(TheNewswire)
Kelowna, B.C. - TheNewswire- May 27 , 2024 – Total Telcom Inc .(TSX.V: TTZ) (OTC Pink: TTLTF) (“ Total Telcom ” orthe “Company ”), a leading developer and provider of remote assetmonitoring, tracking, control and communication solutions, todayannounced financial results for its third quarter of Fiscal 2024 endedMarch 31, 2024. The financial statements andrelated Management's Discussion and Analysis ("MD&A")can be viewed on SEDAR+ at www.sedarplus.ca
Third Quarter 2024 Highlights
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Revenue for thequarter ended March 31, 2024, was $519,612, compared to $587,622 inthe same quarter of the previous year. For the nine months ended March31, 2024, revenue totaled $1,481,536, compared to $1,678,319 in thecorresponding period of 2023.
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Hardware revenue for the quarter March 31, 2024, was $117,132, compared to$192,180 in the same quarter of the previous year. For the nine monthsended March 31, 2024, revenue totaled $525,922, compared to $774,401in the corresponding period of 2023.
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Communication or recurringrevenue for the quarter March 31, 2024, was$163,837, compared to $157,026 in the same quarter of the previousyear. For the nine months ended March 31, 2024, revenue totaled$499,653, compared to $457,457 in the corresponding period of2023.
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Gross profit for the quarter ended March 31, 2024, was $306,222, compared to$360,285 in the same quarter of the previous year. For the nine monthsended March 31, 2024, gross profit totaled $891,447, compared to$971,555 in the corresponding period of 2023.
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Net income forthe quarter ended March 31, 2024, was $92,045, compared to $93,072 inthe same quarter of the previous year. For the nine months ended March31, 2024, net income totaled $177,336, compared to $330,956 in thecorresponding period of 2023.
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Cash, cash equivalents, and termdeposits as at March 31, 2024, was $2,802,183,compared to cash, cash equivalents, and term deposits of $2,404,179 atJune 30, 2023.
Neil Magrath, CEO of Total Telcom commented, “Ourthird-quarter net income remains consistent with Q3 of 2023, primarilydue to higher interest income and foreign exchange gains offsettinglower hardware sales. While year-to-date performance is down comparedto last year, primarily driven by limited sales in RV hardware, we areencouraged by our strong cash position with $2.8 million in the bankand no debt. We are optimistic that RV hardware sales will resume incoming quarters, and our team continues to work diligently onexpanding our business.”
Consolidated Statements of Income and ComprehensiveIncome
For the Quarter Ended March 31, 2024
Consolidated Financial Statements of FinancialPosition
For the Quarter Ended March 31, 2024
Consolidated Statements of Cash Flows
For the Quarter Ended March 31, 2024
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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