iTeknik Operating Income Rises Despite Cut In Sales
COMMERCE TWP. (WWJ) – ITeknik Holding Corp. (OTC: ITKH), a provider of telecommunications services through its Send Global subsidiary, Thursday reported operating income of $45,582 in the first fiscal quarter ended Sept. 30, up from $12,175 in the first quarter of the prior fiscal year.
The increase in income came despite a drop in revenue, to $2.4 million for the quarter vs. $3 million a year earlier. A net income figure was not immediately provided.
“We are pleased with our start on FY 2014, especially in terms of increasing our operating income,” said chairman and CEO Fredrick W. Wicks. “We accomplished a significant positive turnaround from the fourth quarter of FY 2013 results. These results indicate that we are recovering from the effects of waiting for the purchase Send Global assets to be completed. The transaction was first scheduled to close in April 2013 but is still pending. This delay made FY 2013 difficult for us. However our first quarter results are a big step forward.”
The complete FY 2014 First Quarter Report and Continuing Disclosure Update can be viewed at http://www.otcmarkets.com/stock/ITKH/financials.
Through its Send Global subsidiary, iTeknik provides wholesale and retail telecommunications services, and products worldwide. Its 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.