BURNABY – A 34% jump in sales helped to push 2010 net income past $24 million at Glentel.
The multi-carrier wireless retailer reported that consolidated sales for the year ended December 31, 2010 were $412.31 million, up from $308.09 million in 2009. This, in turn, drove up consolidated net income to $24.32 million, over $15.95 million last year.
Sales of retail mobile phone products and services in the company’s Retail Canada Division grew 22% to $330.16 million, while sales in its Business Division of terrestrial narrowband and broadband radio systems, satellite network services, and implementation services were $37.07 million, virtually unchanged from 2009 figures.
"We are extremely pleased with the outstanding earnings produced by our retail divisions operating in Canada and in the United States," said president and CEO Thomas Skidmore, in a statement. "The WirelessWave, Tbooth wireless and WIRELESS etc brands continue to grow, providing consumers with the exceptional service they have come to expect.”
Skidmore also said that Glentel will continue to expand its retail store locations across Canada and the U.S. in 2010. For more on the company’s 2010 financial results, click here.
