$ITKH
iTeknik Holding Corporation Posts 7.3% Increase in Sales to $9.3 Million; and a 37.8% Decrease in Debt for First Nine Months of FY 2012
COMMERCE, MI, May 15, 2012 (MARKETWIRE via COMTEX) -- iTeknik Holding Corporation (PINKSHEETS: ITKH), a leader in the telecommunications industry through its Send Global subsidiary, today posted its Third Quarter FY 2012 nine month results. Sales for the first nine months of fiscal year 2012, ending March 31, 2012, were $9,333,109 compared to $8,700,671 for the same period in FY 2011. This is a 7.3% improvement year-over-year for the period. Net Income for the first nine months of FY 2012 was $138,256, compared to a net income of $190,327 during the same period in FY 2011. Other financial results for the first nine months of 2012 include:
-- Total liabilities decreased by 19.0% -- Debt decreased by 37.8% -- Operating Expenses were reduced by 5.6% -- Stockholders' equity increased by 11.6%
Fredrick W. Wicks, Chairman and CEO of iTeknik Holding Corporation, stated, "Overall we are pleased with the results for FY 2012 to date. Sales continue to increase. We are also achieving our goals of reducing debt and expenses. During the fourth quarter we are launching an enhancement of our EZ Posa store interface. Our objective is to focus on changing the mix of our product sales and increasing net income performance."
The complete FY 2012 Nine Month Financial Report and Continuing Disclosure Update can be viewed at:
http://www.otcmarkets.com/stock/ITKH/financials
iTeknik Holding Corporation (PINKSHEETS: ITKH) is classified as "Current Information" and trades on the OTC Pink tier of the OTC Market. For quotes and market information on the company, visit http://www.otcmarkets.com/stock/ITKH/company-info .
About iTeknik Holding Corporation iTeknik Holding Corporation was formed to develop and launch new technology and products in the global communications market. Through its Send Global subsidiary, iTeknik provides wholesale and retail telecommunications services, and products worldwide. Its services include voice over Internet protocol origination and termination; A-Z routing and switching; wholesale carrier routing services; reseller billing and reporting; Web-based reseller solutions; prepaid calling card solutions; international cellular calling; and retail point of sale solutions. The company serves B2B carriers, telecom resellers, retail outlets and consumers direct through websites such as www.MyMobile011.com , www.GreatMinutes.com , www.AloBilady.com , www.IndiaMinutes.com and www.MexicoMinutes.com . iTeknik Holding Corporation was founded in 2007 and is based in Commerce, Michigan. Through its subsidiaries, iTeknik has more than 16 years of history in the telecommunications industry. For more information please visit website www.iteknik.com and www.sendglobal.com .
Safe Harbor: This document contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation, the ability of the Company to successfully implement its turnaround strategy, changes in costs of raw materials, labor, and employee benefits, as well as general market conditions, competition and pricing. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this letter will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as representation by the Company or any other person that the objectives and plans of the Company will be achieved. In assessing forward-looking statements included herein, readers are urged to carefully read those statements. When used in the Annual Report on Form 10-K, the words "estimate," "anticipate," "expect," "believe," and similar expressions are intended to be forward-looking statements.
Contact: Investor Relations iTeknik Holding Corporation 888-333-1486
SOURCE: iTeknik Holding Corporation
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SUBJECT CODE: Telecom:Telecommunication Services
