VICTORIA – VCom Inc. announced Monday that total revenue for the first quarter, ended September 30th, was $17.3 million, a 10% increase “over the average quarterly total revenue for the fiscal year ended June 30, 2005.”
It’s the company’s first public quarterly report.
Gross margin was 37%, and net income for the first quarter was $2.4 million, or $0.13 per share, it said.
As stated in its initial public offering final prospectus, net income for the year ended June 30, 2005 benefited from recognition of unearned revenue on the termination of an OEM supply contract.
Excluding the effect of that non-recurring event, VCom’s net income of $2.4 million for this quarter represents an increase of 19% over the average quarterly net income for the fiscal year ended June 30, 2005, said the press release.
Operating expenses in the first quarter were 19% of total revenue, unchanged from the year ended June 30, 2005.
“We are making progress in introducing new products into the standards-based wireless and digital video markets,” said the release.
VCom is an equipment manufacturer and cable operator that owns an operates small cable and wireless companies in Western Canada under the brand name Yourlink.
VCom also announced today that it has successfully completed its initial public offering of 3,335,000 common shares at a purchase price of $7.50 per share for gross proceeds of just over $25 million.
