TORONTO – Telehop Communications announced today the appointment of Ruth Bartholomeusz as president and COO of the company as of June 1, 2005.
She has held the position of COO since 2000. The appointment coincides with the issuance of Q1 2005 results, which showed record revenue from increasing system traffic, for the 10-10-620 telecom provider.
"Ruth has played a key role in the operations and growth of the business particularly over the last 18 months. We are delighted with the direction and continued growth of the business under Ruth’s leadership. The board recognizes the operating and leadership strengths she has brought to the company and has determined to consolidate her responsibilities as president," said Hersh Spiegelman, chairman of the board.
"The management restructuring coincides with the recent appointment of Barry Dixon to the board of Telehop. Barry brings tremendous experience to Telehop as he held senior positions at Bell Canada, Bell Canada International and retired as senior vice-president, wholesale services for BCE Enterprises."
Telehop also released its financial results for the first quarter ended March 31, 2005, which showed a continuation of the increase in financial performance and balance sheet strength reported in 2004.
The company’s revenue for the three months ended March 31, 2005 of $4,719,506 represented an increase of approximately 30% in revenue over the same period in 2004. This increase is a direct consequence of aggressive marketing efforts in all areas of the business including the launch of a second dial around service branded as "10 10 100" in Ontario, says the company, as well as the expansion of its primary casual calling service "10-10-620" into the Maritime provinces, the renewed focus on acquiring wholesale business as well as a telesales campaign focused on acquisition of retail subscribers. On a sequential basis (Q4/04 compared to Q1/05), the company increased its revenues by $581,608 or 14%.
Net income for the three months ended March 31, 2005 was $110,197, versus $189,565 for the same period in 2004. The slight decrease in gross margin resulted from the increased weighting of wholesale traffic in the system. The, said the company’s release, which added it will continue to focus its marketing on the higher margin retail market.
