1st qtr results
Glentel earns $17,000 in Q1 2006
2006-05-03 06:18 ET - News Release
Mr. Thomas Skidmore reports
GLENTEL INC. REPORTS RESULTS FOR 1ST QUARTER 2006
Glentel Inc. has released its results for the first quarter ended March 31, 2006.
Sales for the three months ended March 31, 2006, increased 63 per cent, to $38,074,000, compared with $23,431,000 in the same period of 2005. Operating income before interest and taxes was $1,000 for the first quarter of 2006, compared with $352,000 in 2005. Net income for the quarter was $17,000, nil per share, compared with $243,000, three cents per share, for the quarter in 2005.
Retail division sales of retail cellular products and services grew 84 per cent, to $31,002,000 for the first quarter compared with $16,887,000 for the first quarter of 2005. Growth in sales was primarily due to operating 58 more stores in the division in 2006 compared with the previous year. The additional stores included 49 stores in the Telephone Booth/La Cabine Telephonique and nine stores in WirelessWave. In WirelessWave, same-store cellular phones and other wireless devices sold increased 32 per cent in the first quarter over the corresponding period in 2005 for stores that were opened throughout both periods.