Kelowna, B.C. / TheNewswire / February 28, 2024 – Total Telcom Inc. (TSXV:TTZ) (OTC:TTLTF) (“Total Telcom” or the “Company”), a leading developer and provider of remote asset monitoring, tracking, control and communication solutions, today announced financial results for its second quarter of Fiscal 2024 ended December 31, 2023. The financial statements and related Management's Discussion and Analysis ("MD&A") can be viewed on SEDAR at www.sedar.com

 

Second Quarter 2024 Highlights

• Revenue for the quarter ended December 31, 2023, was $619,578, compared to $678,370 in the same quarter of the previous year. For the six months ended December 31, 2023, revenue totaled $961,924, compared to $1,090,697 in the corresponding period of 2023. 

• Hardware revenue for the quarter December 31, 2023, was $337,606, compared to $431,245 in the same quarter of the previous year. For the six months ended December 31, 2023, revenue totaled $408,790, compared to $582,221 in the corresponding period of 2023. 

• Communication or recurring revenue for the quarter December 31, 2023, was $167,709, compared to $153,047 in the same quarter of the previous year. For the six months ended December 31, 2023, revenue totaled $335,816, compared to $300,431 in the corresponding period of 2023. 

• Gross profit for the quarter ended December 31, 2023, was $385,879, compared to $387,761 in the same quarter of the previous year. For the six months ended December 31, 2023, gross profit totaled $585,225, compared to $611,270 in the corresponding period of 2023. 

• Net income for the quarter ended December 31, 2023, was $101,553, compared to $114,409 in the same quarter of the previous year. For the six months ended December 31, 2023, net income totaled 85,291, compared to $237,884 in the corresponding period of 2023. 

• Cash, cash equivalents, and term deposits as at December 31, 2023, was $2,538,858, compared to cash, cash equivalents, and term deposits of $2,404,179 at December 31, 2022. 

Neil Magrath, CEO of Total Telcom commented, “We are proud to announce another profitable quarter. Revenues for the quarter are lower due to a decrease in RV hardware sales as manufacturers are experiencing a slowdown in demand for recreational vehicles. We have a solid net cash position, underscoring our financial stability, with excess cash being allocated to term deposits.  Our teams remain focused on business development activities as we continue to penetrate new markets with our commercialized offerings.”

Consolidated Statements of Income and Comprehensive Income

For the Quarter Ended December 31, 2023

Consolidated Financial Statements of Financial Position

For the Quarter Ended December 31, 2023

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Consolidated Statements of Cash Flows

For the Quarter Ended December 31, 2023

About Total Telcom

Total Telcom, through its wholly owned subsidiary ROM Communications Inc. (ROM) is a leading developer and provider of remote asset monitoring, tracking, control, and communication products and services.

Total Telcom has a client first history and is known throughout the industry for its innovative advanced technology solutions. The Company is uniquely positioned to deliver solutions that enable its customers and clients to cost-effectively oversee, remotely monitor, track, control and communicate with their fixed and mobile assets.

These modules are wireless modems that utilize microcomputers integrated with sensors, GPS engines, WiFi, RFID and various inputs and outputs. User interface requires NO special APPs or equipment as configuration is facilitated through a wireless WiFi connection to any smartphone, tablet, laptop, or datalogging firmware by the user through the Internet. ROM is an authorized airtime reseller and hardware developer for satellite, cellular and wireless IP Networks.

Total Telcom offers its customers a suite of products and solutions that are based on proprietary hardware and software.  The Company’s business model allows it to generate multiple revenue streams through the sale of both hardware (products) and recurring monthly service fees (monitoring, tracking, control, and data management). For additional information on Total Telcom, visit www.totaltelcom.com

Contact Information

Neil Magrath, CEO

neil@totaltelcom.com

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