BURNABY, BC – Wireless retailer company Glentel Inc. announced yesterday its results for the fourth quarter and year ended December 31, 2012.
“We are pleased to report strong earnings for 2012 and a 13% increase in our fourth quarter earnings year over year, while opening 44 retail stores in Canada and the United States, developing the 2013 rollout of 120 stores in Canada with Target Canada, and adding 630 newly acquired retail stores in Australia and the United States in the last quarter of the year,” said Thomas Skidmore, Glentel’s president and CEO. “We are pleased with our 2012 revenue growth and now look forward to a solid earnings contribution in 2013 from all divisions in Canada, the United States and Australia.”
Glentel entered the Australian wireless retail market in November 2012 when it purchased 83% of Sydney, Australia-based AMT Group Pty Ltd, which operates under the Allphones retail brand. AMT is the leading independent multi-carrier mobile phone and telecommunications retailer in Australia, operating and managing over 200 stores at December 31, 2012. The company says the acquisition allows Glentel to use the Australian market as a catalyst to expand into southeast Asia.
In December 2012 the company expanded its U.S. network of stories by acquiring 100% of Middletown, Connecticut-based Automotive Technologies, Inc.’s Wireless Zone stores, which includes 397 franchised and 20 corporate stores in 28 U.S. states. With this acquisition, which follows Glentel’s 2010 acquisition of Diamond Wireless, the company now operates over 630 stores across the U.S.
Summary, 4th Quarter 2012 compared to 2011
- Consolidated sales increased 81%, to $316.9 million, compared to $174.9 million
- Income was $16.4 million before amortization, change in fair value of redeemable financial instruments, finance income and expenses, and taxes, compared to $15.9 million
- Operating income before change in fair value of redeemable financial instruments, interest and taxes was $11.6 million, compared to $14.1 million
- Net income and basic earnings per common share were $10.9 million and $0.49 per share, respectively, compared to $9.7 million and $0.43 per share
Summary, Full year 2012 compared to 2011
- Consolidated sales increased 34%, to $784.8 million compared to $583.7 million
- Income was $49.6 million before amortization, change in fair value of redeemable financial instruments, finance income and expenses, and taxes, compared to $53.3 million
- Operating income before change in fair value of redeemable financial instruments, interest and taxes was $36.9 million, compared to $43.3 million
- Net income and basic earnings per common share were $27.5 million and $1.24 per share, respectively, compared to $28.7 million and $1.29 per share
