News for 'PVSP' - (Pervasip Corp. Reports Second Quarter Results)
WHITE PLAINS, NY, Jul 23, 2013 (eTeligis.com via COMTEX) Pervasip Corp. (OTCQB: PVSP).
Pervasip Corp. (the "Company"), a cloud-based voice and video communications solutions, apps and services provider, today reported results for its second quarter ended May 31, 2013.
Pervasip's CEO, Paul Riss, noted, "In the second quarter, we saw incremental positive trends in our business metrics and momentum from the investments we've made in new product development that have led to our ability to raise additional growth capital from our primary lender and the successful restructuring of certain of our debts in the third quarter. Our second quarter gross margin was the highest quarterly margin in more than a dozen quarters, and our year-to-date reduction in total liabilities exceeded $3.1 million. With our focus now on capitalizing on these metrics and the renewed commitment from our lender, it is our third quarter that brings us the most excitement."
In the third quarter the Company began selling calling cards, submitted its mobile VoIP app to the Apple app store, and put in place new marketing initiatives. "We expect our iPhone app to complete the Apple review process shortly," continued Riss, "at which time users will be able to download the Pay and Go app on iPhones and iPads. This is exciting because users will be able to make free app-to-app voice and video calls across Android and Apple devices, as well as very inexpensive international calls to landlines and mobile phones."
During the third quarter, the Company also instituted a plan focused on achieving positive cash flow from operations by Q1 2014. The plan includes certain overhead reductions, a focus on driving new business through sales efforts in the calling card channel, and an increase in marketing spend to drive awareness and sales of apps. Riss stated, "We are pleased that we've been able to attain the #1 position on the Google Play store for VOIP searches from consumers with very little marketing spend to-date. We have high hopes that a focused marketing effort will allow us to achieve a similar position within iTunes once our app is available for download."
"We had a healthy gross margin of 57% in the second quarter," continued Riss. "We are all working together to create value by offering our product to iPhone users, Android users, calling cards customers and wholesale accounts."
Net income for the six months ended May 31, 2013 was $1,876,233, or $0.00 per basic and diluted share, compared to a net income of $4,385,498, or $0.03 per basic and $0.02 per diluted share, for the six months ended May 31, 2012.
Net loss for the quarter ended May 31, 2013 was $436,466, or $0.00 per basic and diluted share, compared to net income of $1,178,741, or $0.01 per basic and diluted share in the second quarter of 2012.
The Company's gross profit percentage increased 10 percentage points to 57% for the three-month period ended May 31, 2013, as compared to 47% for the three-month period ended May 31, 2012. The increase in second quarter gross profit lifted the gross profit percentage for the six-months ended May 31, 2013 to 55%, an increase of 4 percentage points over the 51% margin earned in the six-month period ended May 31, 2012.
The Company decreased its total liabilities by approximately $3,180,000 at May 31, 2013, as compared to November 30, 2012, primarily due to a negotiated debt reduction plan, which resulted in a gain from troubled debt restructuring of $2,714,461 for the six months ended May 31, 2013
For additional disclosure regarding operating results, refer to the Quarterly Report on Form 10-Q for the period ended May 31, 2013, which has been filed with the Securities and Exchange Commission.
About Pervasip
The Company delivers VoIP and video telephone service anywhere in the world that has a stable broadband connection. It recently entered the mobile VoIP services and applications arena so that its VoIP can utilize any 3G/4G or WiFi connection. Pervasip differentiates itself through a unique combination of high quality voice services, flexible back-office capabilities and automated provisioning systems that enable a quick turn-up for app users who are looking for a second mobile phone line or low-cost international calling, without using any voice-plan minutes from their mobile phone carrier. It offers a feature-rich, low-cost, high-quality alternative to traditional wireless phone services. For more information, please visit www.voxcorp.net.
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
News 
Market Data 
Discover 
