(TheNewswire)
Kelowna, B.C., October 10, 2023 – Total Telcom Inc .(TSXV:TTZ) (OTC:TTLTF) (“ Total Telcom ” or the “Company ”), aleading developer and provider of remote asset monitoring, tracking,control and communication solutions, today announced financial resultsfor its fourth quarter and fiscal year ended June 30, 2023. The financial statements and related Management'sDiscussion and Analysis ("MD&A") can be viewed on SEDARat www.sedar.com
Key Fiscal Year 2023Highlights
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Record revenue of $2.39 million, an increase of 45%driven by continued growth in hardware sales, and communicationrevenues.
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Hardware revenue of $1.23 million, an increase of131%
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Communication or recurring revenues of $647 thousand,an increase of 27%
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Record gross profit of $1.48 million, an increase of57%
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Record cash provided by operating activities of $799thousand, an increase of 68%.
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Record net income of $583 thousand, an increase of99%.
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Record earnings per share of $0.022, an increase of100%.
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Cash and cash equivalents, and term deposits, improvedto $2.4 million.
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Working capital improved to $2.73 million.
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Launched a new product,Water-TraX , which is a proprietary advancedsatellite telemetry device, designed specifically for water management environmental monitoring.
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Launched our second-generation hardwareof the RV integrated controller , whichexpanded our technological capabilities and was a key driver forFiscal 2023’s success.
Key Fourth Quarter 2023Highlights
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Record revenue of $714 thousand, an increase of52%
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Hardware revenue of $456 thousand, an increase of113%
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Communication or recurring revenues of $190 thousand,an increase of 26%.
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Gross profit of $509 thousand, an increase of 63%
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Cash provided by operating activities of $229 thousand,an increase of 26%.
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Net income of $252 thousand, an increase of29%.
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Earnings per share of $0.01.
Neil Magrath, CEO of Total Telcom commented, “By allmeasures, 2023 was a remarkable year, and Total Telcom has once againdemonstrated its leadership in remote asset monitoring andcommunication solutions. With several commercialized products in themarket, of which most have a recurring revenue stream, our businessmodel is demonstrating success. Our teams are focused on expanding ourcollaborations with distributors and manufacturers to execute ourgrowth strategy across all product lines. The successful launch of oursecond-generation RV integrated controllers, is an important catalystin our long-term growth strategy. These new hardware units are beinginstalled and integrated at the RV assembly level, we’ve justannounced another important addition to this core technology in Q1,2024: the SATrv initiative, which allows us to generate recurringsubscription-based data communication revenues. In addition weunveiled our unique water, weather and environmental monitoringproduct Water-TraX in Q2, 2023, which has already proven its globalmarket potential and is receiving promisinginterest from commercial partners. Our teams’ commitment anddedication to helping solve our clients’ complex challengescontinues to be the ultimate driver of our success.”
Total Telcom Inc.
Consolidated Statements of Income and ComprehensiveIncome
For the Years Ended June, 2023 and June 30, 2022
Total Telcom Inc.
Consolidated Financial Statements of Financial Position
For the YearsEnded June, 2023 and June 30, 2022
Total Telcom Inc.
Consolidated Financial Statements of Cash Flows
For the YearsEnded June, 2023 and June 30, 2022
Total Telcom, through its wholly owned subsidiary ROMCommunications Inc. (ROM) is a leading developer and provider ofremote asset monitoring, tracking, control, and communicationsproducts and services. ROM specializes in the development ofinnovative wireless communications that provide low cost, high techmonitoring, tracking and remote control solutions for commercial,industrial and consumer applications. ROM is uniquely positioned andqualified to deliver complete web to wireless solutions that enablecompanies and organizations to remotely monitor, track and controltheir fixed and mobile assets with a web browser from any Internetenabled PC. Products and services are based on ROM’s web to wirelesstechnology and proprietary 2nd generation hardware & softwaremarketed as TextAnywhere, ROM Controllers, ROMTraX, MotoTraX, TraX,DataTraX, WaterTraX, SiteTraX, CamTraX, AlarmTraX, and SATrv. Thesemodules are wireless modems that utilize microcomputers integratedwith sensors, GPS engines and various inputs and outputs andinterfaced by the user through the Internet. ROM is an authorizedairtime reseller and hardware developer for satellite, cellular andwireless IP Networks.
For additional information on Total Telcom,visit www.totaltelcom.com
Contact Information
Neil Magrath, CEO
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