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Uniserve 2nd Quarter Results for the period ended November 30, 2019

VANCOUVER, British Columbia, Jan. 28, 2020 (GLOBE NEWSWIRE) -- Uniserve Communications Corporation (“Uniserve”) a provider of IT solutions and services to business and residential customers in Canada wishes to announce second quarter fiscal 2020 financial results. Q2 and Q2 year to date fiscal 2020 revenues decreased by 14% and 12% respectively as compared to the same periods in the prior fiscal year. Q2 fiscal 2020 Net loss was $988K and Q2 year to date fiscal 2020 Net loss was $1,383K, as compared to Net loss of $870K and Net loss of $2,110K respectively for the prior year fiscal periods. In upcoming quarters the Company will continue focusing on generating recurring revenue through new higher profit margin product offerings while continuing to focus on cost savings.

 
Uniserve Communications Corporation
Condensed Interim Consolidated Statements of Comprehensive Loss
(Expressed in Canadian dollars)
      
  Three months ended November 30,Six months ended November 30,
   2019  2018  2019  2018 
      
Revenue $2,497,157 $2,889,990 $5,084,555 $5,807,442 
Cost of revenues  1,509,093  1,680,479  3,070,897  3,576,463 
   988,064  1,209,511  2,013,658  2,230,979 
              
Expenses     
Operations and service delivery expenses  1,447,867  1,566,618  2,416,017  3,139,283 
Sales and marketing  237,588  247,295  523,863  641,678 
Amortization of property and equipment  178,686  123,486  355,724  247,420 
Amortization of intangible assets  59,520  29,929  121,486  63,933 
   1,923,661  1,967,328  3,417,090  4,092,314 
      
Operating Loss  (935,597) (757,817) (1,403,432) (1,861,335)
      
Other Expenses (Income)     
Finance charges  63,351  81,434  138,135  168,414 
Loss (Gain) on foreign exchange  (11,426) 23,660  (24,828) 57,302 
Loss (Gain) on settlements and reversals of debts  -  7,555  (133,914) 22,665 
   51,924  112,649  (20,608) 248,381 
      
Net Comprehensive Loss for the period $(987,521)$(870,466)$(1,382,824)$(2,109,716)
      

About Uniserve

Uniserve Communications Corporation is a 2018 TSX Venture top 50 performance company.
Uniserve is a unified communications company which has been in business for 30 years, combining voice, data and media services all into one seamless solution, one bill and one point of contact. The unique selling proposition of the business is “SMART” People, Solutions, and Technology with over 13,000 customers spread across residential and enterprise centered around Vancouver, Calgary and Kitchener-Waterloo.

Uniserve prides itself on world class customer service based in Canada. When all else is equal, clients can trust Uniserve to have a great price, a great experience and to be a company that customers enjoy working with – we call it “ONE click, call, connect”.

This news release was 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.

Michael C. Scholz
Chairman of the Board

For more information please call 604-395-3961 or email corporate.relations@uniserveteam.com.

Neither TSX Venture Exchange nor its Regulations 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 release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management’s estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.

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