Omnicity Corp, the Midwest’s largest fixed Wireless Internet Service Provider (WISP), announced after the closing bell today its financial results for the fourth quarter 2009.
The company highlighted the following impressive results:
– Q4 09 revenues increased 89% to $611,000 compared to Q4 08 revenues of $322,000
– Q4 09 revenues increased 44% compared to Q3 09 revenue of $425,000 (Q3 09 – 46% increase over Q2 09)
– Successfully expanded its subscriber base to 5,200 subscribers
– The Company expects revenues in excess of $650,000 for Q1 2010
Revenues for the year ended July 31, 2009 increased 63% to $1,689,000, while revenue for the fourth quarter alone increased by $288,000 to $611,000, an increase of 89%. This significant growth reflects an increase in recurring service revenue from the company’s four asset acquisitions; ND Wave, ForePoint Networks, North Central Communications and Cue Connex. As a result of these acquisitions, the number of subscribers increased from 1,800 to 5,200.
Greg Jarman, CEO of Omnicity, stated, “We are very pleased with our financial results and growth during the fourth quarter. Our goal is to maintain double digit growth each and every quarter during fiscal 2010. This certainly paves the way for our growth strategy and we expect to be operationally cash flow positive by the end of January 31, 2010 (Q2 2010). We have 7 acquisitions in various stages of closure including the recently announced Midwest WISP Letter of Intent. We expect to close on each of these acquisitions by the end of Q2 2010.”
Jarman continued, “The financial impact of these acquisitions should be that Omnicity will be cash flow positive, which is a major milestone and well ahead of our original projections when we went public 8 months ago. We expect these acquisitions, along with stepped up organic growth, will positively impact our Company’s valuation in the public market. Notably, we are also in contention to win a $16.2 million bid to build fiber optic services for rural hospitals across the State of Indiana, being an applicant for $31 million in such projects overall.”
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