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Sangoma Reports Results for First Quarter of Fiscal 2014
(via Thenewswire.ca) MARKHAM, ONTARIO, November 26, 2013 - Sangoma Technologies Corporatio...
About this update from Sangoma Technologies Corporation
[{"type":"text","content":"Sangoma Reports Results for First Quarter of Fiscal 2014(via Thenewswire.ca)\n\n \nMARKHAM, ONTARIO, November 26, 2013 - Sangoma Technologies Corporation (TSX VENTURE:STC), a leading provider of hardware and software components that enable or enhance IP Communications Systems for both voice and data, today announced highlights of its unaudited consolidated interim financial statements under IFRS for the first quarter of fiscal 2014, ended September 30, 2013.\n\n \n \nSales for the first quarter of fiscal 2014 were $2.74 million, down from $3.02 million in the first quarter of fiscal 2013. As in previous years, Sangoma's sales in the first quarter were well below those of the fourth quarter in the prior year, owing to seasonally lower demand during summer months, a trend that the company expects will continue. \n\n \n \n\"Our revenue was lower than we anticipated this quarter, especially after a record end to fiscal 2013\", said Bill Wignall, President and CEO of Sangoma. \"We believe this is a timing issue, due primarily to the lumpiness we described last year, since Sangoma is now deriving revenues from larger customers with longer sales cycles, and this makes it difficult to forecast when a particular order will be received. We remain focused on growth and we believe that our strategy of developing new products, for sales to new customer segments in new geographies, will deliver that growth in fiscal 2014. The ongoing economic climate and the transition away from PSTN-based products make this challenging, but in spite of the soft revenue this quarter producing a modest operating loss, we can now see the benefits of the restructuring undertaken recently. That process is now complete and we will see the full effect of the cost savings in the second quarter ending December 31, 2013. Finally, I'm pleased to see Sangoma generate positive cash in an otherwise tough quarter\" \n\n \n \n\n ------------------------------------------------------------------\n |  |Q1 FY2014|Q1 FY2013|Change|Q4 FY2013|Change|\n |----------------------------------------------------------------|\n |Sales |$2.74 m |$3.02 m |(9%) |$4.00 m |(32%) |\n |----------------------------------------------------------------|\n |Gross Profit |$1.83 m |$2.16 m |(15%) |$2.46 m |(26%) |\n |----------------------------------------------------------------|\n |Operating ...