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VANCOUVER, British Columbia, Sep 28, 2021 (GLOBE NEWSWIRE) – Uniserve Communications Corporation (“Uniserve”), a provider of IT solutions and services to businesses and individuals in Canada, wishes to announce its annual financial results for fiscal year 2021. Revenues for fiscal year 2021 amounted to $ 8,064K, compared to $ 12,359K for the previous year. Annual operating income for fiscal 2021 was $ 360,000 compared to an operating loss of $ 1,632,000 for the prior year. Net income for fiscal 2021 was $ 140,000 compared to net loss of $ 3,496,000 for the prior year. The net loss for the previous year included impairment charges totaling $ 1,772,000. During the year, Uniserve focused on reducing operational costs and improving processes across the organization.
| Uniserve Communications Corporation | ||||
| Consolidated statements of comprehensive income | ||||
| (Expressed in Canadian dollars) | ||||
| Fiscal year ended May 31 | ||||
| 2021 | 2020 | |||
| Returned | $ 8,063,502 | $ 12,358,516 | ||
| Cost of income | 4,708,371 | 8 132 964 | ||
| 3 355 131 | 4,225,552 | |||
| Expenses | ||||
| Operating and service provision costs | 1,860,964 | 3 965 172 | ||
| Sales and Marketing | 627,770 | 1,033,588 | ||
| Depreciation of tangible fixed assets | 433,891 | 721,592 | ||
| Amortization of intangible assets | 72,202 | 137,351 | ||
| 2 994 827 | 5 857 703 | |||
| Operating profit (loss) | 360,304 | (1,632,151 | ) | |
| Other expenses (income) | ||||
| Financial expenses | 235,800 | 266,792 | ||
| Loss (gain) on foreign exchange | (5,013 | ) | 3 886 | |
| Gain on settlements and debt write-backs | (1,386 | ) | (171 714 | ) |
| Miscellaneous income | – | (7 674 | ) | |
| Financial income | (9,097 | ) | – | |
| Deterioration of customer relationships | – | 118,500 | ||
| Depreciation of goodwill | – | 1,653,657 | ||
| 220,304 | 1 863 447 | |||
| Net and comprehensive income (loss) for the year | $ 140,000 | ($ 3,495,598 | ) | |
About Uniserve
Uniserve Communications Corporation is one of the 50 Best Performing Companies on the TSX Venture Exchange in 2018.
Uniserve is a 30-year-old unified communications company, combining voice, data and media services into one seamless solution, one bill, and one point of contact.
Uniserve is proud to offer world class customer service based in Canada. When all else is equal, customers can trust Uniserve to deliver a great price, a great experience and to be a company that customers love to work with – we call it “ONE Click, Call, Connect”.
This press release has been prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
Learn more at www.uniserve.com or at www.sedar.com.
Walter Schultz
President of the council
For more information, please call 604-395-3961 or email [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Management has prepared this press release and no regulatory authority has approved or disapproved of the information it contains. Statements in this press release that are not historical facts are forward-looking statements. These statements are based on management’s estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from current expectations due to a number of factors.
