Sales of $2.82 million result in net earnings of $0.49 million
MARKHAM, ONTARIO, November 29, 2007 — Sangoma Technologies Corporation (TSXV: STC), the premium provider of telephony and network hardware and software products supporting telephony, wide area networks and Internet infrastructure, today released highlights of its unaudited financial results for the quarter ended September 30, 2007.
Sales were $2.82 million for the quarter ended September 30, 2007 as compared to $1.55 million for the quarter ended September 30, 2006, an increase of 82%. This represents yet another all time record for the Corporation, despite the unprecedented appreciation of the Canadian dollar.
Net income after tax was $0.49 million ($0.017 per share) for the quarter ended September 30, 2007 as compared to $0.40 million ($0.014 per share) for the quarter ended September 30, 2006, an increase of 22%. Net income was affected by the award of stock-based compensation (a non-cash entry) and a foreign exchange loss due to the rapid change in the Canadian dollar/US dollar exchange rate. These two non-operational items together were responsible for a decrease in net earnings for the quarter by over 40%.
The Corporation completed the financial quarter ended September 30, 2007 with working capital of $6.01 million, as compared to $5.29 million on June 30, 2007, an increase of 14%.
About Sangoma Technologies Corporation
Founded in 1984, Sangoma Technologies Corporation is a leading provider of connectivity hardware and software products for telephony and wide area network solutions. The company develops and manufactures voice and data communication products including the industry-leading series of Advanced Flexible Telecommunications (AFT) PCI cards. Sangoma Technologies Corporation is publicly traded on the TSX Venture Exchange (TSXV: STC – News). Additional information on Sangoma can be found at: www.sangoma.com.