TORONTO – TeraGo Inc. achieved positive earnings for the first time in its history, the company said Thursday while releasing its third quarter results.
Net earnings for the three months ended September 30 were $131,000, compared to a net loss of $1.5 million for the same period in 2010. EBITDA was $3.4 million, a 114% increase from $1.6 million in the same period last year.
Revenue was $11.9 million, a 22% year-over-year increase from $9.7 million. The company, which provides small and medium sized businesses with carrier-grade wireless broadband, data and voice communications services, attributed the increase to customer upgrades and a greater number of customer locations in service, including the acquisition of 585 net new customer locations from MetroBridge in May.
TeraGo added 75 net customer locations this quarter, compared to 167 in the same period last year, and ended the period with 6,233 customer locations in service, an increase of 19% over the 5,216 at the end of Q3 2010.
“We continued to post strong results in virtually all key measures in the third quarter and extended our momentum with record revenue, EBITDA and strong margins”, said president and CEO Bryan Boyd, in a statement. “We also entered a new phase in our short history by achieving positive earnings for the first time."
