BURNABY – First quarter sales more than doubled at Glentel, driving up profits by more than $2 million.
Consolidated sales for the quarter ended March 31, 2011 jumped 62% to $121.6 million, compared to $74.8 million in the same period of 2010. The multi-carrier wireless retailer reported net income of $4.75 million, up from $2.33 million year-over-year.
“We are pleased with the significant growth in sales and profitability of the company in the 1st quarter, resulting from the stellar contribution of both the Retail Canada division and our recently acquired Retail U.S. division," said president and CEO Thomas Skidmore, in a statement.
Sales of retail mobile phone products and services, predominantly iPhone, BlackBerry and Android devices, in the company’s Retail Canada division grew 12% to $77 million compared to the same period in 2010. Sales in its Retail U.S. division were $36.4 million for the quarter.
Glentel’s Business division sales of terrestrial narrowband and broadband radio systems, satellite network services, and implementation services were $7.6 million, down from $11.5 in the same period last year, though the company noted that the first quarter of 2010 included revenue recognized from the installation of “significant revenue projects” that did not occur in the first quarter of 2011.
Click here for more on Glentel’s first quarter results.
