BURNABY, BC, Oct. 27 /CNW/ - GLENTEL Inc. (TSX: GLN) today reported its results for the 3rd quarter and nine months ended September 30, 2010.
Financial highlights (tabular amounts in thousands of Canadian dollars, except per share data):
Three months ended September 30 |
Nine months ended September 30 |
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2010 | 2009 | 2010 | 2009 | |
Sales | $96,880 | $81,905 | $250,635 | $217,198 |
Income, before interest, taxes and amortization | 11,195 | 10,404 | 24,162 | 20,818 |
Operating income, before interest and taxes | 9,227 | 8,856 | 18,385 | 16,266 |
Net income | $6,551 | $5,834 | $12,639 | $10,894 |
Basic net income per share | $0.59 | $0.53 | $1.14 | $1.01 |
Diluted net income per share | $0.58 | $0.52 | $1.13 | $0.99 |
Consolidated sales for the three months ended September 30, 2010 grew 18%, to $96,880,000 compared to $81,905,000 in the same period of 2009. Income before interest, taxes and amortization for the three months was $11,195,000 compared to $10,404,000 in 2009. Operating income before interest and taxes for the three months was $9,227,000 compared to $8,856,000 in 2009. Net income and basic earnings per share for the three months were $6,551,000, and $0.59 per share respectively, compared to $5,834,000, and $0.53 per share, for the same period in 2009. Basic earnings per share increased by 11% over the 3rd quarter in 2009.
Consolidated sales for the nine months ended September 30, 2010 grew 15%, to $250,635,000 compared to $217,198,000 in the same period of 2009. Income before interest, taxes and amortization for the nine months was $24,162,000 compared to $20,818,000 in 2009. Operating income before interest and taxes for the nine months was $18,385,000 compared to $16,266,000 in 2009. Net income and basic earnings per share for the nine months were $12,639,000, and $1.14 per share respectively, compared to $10,894,000, and $0.99 per share, for the same period in 2009. Basic earnings per share increased by 13% over the nine months ended September 30, 2009.
"We are delighted to report increased sales and earnings performance in our 3rd quarter that included significant sales from back-to-school activity," stated Thomas Skidmore, GLENTEL's President and Chief Executive Officer. "We anticipate strong sales and earnings in the 4th quarter from our newly acquired U.S. mall stores and our Canadian mall stores as we approach our high-activity U.S. Thanksgiving, Christmas and Boxing-week selling season."
About GLENTEL
GLENTEL (TSX: GLN) is a leading provider of innovative and reliable telecommunications services and solutions in Canada and the United States. Founded in 1963 and headquartered in Burnaby, BC, GLENTEL comprises three operating divisions - Retail Canada, Retail US and Business - that service thousands of consumers and commercial communications customers. The company operates more than 280 stores across Canada located primarily in retail malls and Costco Wholesale, as well as 132 mall stores in the United States. To its business and government customers, GLENTEL offers wireless service, rental equipment, satellite and terrestrial network systems, tower sites, and wireless asset monitoring. As the largest multi-carrier mobile phone retailer in Canada, it offers a choice of network carrier and wireless device or phone to Canadian consumers. GLENTEL operates its business under the trading names Glentel Wireless, WIRELESSWAVE, WAVE SANS FIL, Tbooth wireless, la cabine T sans fil, WIRELESS etc. and SANS FIL etc., and Diamond Wireless - Verizon Premium Retailer in the U.S.
Forward-Looking Statements:
Statements in this release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, changes in technology, reliance on third-party manufacturing, managing rapid growth, limited intellectual property protection, and other risks and uncertainties described in GLENTEL's public filings with securities regulatory authorities.
NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
For further information:
Investor Relations Contact: | Media Contact: |
Jas Boparai, Chief Financial Officer | Shafiq Jamal, VP |
GLENTEL INC. | James Hoggan & Associates |
604.415.6500 | 604.739.7500 |
[email protected] | [email protected] |
To secure a copy of GLENTEL's annual report or for additional information visit www.glentel.com or www.sedar.com.
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