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Uniserve 3rd Quarter Results for the period ended February 28, 2022

Uniserve Communications Corporation
Uniserve Communications Corporation

VANCOUVER, British Columbia, April 28, 2022 (GLOBE NEWSWIRE) -- Uniserve Communications Corporation (the “Company” or “Uniserve”) (TSXV: USS) a provider of IT solutions and services to business and residential customers in Canada wishes to announce third quarter and year to date fiscal 2022 financial results. Q3 and Q3 year to date fiscal 2022 revenue increased by 17% and 8% respectively as compared to the same periods in the prior fiscal year. Q3 fiscal 2022 Net Income was $76K and Q3 year to date fiscal 2022 Net Income was $342K, as compared to Net Income of $24K and Net loss of $294K respectively for the prior year fiscal periods. The Company will continue to focus on its operating results in fiscal 2022 by continuing to implement operational efficiencies, grow recurring revenues and enhance value added for its customers.

Uniserve Communications Corporation

Consolidated statements of comprehensive Income (loss)

(Expressed in Canadian dollars)

Three months ended February 28

Nine months ended February 28

2022

2021

2022

2021

Revenue

$

2,099,430

$

1,791,308

$

5,734,848

$

5,319,410

Cost of revenues

1,225,476

964,286

3,217,385

3,038,137

873,954

827,022

2,517,463

2,281,273

Expenses

Operations and service delivery expenses

547,132

506,239

1,447,345

1,636,314

Sales and marketing

139,195

142,506

379,375

407,256

Amortization of property and equipment

79,193

94,659

251,597

331,508

Amortization of intangible assets

13,529

17,322

43,017

56,017

779,049

760,726

2,121,334

2,431,095

Operating Profit (Loss)

94,905

66,296

396,129

(149,822

)

Other Expenses (Income)

Finance charges

24,336

55,435

107,255

183,834

Gain on foreign exchange

(314

)

(1,007

)

(1,545

)

(27,797

)

Gain on settlements and reversals of debts

(1,849

)

(6,000

)

(40,478

)

(6,000

)

Finance Income

(3,731

)

(6,138

)

(10,812

)

(6,138

)

18,442

42,290

54,420

143,899

Net and Comprehensive Income (Loss) for the period

$

76,463

$

24,006

$

341,709

$

(293,721

)

About Uniserve

Uniserve Communications Corporation is a 2018 TSX Venture top 50 performance company.
Uniserve is a unified communications company which has been in business for 30 years, combining voice, data and media services all into one seamless solution, one bill and one point of contact.

This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.

Learn more at www.uniserve.com or at www.sedar.com.

Walter Schultz
Chairman of the Board

For more information please call 604-395-3961 or email corporate.relations@uniserveteam.com.

Neither TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management’s estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.