Mississauga, Ontario-based International long distance telecommunication services provider, Phonetime (TSX.V: PHD), reported a sharp increase in first-quarter revenue on Thursday, crediting its wholesale business for that growth.
Phonetime chief executive Wayne Silver credited the spread in cost and retail sales for the growth, yet his answer didn't provide details as to why revenue rose nearly 400 per cent in the first quarter.
''We will continue to rely on the increased buying power from our wholesale base to keep costs down and the higher margins of our retail calling cards and 1+ Long Distance Services to keep profits up,'' Silver stated.
Phonetime reported first-quarter revenue of $21.3 million, a 370 percent increase over the same period last year. The company said it was the highest revenue ever achieved in any quarter in Phonetime's 12-year history.
The Company reported $486,000 in EBITDA compared to $141,000 in the same period last year.
Details of the financial results were not released.
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