BURNABY – Sales for the third quarter grew 32%, to $61.3 million at Glentel, Canada’s largest independent wireless retailer (WirelessWave, Tbooth, etc.), the company reported this week.
Operating income before interest and taxes increased to $7.04 million for the quarter ended September 30, 2007. Net income for the quarter increased 125% to $4.43 million, $0.42 per share, compared to $2 million, or $0.19 per share, for the same quarter in 2006.
Sales for the nine months ended September 30, 2007 increased 21%, to $152.7 million while operating income before interest and taxes increased to $9.3 million compared to $4.65 million during the first three quarters of 2006. Net income for the same period was $5.8 million, $0.56 per share, compared to $3 million $0.30 per share, for the first nine months of 2006.
"I am extremely pleased to report such outstanding results for the third quarter," said Thomas Skidmore, Glentel’s president and CEO. "We experienced strong retail activity throughout our three retail banners and celebrated the 10th anniversary of WirelessWave. The business division completed the integration of its 2006 acquisitions. We look forward to and anticipate a strong performance in the 4th quarter as well, which historically is the company’s strongest quarter of the year."
Retail division sales of retail cellular products and services grew 40%, to $51.3 million for the third quarter, added the company – which sells handsets and plans for all of the country’s wireless carriers. “The aggressive marketing and new enhanced phone plans for customers, first introduced by the cellular networks in the second quarter, had a positive effect on sales in the third quarter. As a result, same-store cellular phones and other wireless devices sold in the retail division grew 22% in the third quarter over the corresponding period in 2006 for stores that were open throughout both periods,” said the company’s release.
As a result of the strong sales in the quarter, operating income before interest and taxes for the division grew 106% to $8.5 million.
Glentel’s business division sales of terrestrial radio systems, satellite network services, advanced mobile solutions, and service/engineering support grew 4%, to $10 million in the third quarter. While the division experienced a modest growth in sales over the four months, it also successfully completed the integration of the acquisitions made in 2006 which resulted in a 20% improvement in operating income in the third quarter of 2007 compared to last year.
