news for FLTT - Flint Telecom Increases Gross Margins by Over 200% on $34 Million Revenues for Financial Year Ended June 30, 2010 Tuesday 10/26/2010 9:03 AM ET - Marketwire
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FLTT 0.0060 1.69%
As of 10:28 AM ET 10/26/10
Flint Telecom Group, Inc. (OTCBB: FLTT), an international telecoms technology and services organization, announces that in its recently filed SEC Form 10K for its financial year ended June 30, 2010, the Company showed an increase in gross margins year over year of 237%. Flint Telecom also reduced total debt by $8.8 million through debt reduction and conversion to equity, while also reducing operating expenses by $1.85 million year-on-year. The key highlights of the full fiscal 2010 year results are:
-- Revenues for the year ended June 30, 2010 decreased slightly by 0.8%
to $34.1 million from $34.3 in 2009. The Company continues to focus on
adding new customers and new partners to drive revenues in the core
higher margin businesses.
-- Overall gross margins improved 237% to a gross profit of $1.6 million
at June 30, 2010 from a gross loss of $0.7 million in 2009. This
change is primarily due to management's ongoing focus on improving
margins generated from existing revenues and substituting higher
margin products.
-- Operating costs reduced 18% year-on-year and when coupled with the
increased gross margins resulted in a 38% reduction in operating
losses for the full year to $6.7 million. Net cash used in operations
reduced 53% to $2.2 million.
