Radiant Communications Announces 2012 Annual and Fourth Quarter Results
VANCOUVER, March 20, 2013 /CNW/ - Radiant Communications Corp. ("Radiant")
(TSX-V: RCN), a leading provider of managed network and cloud hosting
solutions for medium-size enterprises today announced its financial results
for the fourth quarter and year ended December 31, 2012.
-- Record revenue of $32.7 million for the year ended December 31,
2012 increased by 1.2% compared to revenue of $32.3 million for
the year ended December 31, 2011. Fourth quarter revenue of
$8.2 million increased by 0.9% compared to the fourth quarter
-- Gross margin was 40.2% for the year and 38.6% in the fourth
-- Amortization for the year ended December 31, 2012 was $1.5
million and amortization in the fourth quarter was $367,399.
-- EBITDA for the year ended December 31, 2012 was $2.0 million
and EBITDA in the fourth quarter was $240,802. (See EBITDA
section for the reconciliation of EBITDA to Net Income).
-- The Net Income for the year was $409,630 or $0.03 per share
with a Net Loss of $150,707 or $0.01 per share in the fourth
-- The Company ended the year with cash and short-term investments
of $6.9 million and generated $3.8 million of cash from
operating activities during the year.
-- During 2012 Radiant re-signed several existing customer
relationships, continued to add new services with existing
customers and sold new services to many small and medium
-- On March 5, 2012, Paul Healey was appointed President and CEO
by the Board of Directors.
-- On March 9, 2012, Rolf Dekleer resigned from the Radiant Board
-- On July 5, 2012, at the Annual General Meeting of Shareholders
Greg Gutmanis was elected to the Board of Director and
appointed as the Chair of the Audit Committee. Ian Power did
not stand for re-election.
-- On March 8, 2013, the Company entered into an Arrangement
Agreement with two controlling shareholders under which the
Company would be taken private pursuant to a plan of
arrangement under the provisions of the Canada Business
"The past year has been focused on delivering secure, reliable managed
networks and cloud hosting solutions to meet our customer's business-critical
needs. We've made tremendous progress overall and I am very pleased with our
growth and results to date." said Paul Healey, President and CEO. "We are
delivering on our growth plan, and have generated significant cash flow and
record profits for our shareholders. Moving forward into 2013, we will
remain focused on the demands of our medium-size enterprise customers and
vision for growth including secure, high performance and scalable network
services and solutions. "
Earnings before Interest, Taxes, Depreciation and Amortization is calculated
($000s) Q4 2012 Q4 2011
Operating Income $ (171) $ 43
Amortization 367 366
Stock-based compensation expense 45 11
EBITDA $ 241 $ 420
In the fourth quarter of 2012, Radiant achieved EBITDA of $240,802 compared to
EBITDA of $419,625 in the fourth quarter of 2011.
($000s) Year ended Year ended
December 31, 2012 December 31, 2011
Operating Income (loss) $ 399 $ (684)
Amortization 1,478 1,445
Stock-based compensation expense 153 60
Restructuring costs - 523
EBITDA $ 2,030 $ 1,344
In the twelve months ended December 31, 2012 Radiant achieved positive EBITDA
of $2.0 million compared to positive EBITDA of $1.3 million in the comparable
period of 2011.
Radiant Communications is a leading provider of managed network and cloud
hosting solutions for medium-size enterprises. Leveraging one of the largest
Internet footprints across Canada, Radiant offers a comprehensive portfolio of
reliable, secure and scalable IT infrastructure services, simplified under a
single point of contact. For over 15 years, many of Canada's most recognized
brand names have been relying on Radiant to support their mission-critical
All trademarks, service marks, registered trademarks, or registered service
marks are the property of the respective owners.
This press release may contain forward-looking statements, including
statements regarding the business and anticipated financial performance of
Radiant, which involve risks and uncertainties. These risks and uncertainties
may cause Radiant's actual results to differ materially from those
contemplated by the forward-looking statements. Factors that might cause or
contribute to such differences include, among others, competitive pressures,
the growth rate of the Internet and telecommunications concerns, constantly
changing technology and market acceptance of Radiant's products and services.
Investors are also directed to consider the other risks and uncertainties
discussed in Radiant's required financial statements and filings. All other
companies and products listed herein may be trademarks or registered
trademarks of their respective holders.
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
Investors: Chuck Leighton, CFO, 604.692.4531,email@example.com
Media:Janice Keay, Senior Director,Marketing, 416.
SOURCE: Radiant Communications Corp.
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CO: Radiant Communications Corp.
ST: British Columbia
-0- Mar/20/2013 21:24 GMT
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