BURNABY, BC – Despite a slight dip in profits, sales were up 11% at Glentel for its first quarter ended March 31, 2010.
Net income for the three month period was $2.33 million, compared to $2.42 million in 2009, while income before interest, taxes and amortization was $5.30 million compared to $5.06 million last year. Operating income before interest and taxes for the quarter was $3.41 million compared to $3.51 million year-over-year.
"We are pleased with the growth in sales of the company in the first quarter, and with the contribution of both the Retail and Business divisions," said president and CEO Thomas Skidmore, in a statement.
Consolidated sales were $74.7 million, up from $67.4 million in the same period last year.
Retail division sales of mobile phone products and services were $63.2 million for the quarter, up from $57.9 million for the same period in 2009, which the company said was mainly due to the division operating 269 stores this year, compared to 252 stores at the end of the first quarter last year. Glentel also noted the Canadian wireless industry experienced significant growth with consumers’ acceptance of smart phone technology in the first two quarters of 2009, which has since slowed.
Business division sales of terrestrial narrowband and broadband radio systems, satellite network services, and implementation services were $11.5 million, up from $9.6 million in the first quarter of 2009.
