------- --------------



Investing activities:

Cost of domain names acquired (5,900) (6,420)

Additions to property and equipment (42,240) (211,531)

Decrease in cash held in escrow - (7,399)

-------------- --------------



Net cash used in investing activities (48,140) (225,350)

-------------- --------------



Decrease in cash and cash equivalents (1,424,724) (587,008)



Cash and cash equivalents, beginning of

period 5,427,467 8,093,476

-------------- --------------



Cash and cash equivalents, end of period $ 4,002,743 $ 7,506,468

-------------- --------------

-------------- --------------



Supplemental cash flow information:

Interest paid $ 65,521 $ 259,337



Supplementary disclosure of non-cash

investing activity:

Property and equipment acquired during the

period not yet paid for $ 2,784 $ 764,972

>>



SOURCE: Tucows Inc.



CONTACT: Lawrence Chamberlain, The Equicom Group for Tucows Inc., (416) 815-0700 ext. 257,

lchamberlain@equicomgroup.com



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