There were 458 press releases posted in the last 24 hours and 171,465 in the last 365 days.

Urban Communications Inc. Reports Q1 2017 Financial Results

VANCOUVER, British Columbia, May 31, 2017 (GLOBE NEWSWIRE) -- Urban Communications Inc. (TSX-V:UBN), one of the country’s first telecommunications companies to deliver Gigabit Internet service to the home, is pleased to announce the interim consolidated financial results for the Company’s first quarter ended March 31, 2017.  The Financial Statements and Management’s Discussion and Analysis can be viewed on the Company’s web site at www.urbanfibre.ca and on SEDAR at www.sedar.com.

Q1 2017 highlights:

  • Generated sales of $573,833, an increase of $376,157, or 190%, compared with the first quarter of 2016
  • EBITDA loss of $325,916, a decrease of $347,023, or 52%, compared with the first quarter of 2016 **
  • Net loss of $843,571, a decrease of $313,994, or 27%, compared with the first quarter of 2016
  • Operating expense of $918,912, a decrease of $28,993, or 3%, compared with the first quarter of 2016

** Earnings before interest, tax, depreciation and amortization (EBITDA) are non-GAAP measures, as they do not have any standardized meanings as prescribed by IFRS.  They are used to assist management in measuring the Company’s ability to finance operations and meet financial obligations.  Non-GAAP measures should not be considered in isolation or construed as alternatives to their most directly comparable measure calculated in accordance with IFRS.

“We are pleased with our revenue growth in the first quarter of 2017.  Our Q1 results reflect improvements in revenues, reductions in operating expenses, and significant improvement in reducing the EBITDA and net loss.  Q1 2017 represents our strongest revenue quarter to date, and is attributable to strong growth in Urban’s commercial service offering,” said John Farlinger, Urban’s CEO.  “We remain focused on our objectives which include winning new monthly recurring revenue opportunities in our commercial segment, particularly in the downtown core, as well as becoming EBITDA positive.”

For more information about Urbanfibre Gigabit Internet for business or residential customers, please visit www.urbanfibre.ca

ABOUT URBAN COMMUNICATIONS INC.

Urban Communications Inc. (TSX-V:UBN) one of the country’s first telecommunications company to deliver Gigabit Internet service to the home, provides a full suite of Internet, voice, video and broadband application products over its 300 km. state-of-the-art carrier grade fibre optic network in Metro Vancouver and Victoria to commercial, residential and public sector customers. 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CONTACT INFO:

John Farlinger, Chief Executive Officer
Phone:  (604) 763-7565
jafarlinger@urbanfibre.ca

/EIN News/ -- Primary Logo