Phonetime reports record net income of $734,000

MISSISSAUGA, - Phonetime, a supplier of international long distance telecommunication products and services reports sales increased by 71% in the second quarter to $39.3 million, up from $23 million in 2007. Net income was $734,000 compared to a net loss of $473,000 in second quarter of 2007. Phonetime attributes the growth primarily to higher sales volumes of the company's wholesale division, which buys and resells telecommunications long-distance services to telephone carriers around the world using Phonetime's proprietary call trading platform. Phonetime also generates revenues through its retail division, which provides pre-paid calling cards and long-distance services to targeted ethnic consumer...