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Hub On AGORACOM / Corporate Profile

Message: Virtutone net revenues reached $39.6M for Q3 2014, an increase of $27.3M

Sherwood Park, Alberta / December 30, 2014 / Virtutone Networks Inc. ("Virtutone" or the "Company") (TSX Venture: VFX.V) is pleased to announce its financial results for the three and nine -month period ended October 31, 2014.

Financial Highlights

Selected Consolidated Results (unaudited)

(in thousands of Canadian dollars, amounts per share excepted)

Q3

2014

$

Q3

2013

$

Nine months

2014

$

Nine months

2013

$

Revenue

$39,602

$12,230

$111,181

$24,089

Gross Profit

$1,357

$742

$3,887

$1,162

Net Income (Loss)

$396

$208

$1,054

$(170)

Earnings (Loss) per share

$0.01

$0.02

$0.03

$0.01

EBITA from Continued Operations

$433

$418

$1,610

$326

Virtutone net revenues reached $39,601,691 for the third quarter of 2014, an increase of $27,371,111 or 224 % compared to the same period a year earlier, and an decrease of $5,451,563 or 12% compared to the second quarter of 2014.

The growth in revenues year over year is the result of focusing on the wholesale business and the benefits associated with acquiring a strong customer base in late 2013. The revenue decrease of Q3 to Q2, 2014 mainly stems from Virtutone's objective to increase its insured receivables, which, while limiting the Company's liability, resulted in a period of adjustment. The Company, as a consequence of this objective, had to re-asses existing customer credit limits which, in some cases, reduced existing commercial volumes. The Company, also during this time, expanded their existing customer base to include a greater number of insurable customers.

"I continue to be pleased with the progress the company made during the year, which has resulted in significant growth in our revenue, gross profit, and income from continuing operations says Mr. Bill Woods, Chief Financial Officer. With the company continuing to manage it costs and look for ways to improve the bottom line, the profit margins for the month of November has increased to 4.56%

For further information please contact Bill Woods at 780-702-5777.

About Virtutone Networks Inc.

Virtutone Networks Inc. is a technology company based in Sherwood Park and is listed on the TSX Venture Exchange in Canada. The company is a leading supplier of wholesale telecommunication services, serving as an intermediary between large carriers and local telephone companies in many countries worldwide. Over the years, Virtutone has built lasting and secure business relationships with a number of key strategic partners.

We pride ourselves in providing unsurpassed service to customers and suppliers worldwide. Our customers choose us for three primary reasons: quality voice services, competitive rates, and superior customer service.

Additional information can be found on the company's website at: www.virtutone.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2014 TheNewswire - All rights reserved.

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