Total Telcom Announces Record Fourth Quarter and Fiscal Year 2023 Results. Fiscal 2023 Revenues Increased 45%, Net Income Increased 99%

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(TheNewswire)

  

Kelowna, B.C., October 10, 2023 – Total Telcom Inc. (TSXV:TTZ) (OTC:TTLTF) (“Total Telcom” or the “Company”), a leading developer and provider of remote asset monitoring, tracking, control and communication solutions, today announced financial results for its fourth quarter and fiscal year ended June 30, 2023. The financial statements and related Management's Discussion and Analysis ("MD&A") can be viewed on SEDAR at www.sedar.com

Key Fiscal Year 2023 Highlights

  • Record revenue of $2.39 million, an increase of 45% driven by continued growth in hardware sales, and communication revenues. 

  • Hardware revenue of $1.23 million, an increase of 131% 

  • Communication or recurring revenues of $647 thousand, an increase of 27% 

  • Record gross profit of $1.48 million, an increase of 57% 

  • Record cash provided by operating activities of $799 thousand, an increase of 68%. 

  • Record net income of $583 thousand, an increase of 99%. 

  • Record earnings per share of $0.022, an increase of 100%. 

  • Cash and cash equivalents, and term deposits, improved to $2.4 million. 

  • Working capital improved to $2.73 million. 

  • Launched a new product, Water-TraX, which is a proprietary advanced satellite telemetry device, designed specifically for water management environmental monitoring. 

  • Launched our second-generation hardware of the RV integrated controller, which expanded our technological capabilities and was a key driver for Fiscal 2023’s success. 

Key Fourth Quarter 2023 Highlights

  • Record revenue of $714 thousand, an increase of 52% 

  • Hardware revenue of $456 thousand, an increase of 113% 

  • Communication or recurring revenues of $190 thousand, an increase of 26%. 

  • Gross profit of $509 thousand, an increase of 63%  

  • Cash provided by operating activities of $229 thousand, an increase of 26%. 

  • Net income of $252 thousand, an increase of 29%. 

  • Earnings per share of $0.01. 

Neil Magrath, CEO of Total Telcom commented, “By all measures, 2023 was a remarkable year, and Total Telcom has once again demonstrated its leadership in remote asset monitoring and communication solutions. With several commercialized products in the market, of which most have a recurring revenue stream, our business model is demonstrating success. Our teams are focused on expanding our collaborations with distributors and manufacturers to execute our growth strategy across all product lines. The successful launch of our second-generation RV integrated controllers, is an important catalyst in our long-term growth strategy. These new hardware units are being installed and integrated at the RV assembly level, we’ve just announced another important addition to this core technology in Q1, 2024: the SATrv initiative, which allows us to generate recurring subscription-based data communication revenues. In addition we unveiled our unique water, weather and environmental monitoring product Water-TraX in Q2, 2023, which has already proven its global market potential and is receiving promising interest from commercial partners. Our teams’ commitment and dedication to helping solve our clients’ complex challenges continues to be the ultimate driver of our success.”

Total Telcom Inc.

Consolidated Statements of Income and Comprehensive Income

For the Years Ended June, 2023 and June 30, 2022

 

 

Total Telcom Inc.

Consolidated Financial Statements of Financial Position

For the Years Ended June, 2023 and June 30, 2022

 

Total Telcom Inc.

Consolidated Financial Statements of Cash Flows

For the Years Ended June, 2023 and June 30, 2022 

 

 

About Total Telcom

Total Telcom, through its wholly owned subsidiary ROM Communications Inc. (ROM) is a leading developer and provider of remote asset monitoring, tracking, control, and communications products and services. ROM specializes in the development of innovative wireless communications that provide low cost, high tech monitoring, tracking and remote control solutions for commercial, industrial and consumer applications. ROM is uniquely positioned and qualified to deliver complete web to wireless solutions that enable companies and organizations to remotely monitor, track and control their fixed and mobile assets with a web browser from any Internet enabled PC. Products and services are based on ROM’s web to wireless technology and proprietary 2nd generation hardware & software marketed as TextAnywhere, ROM Controllers, ROMTraX, MotoTraX, TraX, DataTraX, WaterTraX, SiteTraX, CamTraX, AlarmTraX, and SATrv. These modules are wireless modems that utilize microcomputers integrated with sensors, GPS engines and various inputs and outputs and interfaced by the user through the Internet. ROM is an authorized airtime reseller and hardware developer for satellite, cellular and wireless IP Networks.

For additional information on Total Telcom, visit www.totaltelcom.com

Contact Information

Neil Magrath, CEO

[email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

  

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