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iTeknik Holding Corporation Improves Gross Margin, Revenue and Profit while Decreasing Debt in Q3 FY 2010
iTeknik Holding Corporation Improves Gross Margin, Revenue and Profit while Decreasing Debt in Q3 FY 2010.
About this update from Iteknik Holding Corporation
[{"type":"text","content":"iTeknik Holding Corporation Improves Gross Margin, Revenue and Profit while Decreasing Debt in Q3 FY 2010 COMMERCE, MI- May 27, 2010 (MARKET WIRE)-iTeknik Holding Corporation (Other OTC:ITKH), a leader in the telecommunications industry, today released its consolidated financial statements for the nine month period of FY 2010 ending March 31, 2010. Sales for the three months ending March 31, 2010 were $ 1,620,169Sales for the nine months ending March 31, 2010 were $ 5,250,234Net Income for the quarter was $24,257Gross Margin improved by nearly 3%Assets increased by $79,026 and liabilities were reduced by more than $62,398 Jeffrey L. Lauzon, President of iTeknik Holding Corporation, stated, “Our financial results are the payoff for our many cost cutting initiatives. We moved our Network Operations Center and we rerouted many of our calls to more cost effective carriers.” Fredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, “We are very satisfied with this quarter’s financial improvements. Since the last fiscal year, which ended June 30, 2009, iTeknik has been able to significantly improve its balance sheet in addition to streamlining operations. We are now poised to grow revenues and profits both organically and through strategic actions.” The financials for the nine months of FY 2010, through the period ending March 31, 20010, can be viewed at: http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=32453 About iTeknik Holding Corporation iTeknik Holding Corporation 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 www.greatminutes.com and www.indiaminutes.com. iTeknik Holding Corporation was founded in 2007 and is based in Commerce, Michigan. Through its subsidiaries, iTeknik has more than 13 years of history in the telecommunications industry. For more information ple...