Total Telcom Announces Third Quarter Results

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(TheNewswire)

 

Kelowna, B.C. - TheNewswire - May 27, 2024 – Total Telcom Inc. (TSX.V: TTZ) (OTC Pink: 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 third quarter of Fiscal 2024 ended March 31, 2024. The financial statements and related Management's Discussion and Analysis ("MD&A") can be viewed on SEDAR+ at www.sedarplus.ca

Third Quarter 2024 Highlights

  • Revenue for the quarter ended March 31, 2024, was $519,612, compared to $587,622 in the same quarter of the previous year. For the nine months ended March 31, 2024, revenue totaled $1,481,536, compared to $1,678,319 in the corresponding period of 2023. 

  • Hardware revenue for the quarter March 31, 2024, was $117,132, compared to $192,180 in the same quarter of the previous year. For the nine months ended March 31, 2024, revenue totaled $525,922, compared to $774,401 in the corresponding period of 2023. 

  • Communication or recurring revenue for the quarter March 31, 2024, was $163,837, compared to $157,026 in the same quarter of the previous year. For the nine months ended March 31, 2024, revenue totaled $499,653, compared to $457,457 in the corresponding period of 2023. 

  • Gross profit for the quarter ended March 31, 2024, was $306,222, compared to $360,285 in the same quarter of the previous year. For the nine months ended March 31, 2024, gross profit totaled $891,447, compared to $971,555 in the corresponding period of 2023. 

  • Net income for the quarter ended March 31, 2024, was $92,045, compared to $93,072 in the same quarter of the previous year. For the nine months ended March 31, 2024, net income totaled $177,336, compared to $330,956 in the corresponding period of 2023. 

  • Cash, cash equivalents, and term deposits as at March 31, 2024, was $2,802,183, compared to cash, cash equivalents, and term deposits of $2,404,179 at June 30, 2023. 

Neil Magrath, CEO of Total Telcom commented, “Our third-quarter net income remains consistent with Q3 of 2023, primarily due to higher interest income and foreign exchange gains offsetting lower hardware sales. While year-to-date performance is down compared to last year, primarily driven by limited sales in RV hardware, we are encouraged by our strong cash position with $2.8 million in the bank and no debt. We are optimistic that RV hardware sales will resume in coming quarters, and our team continues to work diligently on expanding our business.”

Consolidated Statements of Income and Comprehensive Income

For the Quarter Ended March 31, 2024

 

Consolidated Financial Statements of Financial Position

For the Quarter Ended March 31, 2024


Click Image To View Full Size

 

Consolidated Statements of Cash Flows

For the Quarter Ended March 31, 2024

 

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 communication products and services.

Total Telcom has a client first history and is known throughout the industry for its innovative advanced technology solutions. The Company is uniquely positioned to deliver solutions that enable its customers and clients to cost-effectively oversee, remotely monitor, track, control and communicate with their fixed and mobile assets.

These modules are wireless modems that utilize microcomputers integrated with sensors, GPS engines, WiFi, RFID and various inputs and outputs. User interface requires NO special APPs or equipment as configuration is facilitated through a wireless WiFi connection to any smartphone, tablet, laptop, or datalogging firmware by the user through the Internet. ROM is an authorized airtime reseller and hardware developer for satellite, cellular and wireless IP Networks.

Total Telcom offers its customers a suite of products and solutions that are based on proprietary hardware and software.  The Company’s business model allows it to generate multiple revenue streams through the sale of both hardware (products) and recurring monthly service fees (monitoring, tracking, control, and data management). 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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