TORONTO, Oct. 6 /PRNewswire-FirstCall/ - Wireless Age Communications, Inc. (OTCBB:WLSA), ('Wireless Age') is pleased to announce unaudited consolidated revenues for September 2008 and the third quarter of fiscal 2008.
Unaudited consolidated revenues for the third quarter of 2008 were approximately CAD$11,100,000, compared to approximately $8,520,000 during the third quarter of 2007, representing an increase of approximately 30%. Unaudited consolidated September 2008 revenues were approximately $3,578,000 compared to $2,636,000 in September 2007, representing year over year growth of 36%.
Retail segment revenues grew by 23% from approximately $4,541,000 in the third quarter of 2007 to approximately $5,588,000 in 2008. September 2008 retail segment revenues were up by 14% at approximately $1,749,000 in 2008 and $1,537,000 in 2007.
Commercial segment revenues, including discontinued prepaid card revenues, grew by 39% from approximately $3,979,000 in the third quarter of 2007 to approximately $5,512,000 in 2008. September 2008 commercial segment revenues were up by 66% at approximately $1,829,000 compared to $1,099,000 in 2007. As previously reported revenues from the distribution of prepaid cards will cease on September 30, 2008. Prepaid card revenues (which will be reported as revenues of discontinued operations in future financial reports) were $1,622,000 and $927,000, in September 2008 and 2007, respectively, and $4,788,000 and $3,342,000, during the third quarters of fiscal 2008 and 2007, respectively.
John G. Simmonds, Wireless Age CEO stated; 'The turmoil in financial markets did not have an effect on our September operating results, revenues from continuing operations during September 2008 were almost $2 million compared to $1.7 million in 2007. Going forward, due to the termination of the prepaid card distribution agreement we will no longer be recording revenues from that component of our commercial operating segment. As I've stated in the past, this business did not make a material contribution to the bottom line. In the future our base level of revenues will be in the order of $2 million per month. During September we acquired an additional 86,850 shares of our own common stock for cancellation and year to date we have now acquired 1,362,950 shares at an average price of approximately $0.27 per share.'
About Wireless Age
Wireless Age Communications, through its 99.7% owned subsidiary, Wireless Age Communications Ltd., is in the business of operating retail cellular and telecommunications outlets in cities in western Canada. Through its other wholly owned subsidiary, Wireless Source Distribution Ltd., the company distributes two-way radio products, prepaid phone cards, wireless accessories and various battery and ancillary electronics products in Canada.
Note: This press release contains 'forward looking statements' as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. Wireless Age Communications, Inc. cannot provide assurances that the matters described in this press release will be successfully completed or that the company will realize the anticipated benefits of any transaction. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to: global economic and market conditions; the war on terrorism and the potential for war or other hostilities in other parts of the world; the availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management's ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the company's ability to retain key management and employees; intense competition and the company's ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in Wireless Age Communications, Inc. SEC filings. Wireless Age Communications, Inc. undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with Wireless Age Communications, Inc.'s business, please refer to the risks and uncertainties detailed from time to time in Wireless Age Communications, Inc.'s SEC filings.
SOURCE Wireless Age Communications, Inc.
