Cable / Telecom News

Losses mount at Prestige Telecom

MONTREAL – Prestige Telecom recorded a $19.7 million net loss for fiscal 2011 which it blamed on various transaction and reorganization costs.Despite an 11% increase in sales to $137.9 million for the year ended March 31st, gross margin decreased by $3.9 million to $25.3 million (18% of sales), from $29.2 million (24% of sales) last year. EBITDA was nearly halved to $4.0 million, compared to $8.4 million for fiscal 2010.In addition to transaction and reorganization costs of $2.1 million this year, the company also recorded an impairment loss of $13.3 million relating to goodwill and intangible