eOn Communications Reports Fiscal Year 2012 and First Quarter Fiscal 2013
CORINTH, Miss., Jan. 7, 2013
CORINTH, Miss., Jan. 7, 2013 /PRNewswire/ --eOn Communications Corporation^TM
(NASDAQ: EONC) (the "Company"), a leading provider of telecommunications,
access control, paging and data center solutions, announces fiscal year ended
July 31, 2012 and quarter ended October 31, 2012 results.
Total 2012 fiscal year income was $464,000 or $0.16 per common share compared
to a loss of $1,380,000 or $0.48 per common share for fiscal year 2011.
Included in fiscal year 2011 were one time charges for write off of
capitalized software development of $916,000 and inventory reserve provisions
of $762,000. First quarter fiscal 2013 income was $88,000.
eOn Systems and Cortelco
In the U.S. eOn Communications Corporation has two business units: eOn Systems
and Cortelco. The corporation's improved performance is in part attributable
to de-emphasizing traditional voice-centric telephone systems and ACD
platforms, and focusing on intelligent IP end-points, which include voice, as
well as access control and network based paging solutions. This positions the
corporation well in both the growing intelligent building and VoIP markets. In
connection with this new direction, the company is leveraging technical
resources from eOn Systems to identify and deliver products suitable for
Cortelco's well established, nation-wide network of distributors. Cortelco
distributors in turn sell to businesses, government agencies, schools,
healthcare and other institutions. eOn Systems pre-tax losses over the past
three years total $4,106,000. Cortelco's pre-tax earnings over the past three
fiscal years total $3,780,000.
Cortelco Systems Puerto Rico
Cortelco Systems Puerto Rico ("CSPR") became a majority-owned subsidiary of
the Company on June 9, 2010 upon purchase of additional shares of their
outstanding stock. CSPR focuses on technology integration solutions
encompassing collaboration as well as data center efficiencies, network
security and compliance. CSPR's other activities include IT consulting,
disaster recovery, business continuity and private cloud computing solutions.
CSPR's strategic partners include Cisco, McAffee, VMware, NetApp, Checkpoint,
Mitel and Avaya. CSPR delivers solutions through its direct sales and highly
trained technicians. CSPR's pre-tax earnings over the past three fiscal years
In conjunction with the above described focus, and increasing synergies among
its business units, the Company intends, subject to stockholder approval, to
change its corporate name from eOn Communications to Cortelco.
Mr. David Lee, Chairman of eOn's Board of Directors noted, "Recent positive
results underscores our commitment to growth, profitability and increased
stockholder value. The corporation's new focus puts us in a good position to
maximize the opportunities in front of us."
About eOn Communications^TM
eOn Communications Corporation^TM is a global provider of innovative
communications solutions. With over 20 years expertise, our solutions use
advanced technologies to deliver solutions that enable our customers to
communicate more effectively. To find out more information about eOn
Communications and its solutions, visit the World Wide Web at
www.eoncommunications.com, or call 800-955-5321.
This press release may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve risks and uncertainties, including
technical and competitive factors, which could cause the Company's results and
the timing of certain events to differ materially from those discussed in the
forward-looking statements. Such risks are detailed in eOn Communications
Corporation's most recent Form 10-Q filing with the Securities and Exchange
eOn Communications Corporation, the mark eOn, and eQueue are trademarks of eOn
SOURCE eOn Communications Corporation
Contact: Investor Relations, eOn Communications, 1-800-955-5321,
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