TORONTO – Telehop Communications shrunk its net loss to $107,383 for its first quarter of 2010, compared to net loss of $330,704 for the same period in 2009.
Revenue for the quarter ended March 31, 2010 declined $555,408 or 16%, compared to revenue of the same quarter 2009, which the telecom provider attributed predominately to a reduction in its retail long-distance business.
Gross margin as a percentage of revenue was 40.7% compared to 37.5% last year, while operating expenses decreased from $1.78 million in the first quarter of 2009 to $1.34 million. The majority of the decrease relates to cost reductions implemented through 2009, the company said Friday, in a statement.
It completed the quarter with working capital of $949,058 which includes cash of $716,001.
