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Telehop appoints new President and announces record Q1 2005 results30 May 2005
The Board of Directors of Telehop Communications Inc. ("Telehop")(TSX Venture-'HOP') announced today the appointment of Ruth Bartholomeusz as President and Chief Operating Officer of the Company effective June 1, 2005. Ruth has held the position of Chief Operating Officer since 2000. The appointment coincides with the issuance of Q1 2005 results, which showed record revenue from increasing system traffic.
Hersh Spiegelman, Chairman of the Board, stated: "Ruth has played a key role in the operations and growth of the business particularly over the last 18 months. We are delighted with the direction and continued growth of the business under Ruth's leadership. The Board recognizes the operating and leadership strengths she has brought to the Company and has determined to consolidate her responsibilities as President."
"The management restructuring coincides with the recent appointment of Barry Dixon to the Board of Telehop. Barry brings tremendous experience to Telehop as he held senior positions at Bell Canada, Bell Canada International and retired as Senior Vice President, Wholesale Services for BCE Enterprises."
"Barry Dixon and I will work closely together in seeking out new opportunities and growth strategies for the Company as he was very familiar with our business and market which allowed him to hit the ground running."
As an incentive to Mr. Dixon's participation in the Company, the Board previously authorized a grant to him, subject to regulatory approval, of 100,000 share purchase options, exercisable at a price of $0.37 per share for five years.
At the direction of Hersh Spiegelman, and as part of the management restructuring, the Company engaged compensation consultants in 2004, and their report was tabled to the Board in Q1 2005, in which recommendations were made regarding the compensation of management, which have been implemented effective in 2005.
Telehop also released its financial results for the first quarter ended March 31, 2005, which showed a continuation of the increase in financial performance and balance sheet strength reported in 2004.
Telehop's revenue for the three months ended March 31, 2005 of $4,719,506 represented an increase of approximately 30% in revenue over the same period in 2004. This increase is a direct consequence of aggressive marketing efforts in all areas of the business including the launch of a second dial around service branded as "10 10 100" in Ontario, the expansion of its primary casual calling service "10 10 620" into the Maritime provinces, the renewed focus on acquiring wholesale business as well as a telesales campaign focused on acquisition of retail subscribers. On a sequential basis (Q4/04 compared to Q1/05), the Company increased its revenues by $581,608 or 14%.
Net income for the three months ended March 31, 2005 was $110,197 ($0.01 per share) versus $189,565 ($0.02 per share) for the same period in 2004. Notwithstanding the increased revenues, the slight decrease in gross margin resulted from the increased weighting of wholesale traffic in the system. The Company will continue to focus its marketing on the higher margin retail market. Earnings before interest, taxes, depreciation and amortization ("EBITDA") were $284,056 in Q1 2005, versus $411,771 in Q1 2004. (EBITDA is a measure that has no standardized meaning prescribed by Canadian GAAP and is considered a non-GAAP measure.)
The Company also demonstrated continuing strength on its balance sheet. Its operations are entirely funded by cash flow from operations, and Telehop currently has no outstanding bank or other debt. Total obligations under capital leases amount to $28,838. Telehop's cash position at March 31, 2005 was $1,854,295 compared with $1,262,491 at December 31, 2004.
Hersh Spiegelman further stated: "Ruth's assumption of some of my operating responsibilities will provide me with the opportunity to provide strategic direction to Telehop's business and customer base. In 2005, in an important step in moving the business forward, the company was successful in adding four Canadian provinces to its customer profile, and we anticipate the launch of a high-speed internet service in the coming weeks. We have executed on our business plan of using targeted marketing to grow market share, while operating under a cost conscious and cost effective business model. The next phase will be to seek out strategic acquisitions and the deployment of new, innovative and exciting products. Ruth's assumption of the presidency will allow me to focus on the strategic direction and new opportunities for the business, and I look forward to my new focus."
The Board had awarded Ruth an additional 100,000 share purchase options, exercisable at a price of $0.30 per share for five years, subject to regulatory approval. The issuance of the stock options referred to in this Press Release are to be issued under the Company's proposed 2005 Stock Option Plan which is subject to approval by the shareholders at the upcoming Annual and Special Meeting of shareholders scheduled for June 16, 2005.
About Telehop Communications Inc.
Telehop is a CRTC Licensed Class "A" Telecom Carrier, and one of the largest alternative telecom providers to the residential & business market. Telehop offers origination and termination services to other carriers worldwide, including switchless resellers, and provides 'Equal Access' Long Distance and the branded "10-10-620" and the "10-10-100" - 'Dial Around' Service, and alternative Directory Assistance Programs. It also provides Flat Rate 'Hop' calling in Southern Ontario and in the Metropolitan Montreal area covering a population of approximately 8 million people, and provides 1-800 toll free numbers and Virtual Calling Cards, allowing calls from any phone in North America to anywhere in the world. Telehop also offers the branded "BroadtalkTM" VOIP flat rate service to residential and small business customers.
Source: CNW- (Yahoo)
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