iTeknik Posts Profit For Third Straight Year
COMMERCE TWP. (WWJ) — The telecom services provider iTeknik Holding Corp. (OTC Pink Sheets: ITKH) Monday announced net income of $111,847 on revenue of $11.4 million for the fiscal year ended June 30. A year earlier, the company posted net income of $151,000 on revenue of $12.3 million.
The company reported that its outstanding common shares were reduced during the year to 277.6 million from 477.6 million, and its outstanding Preferred A shares, convertible to common stock at a 1 to 100 ratio, were cut during the year to 1.2 million from 3.4 million.
The company also said that during the year, its total liabilities decreased 16 percent, its long-term debt fell 36.6 percent, and its stockholders’ equity rose 24 percent.
“There were a lot of positives for us this year despite heavy competition in the markets we serve,” said iTeknik chairman and CEO Fredrick W. Wicks. “We were profitable for the third year in row. We continued to make significant improvements in our financials in terms of total liabilities, long-term debt and stockholder’s equity. We also improved our capital structure by retiring shares.”
The complete FY 2013 Financial Report and Continuing Disclosure Update can be viewed at http://www.otcmarkets.com/stock/ITKH/financials.
ITeknik was formed to acquire start-up and growth companies involved in the development of new technology and products. Its Send Global subsidiary provides wholesale and retail telecommunications services, and products worldwide. Send Global’s services include voice over Internet protocol origination and termination; A-Z routing and switching; wholesale carrier routing services; reseller billing and reporting; Web-based reseller solutions; prepaid calling card solutions; international cellular calling; and retail point of sale solutions. The company serves B2B carriers, telecom resellers, retail outlets and consumers direct through websites such as http://www.MyMobile011.com, http://www.GreatMinutes.com, http://www.AloBilady.com, http://www.IndiaMinutes.com and http://www.MexicoMinutes.com.