REGINA, Saskatchewan, April 2, 2007 (PRIME NEWSWIRE) -- Wireless Age Communications, Inc. (OTCBB:WLSA) announced its results for fiscal year 2006 today, reporting revenues of $33,592,847 and an overall loss of $9,927,265. The loss from continuing operations totalled $8,520,132. The loss from discontinued operations, representing the operating results of Knowlton Pass Electronics Inc. which was disposed of effective March 1, 2007, totalled $1,407,133.
Consolidated revenues from continuing operations were $33,592,847 during fiscal 2006 compared to $24,024,859 during fiscal 2005. The company posted $29,502,787 in product sales revenues and $4,090,060 in commissions and residual revenues during fiscal 2006, compared to $20,214,525 and $3,810,334, respectively, during fiscal 2005. Retail operating segment revenues grew from $11,332,696 in 2005 to $13,875,641 during fiscal 2006 representing growth of over 22%. Commercial operating segment revenues from continuing operations grew from $12,692,163 during fiscal 2005 to $19,717,206 in 2006, representing a 55% increase.
The fiscal 2006 continuing operations results included several special or non-cash charges and the losses of mmwave Technologies, Inc. ("mmwave") which subsequent to year end are in the process of being restructured. Fiscal 2006 mmwave revenues were approximately $9.5 million. The operating results of mmwave beginning in the first quarter of fiscal 2007 will be classified as discontinued operations.
John Simmonds, Wireless Age's CEO, commented, "In spite of the losses and the closure of mmwave we believe that a substantial portion of the top line revenues have been preserved going forward. The historic core business of Wireless Age should be capable of generating continuing operations go forward net profits."
For all Wireless Age investor relations needs, investors are asked to visit the Wireless Age IR Hub at http://www.agoracom.com/IR/WirelessAge where they can post questions and receive answers, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to WLSA@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
Note: 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.