BURNABY, BC – Increased sales propelled wireless communications company Glentel Inc. to a net income of $3.246 million for the fourth quarter ended December 31, 2006, compared to $2.999 million for the same quarter a year earlier.
Sales at the company’s retail division grew 4% to $44.964 million, while sales at its business division rose 45% to $10.097 million in the fourth quarter. The large increase in the business division’s sales is partly a result of Glentel’s acquisition in the quarter of Time Mobile Communication Inc.
On a year-over-year basis, sales rose 27% to $181.188 million in 2006 from $143.102 million the previous year, while net income for the year was $6.324 million compared to $6.114 million in 2005.
Growth in sales and net income resulted from both organic growth and acquisitions in 2006.
Wireless Wave opened two new stores in 2006, bringing the total to 97 retail mall-based stores.
Tbooth/La Cabine T, which Glentel acquired in 2005, had an outstanding turnaround performance on a year-over-year basis, with sales of same-store cellular phones and other wireless devices increasing 37% over the previous year.
As well, Glentel added 15 new store-in-store kiosks in select Costco Canada stores, and opened four new stores in the first quarter of 2006. Additional kiosks in the remaining Costco stores are being planned for 2007 and beyond.
In 2006, the company completed three acquisitions by its business division: the second quarter acquisition of the radio business of Quasar Communications Ltd. in Fort St. John, BC, the July 1, 2006 purchase of Digital Mobile systems Inc., and the November 1 acquisition of Time MCI.
“We are pleased with the strong year of operational performance for 2006,” said Glentel President and CEO Thomas Skidmore. “Both the retail and business divisions delivered increased sales and profitability.”
Glentel operates in 186 corporate locations in Canada through its retail and business divisions under the trading names Glentel Wireless, Wireless Wave, The Telephone Booth (Tbooth), La Cabine Telephonique (La Cabine T) and Wireless etc.
