ASX Release
31 August 2007
FY08 Earnings Guidance
CommodiTel Limited (ASX: CMO)
is pleased to announce that it expects to deliver
Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) for the 2008
financial year of $6 million.
EBITDA FORECAST
The $6 million EBITDA forecast for continuing operations is after 12 months of
consolidation and acquisition activity, driven by finalising the friendly takeover of
Sonnet Corporation and the acquisition of the AAPT stand alone mobile customer
base in July 2007. Both these acquisitions will contribute to revenue for the full
financial year. As previously announced, the revenue forecast for FY08 is $35 million.
STENGTHENING OF THE BALANCE SHEET
The Company’s balance sheet has strengthened subsequent to year end as a result
of the acquisitions mentioned above, the conversion of the $2.5 million convertible
note and its attaching share options and the completion of the non-renounceable
entitlements issue to shareholders. As at 31 July 2007 the consolidated net assets
were $30.1 million, including cash of $2.2 million (unaudited). This cash balance
excludes the majority of the funds received from the entitlements issue which closed
on 21 August 2008. Before restructuring outlays, the business expects to remain
cash flow positive throughout 2008 from operating activities and further build on the
current cash reserves.
STRONG FUTURE
As was the focus in the 2007 financial year, the Company will continue to look for
orphan customer bases in the telecommunications industry that it can acquire and
consolidate to benefit from its economies of scale. The delivery of customer focused
services will be a strong driver moving forward as will a strategy of targeting specific
customer segments and tailoring products to these groups. This strategy of segment
focused sales and marketing while caring for the existing customers is how we will
deliver strong growth and further enhance the strength of the business.
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