dba Telecom Announces Q1, 2000 Results
dba Telecom Corporation
CDNX: DBA
dba Telecom Announces Q1, 2000 Results
May 31, 2000 - North Vancouver, BC, Canada: dba Telecom Corporation (CDNX: DBA) announced today its financial results for the first quarter of 2000.
During the first quarter, the company continued to strengthen its senior management team. Garry Hines, formerly the manager of the dba Telecom's Australian office, was promoted to the position of President, CEO and Director. Additionally, Kerry Heagle was appointed the General Manager, North America (based in Charlotte, North Carolina) and Joni Jaffe was appointed as Marketing Development Manager (based in Los Angeles, California). These additions reflect the importance of the U.S. market, particularly the PC PBX market, in the Company's growth plans and significantly enhances dba Telecom's sales capabilities.
Two new products were also released. The SmarTalk ST Series, which comes in 1, 2 and 3 line versions, and SmarTsync were introduced to provide an extended family of products and new sales opportunities for our value added resellers.
During this period of personnel additions and product introductions, revenues for the quarter were $814,233 with a gross margin of 39%. Expenses were $1,115,468 with more than half of these represented by selling costs. A net loss of $795,512, or $0.03 per share, was posted, compared to a small profit in the same period in 1999.
In February, the company raised a net of $1,409,480 through a private placement, and $109,500 through the exercise of options and warrants. As the quarter closed, the sole partner in SmarTalk Limited Partnership converted their interest into dba Telecom shares.
Garry Hines, President and CEO of dba Telecom, said "the first quarter continued the transformation of dba Telecom into a market driven company. We have many major strides and are starting to see strong interest from a number of sectors in our products. We are aggressively pursuing all avenues for revenue growth and a return to profitability for our shareholders."
Known internationally as "The SmarTalk Company", dba Telecom provides a unique range of intelligent network handsets for use in a variety of applications in the Centrex, Computer Telephony and Communication Server markets. dba Telecom has sales and support offices in Atlanta, Charlotte, Los Angeles, Hong Kong, London and Sydney with engineering, marketing and administration located in Vancouver.
The Company's shares are traded on the Canadian Venture Exchange under the symbol DBA.
The Canadian Venture Exchange has neither approved nor disapproved the information contained herein.
Contact:
Investor Relations, dba Telecom Corporation
Tollfree: 1-877-645-4848
Tel: (604) 257-4262; Fax: (604) 608-2949
Email: invest@dbatele.com
Website: www.dbatele.com |
