Business
Total Telcom Announces Record Fourth Quarter and Fiscal Year 2023 Results. Fiscal 2023 Revenues Increased 45%, Net Income Increased 99%
(TheNewswire) Kelowna, B.C., October 10, 2023 – Total Telcom Inc . (TSXV:TTZ...
About this update from Total Telcom Inc.
[{"type":"text","content":"Total Telcom Announces Record Fourth Quarter and Fiscal Year 2023 Results. Fiscal 2023 Revenues Increased 45%, Net Income Increased 99%\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n Kelowna, B.C., October 10, 2023 –\n \n \n Total Telcom Inc\n \n \n .\n(TSXV:TTZ) (OTC:TTLTF) (“\n \n \n Total Telcom\n \n \n ” or the\n \n \n “Company\n \n \n ”), a\nleading developer and provider of remote asset monitoring, tracking,\ncontrol and communication solutions, today announced financial results\nfor its fourth quarter and fiscal year ended June 30, 2023.\n \n \n The financial statements and related Management's\nDiscussion and Analysis (\"MD&A\") can be viewed on SEDAR\nat\n \n \n \n www.sedar.com\n \n \n \n \n \n Key Fiscal Year 2023\nHighlights\n \n \n \n \n \n \n Record revenue of $2.39 million, an increase of 45%\ndriven by continued growth in hardware sales, and communication\nrevenues.\n \n \n \n \n \n \n Hardware revenue of $1.23 million, an increase of\n131%\n \n \n \n \n \n \n Communication or recurring revenues of $647 thousand,\nan increase of 27%\n \n \n \n \n \n \n Record gross profit of $1.48 million, an increase of\n57%\n \n \n \n \n \n \n Record cash provided by operating activities of $799\nthousand, an increase of 68%.\n \n \n \n \n \n \n Record net income of $583 thousand, an increase of\n99%.\n \n \n \n \n \n \n Record earnings per share of $0.022, an increase of\n100%.\n \n \n \n \n \n \n Cash and cash equivalents, and term deposits, improved\nto $2.4 million.\n \n \n \n \n \n \n Working capital improved to $2.73 million.\n \n \n \n \n \n \n \n Launched a new product,\nWater-TraX\n \n \n \n , which is a proprietary advanced\nsatellite telemetry device, designed specifically for water management\n environmental monitoring.\n \n \n \n \n \n \n \n Launched our second-generation hardware\nof the RV integrated controller\n \n \n \n , which\nexpanded our technological capabilities and was a key driver for\nFiscal 2023’s success.\n \n \n \n \n \n \n Key Fourth Quarter 2023\nHighlights\n \n \n \n \n \n \n Record revenue of $714 thousand, an increase of\n52%\n \n \n \n \n \n \n Hardware revenue of $456 thousand, an increase of\n113%\n \n \n \n \n \n \n Communication or recurring revenues of $190 thousand,\nan increase of 26%.\n \n \n \n \n \n \n Gross profit of $509 thousand, a...