MONTREAL – Prestige Telecom has undertaken what it calls “cost-cutting measures” after recording a net loss of $1.93 million for its second quarter ended September 30, 2010.
Despite sales of $38.6 million for the quarter, an 11% increase compared to $34.8 million a year ago, gross margin fell to $8.1 million (21% of sales), down from $8.8 million (25% of sales) last year. EBITDA was $2.6 million (7% of sales), compared to $3.4 million (10% of sales) in the same period last year.
"We are pleased with our record sales numbers, which show substantial organic growth and improved market share in the wireless business”, said chairman and CEO Pierre Yves Méthot, in a statement. “As for profitability, in the wake of our Q1 results, we reduced our workforce and took cost-cutting measures in September to better reflect the level of our sales.”
For more on the company’s second quarter financial results, click here.
