Business
IP Applications Reports Second Quarter Results and Private Placement
IP Applications Reports Second Quarter Results and Private Placement.
About this update from Santa Rosa Resources Corp.
[{"type":"text","content":"\n\n\n\n\nQuarterly Revenues increase 32%\n\nVANCOUVER, Nov. 29 /CNW/ - IP Applications Corp. (TSX-Venture: IPX), a\nleading IP solutions provider, today announced results for its second fiscal\nquarter ended September 30, 2005 and a Private Placement for $500,000.\n\nFiscal Q2 Results\n\nRevenues for the quarter reached a record high of $2,274,439, an increase\nof 89% from $1,201,290 recorded in the same quarter in the previous year\n(ended September 30th, 2004), and a 32% increase over the $1,721,109 realized\nin the preceding fiscal quarter (ended June 30th, 2005).\nNeil McDonnell, President and CEO said, \"Our revenue growth is\nsignificant. Fiscal Q2 is the first quarter in which we have been able to\nrealize a full quarter's results from our recent acquisition of the assets of\nPacificNet and a customer contract from SourceNet. We also continued to see\ngrowth with customers such as AOL Canada and Sage Telecom increasing their\nsubscriber uptake of IP Applications' services.\"\nNet loss for the fiscal quarter ended September 30, 2005 was $835,974 or\n$0.06 per share, which included amortization and non-cash expenditures\ntotaling $353,812. The loss for the comparative quarter ended September 30,\n2004 was $478,647 or $0.06 per share, which included amortization and non-cash\nexpenditures totaling $96,808.\nMcDonnell continued, \"Contributing to the quarterly loss was $495,000\nworth of non-recurring operating expenses, including approximately $370,000\nassociated with integrating the PacificNet assets and the SourceNet customer\ncontract and $125,000 pertaining to a bad debt specific to one customer. The\nintegration costs are now behind us and our business has scaled to a point\nwhere we can generate operational savings by reducing our infrastructure and\nprovisioning expenses and as a result, improve gross margins.\"\n\nOperational highlights include:\n\n- Successfully completed PacificNet and SourceNet integrations.\n- A contract amendment with Sage Telecom for IP Applications' Network\n Management System (NMS), which provides real-time visibility into\n Sage's network infrastructure.\n- An expansion to our AOL Canada Inc. agreement that provides\n Operational Support Systems (OSS) applications and support for its\n outsourced co-branded and white-labeled Internet services.\n\nPrivate Placement\n\nIP Applications has en...