BURNABY, BC – While sales climbed 21% and global revenues hit $1.65 billion in 2014, Glentel ended the year with a net loss of $4.6 million.
That’s a far cry from the $4.6 million in profits recorded in 2013, and the wireless retailer also reported consolidated adjusted net income of $20.1 million versus $25.0 million year-over-year. EBITDA dipped 1% to $54.3 million from $54.6 million last year, and EBIT decreased 2% to $ 27.5 million compared to $28.2 million in 2013.
Sales for 2014 were $1.65 billion, up 21% from $1.37 billion in 2013. Glentel consolidates sales results from its Retail Canada Division, its Retail U.S. Division which includes Diamond Wireless and Wireless Zone, its Retail Australia Division – AMT (Allphones); and its Business Division. At December 30, 2014, the company employed over 4,800 employees and operated more than 1,388 locations, including: 503 locations in Canada, located in retail malls, Costco Wholesale stores, Target retail stores, and business centres; 738 corporate, franchise, and BJ's Wholesale Inc. kiosk retail locations in the United States; and 147 retail locations in Australia and the Philippines.
For the fourth quarter of 2014, Glentel's net income fell to $830,000 and consolidated adjusted net income was $7.0 million, down from $8.3 million and $9.3 million, respectively, from the same quarter last year. Quarterly sales were up 33% to $533.1 million, EBITDA decreased 33% to $10.8 million, and EBIT dropped 34% to $5.6 million.
Bell and Rogers reached an agreement late last year that will see the two rivals jointly own Glentel's Canadian retail distribution outlets, as Cartt.ca reported, but the company said that the closing of the transaction is subject to "certain conditions" which have not yet been fulfilled
"The full year of 2014 results reflect the positive benefits from the company's international buying power, consistent marketing focus, and continued revenues from its supply partners based on performance”, said president and CEO Tom Skidmore in a statement. “By leveraging its marketing strength and highly trained tech savvy sales professionals with the brand power of Bell, Rogers, Verizon, and Vodafone, coupled with global smartphone brands such as Samsung and Apple, Glentel is well equipped to provide the success fundamentals of consumer choice and independent advice to its customers for many years to come.”
