TORONTO, Oct. 4, 2006 (PRIMEZONE) -- Wireless Age Communications, Inc. (OTCBB:WLSA), a leading supplier of solutions to the Canadian wireless communications industry, today announced that unaudited consolidated revenues for the quarter ended September 30, 2006 were approximately $8.8 million.
Year to date September 30, 2006 consolidated revenues were approximately $23.7 million. Retail operating segment revenues were approximately $9.6 million and commercial operating segment revenues were approximately $14.1 million. For the third quarter of 2006 consolidated revenues were approximately $8.8 million, a record for the company, and the sixth consecutive quarter of record revenues. Retail operating segment revenues were approximately $3.5 million and commercial operating segment revenues were approximately $5.3 million.
Consolidated revenues increased, year over year, by approximately 29.5%. Retail segment revenues grew by approximately 14.8% and commercial operating segment revenues increased by 41.2% during the quarter. Year to date consolidated revenues were up by approximately 38.2%, retail revenues were up by approximately 22.7% and commercial operating segment revenues increased by 51.2%.
"I'm pleased to see our top line reflecting the good work of our teams in both the retail and commercial segments," stated Mr. Brad Poulos, Chairman, President and CEO. "In addition, we now have our mmwave Technologies Vancouver regional operations centre up and running, and we have a top notch team in place to manage the program with our primary customer there. We will be opening the Alberta market for this program in the near future and all indications are that in 2007 this will be a significant contributor to the overall profitability of the company. There were some delays in the release of work by our customer in the Vancouver market. Therefore a portion of the 2006 contribution from this market is going to be pushed into 2007 and 2008 based on current information."
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About Wireless Age Communications Inc.
Wireless Age's operations are segregated into two distinct operating segments, Retail and Commercial.
Retail:
Wireless Age retail outlets sell next generation wireless products and services to business and individual end users in Saskatchewan and Manitoba.
Commercial:
Within the Commercial segment, mmwave does specialty distribution and network engineering and integration, for carriers and manufacturers of communications equipment in Canada. Wireless Source distributes prepaid phone cards, wireless accessories, land mobile radios, batteries and ancillary electronics products to dealers throughout North America. Wireless Works operates broadband public access and private networks in Southern Ontario, and develops and deploys consumer and commercial products for those networks.
The company is a recognized leader in the wireless industry in Canada and is a member of the WiMax forum, as well as a very active member of the Canadian Wireless Telecommunications Association.
This press release contains "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. Wireless Age Communications, Inc. cannot provide assurances that the matters described in this press release will be successfully completed or that the company will realize the anticipated benefits of any transaction. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to: global economic and market conditions; the war on terrorism and the potential for war or other hostilities in other parts of the world; the availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management's ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the company's ability to retain key management and employees; intense competition and the company's ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in Wireless Age Communications, Inc. SEC filings. Wireless Age Communications, Inc. undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with Wireless Age Communications, Inc.'s business, please refer to the risks and uncertainties detailed from time to time in Wireless Age Communications, Inc.'s SEC filings.