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Virtutone Networks (V.VFX) pulls into profit, records surging revenues

Gaalen Engen Gaalen Engen, .
0 Comments| April 28, 2014

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Virtutone Networks (TSX:V.VFX, Stock Forum), a Sherwood Park Alberta-based provider of voice over internet protocol, fax over internet protocol and related phone services to business and residential customers, announced audited financial results for the year ending January 31, 2014.

According to the news release the company filed $48.82 million in revenues for the year compared to $416,502 recorded in fiscal 2013 with gross profit of $1.6 million versus a net loss of $145,276 in 2013.

Company CEO, Jason Allen, commented, “We are pleased with the progress we made in 2014, with the sale of our retail division and our focus on wholesale market, which has resulted in tremendous growth in our revenue, gross profit, and income from continuing operations.”

He went on to conclude, “We are confident that we have the foundation in place to support our continued growth subsequent to year-end, we have set a new daily revenue record of $550,000 on April 23, 2014 and are on track for a record breaking month in April.”

Virtutone was in the news recently when the company set a one-day revenue record and shares shot up 25% at the beginning of April.

Currently there are 40.7m outstanding shares with a market cap of $16.9 million.

FULL DISCLOSURE: Virtutone Networks is a Stockhouse Publishing client.



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