(TheNewswire)
Kelowna, B.C. / TheNewswire/ February 28 , 2024 – 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 second quarter of Fiscal 2024 ended December 31, 2023. The financial statements and related Management'sDiscussion and Analysis ("MD&A") can be viewed on SEDARat www.sedar.com
Second Quarter 2024 Highlights
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Revenue for thequarter ended December 31, 2023, was $619,578, compared to $678,370 inthe same quarter of the previous year. For the six months endedDecember 31, 2023, revenue totaled $961,924, compared to $1,090,697 inthe corresponding period of 2023.
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Hardware revenue for the quarter December 31, 2023, was $337,606, compared to$431,245 in the same quarter of the previous year. For the six monthsended December 31, 2023, revenue totaled $408,790, compared to$582,221 in the corresponding period of 2023.
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Communication or recurringrevenue for the quarter December 31, 2023, was$167,709, compared to $153,047 in the same quarter of the previousyear. For the six months ended December 31, 2023, revenue totaled$335,816, compared to $300,431 in the corresponding period of2023.
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Gross profit for the quarter ended December 31, 2023, was $385,879, compared to$387,761 in the same quarter of the previous year. For the six monthsended December 31, 2023, gross profit totaled $585,225, compared to$611,270 in the corresponding period of 2023.
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Net income forthe quarter ended December 31, 2023, was $101,553, compared to$114,409 in the same quarter of the previous year. For the six monthsended December 31, 2023, net income totaled 85,291, compared to$237,884 in the corresponding period of 2023.
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Cash, cash equivalents, and termdeposits as at December 31, 2023, was$2,538,858, compared to cash, cash equivalents, and term deposits of$2,404,179 at December 31, 2022.
Neil Magrath, CEO of Total Telcom commented, “We areproud to announce another profitable quarter. Revenues for the quarterare lower due to a decrease in RV hardware sales as manufacturers areexperiencing a slowdown in demand for recreational vehicles. We have asolid net cash position, underscoring our financial stability, withexcess cash being allocated to term deposits. Our teams remainfocused on business development activities as we continue to penetratenew markets with our commercialized offerings.”
Consolidated Statements of Income and ComprehensiveIncome
For the Quarter Ended December 31, 2023
Consolidated Financial Statements of FinancialPosition
For the Quarter Ended December 31, 2023
Consolidated Statements of Cash Flows
For the Quarter Ended December 31, 2023
About Total Telcom
Total Telcom, through its wholly owned subsidiary ROMCommunications Inc. (ROM) is a leading developer and provider ofremote asset monitoring, tracking, control, and communication productsand services.
Total Telcom has a client first history and is knownthroughout the industry for its innovative advanced technologysolutions. The Company is uniquely positioned to deliver solutionsthat enable its customers and clients to cost-effectively oversee,remotely monitor, track, control and communicate with their fixed andmobile assets.
These modules are wireless modems that utilizemicrocomputers integrated with sensors, GPS engines, WiFi, RFID andvarious inputs and outputs. User interface requires NO special APPs orequipment as configuration is facilitated through a wireless WiFiconnection to any smartphone, tablet, laptop, or datalogging firmwareby the user through the Internet. ROM is an authorized airtimereseller and hardware developer for satellite, cellular and wirelessIP Networks.
Total Telcom offers its customers a suite of productsand solutions that are based on proprietary hardware and software. The Company’s business model allows it to generate multiplerevenue streams through the sale of both hardware (products) andrecurring monthly service fees (monitoring, tracking, control, anddata management). For additional information on Total Telcom,visit www.totaltelcom.com
Contact Information
Neil Magrath, CEO
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