SkyPostal Networks, Inc., the largest private postal network in Latin America, this morning announced its financial results for the first quarter ended March 31, 2009.
Highlights include:
First quarter revenue of approximately $2.6 million and a net loss of $0.01 per basic and diluted share
Completion of strategic acquisition of LEL to lower costs and increase SkyPostal’s competitiveness in the Latin America market
Opening of a mail processing hub in Bogota, Colombia to reduce air transport, mail processing costs and improve mail delivery transit times
“We are pleased with the progress we made on our business objectives in the first quarter of 2009. In spite of the current economic downturn, we experienced a 5% increase in revenues over the fourth quarter of 2008 and made solid strides in executing on our business plan to position the Company for long-term growth opportunities,” stated Albert Hernandez, SkyPostal President and CEO.
“We are starting to see nice gains in our postal injection business into Europe,” he added. “In addition, one of our key strategies is to take advantage of the many opportunities for consolidation in the Latin America-Caribbean (LAC) international postal market and we successfully executed on an important, strategic acquisition during the first quarter by acquiring 70% of the common stock of LEL. This acquisition will result in lower operating costs, shorten delivery times to Latin America by approximately two days in comparison to our competitors, and consolidate greater tonnage with Avianca Airlines through the newly established mail processing hub at El Dorado Airport in Bogota, Colombia, which will result in better line haul rates, lower mail processing costs and greatly improve our competitiveness.”
“We expect that overall tonnage will modestly increase in 2009 over 2008 levels due to our expanded hub network, including our recently opened hub in Los Angeles, and the better delivery times to Latin America that we will see from the opening of the mail processing hub in Bogota. For the remainder of 2009, we will continue to pursue strategic acquisitions. Lastly, we remain excited about the prospects for PuntoMio.com, our online Internet shopping facilitator. In the first quarter, we executed on a co-marketing agreement for PuntoMio.com with TAM Airlines, the largest domestic airline in Brazil, which opens us up to over 50% of the air travel market in the country,” Mr. Hernandez concluded.
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