iTeknik Holding Swings To Loss On Slump In Sales
COMMERCE TWP. -- The Commerce Township telecom provider iTeknik Holding Corp. (OTC: ITKH) Friday reported a third fiscal quarter loss of $37,843 on revenue of $2.9 million.
For the nine months ended March 31, revenue was $8.7 million, down from $9.3 million a year earlier. The company posted a loss for the nine months of $48,603, down from net income of $142,256 in the same nine months of the prior fiscal year.
"The third quarter was very difficult," said iTeknik chairman and CEO Fredrick W. Wicks. "Our financial results were directly related to the TV marketing efforts of large competitors and their dramatic price reductions for international calls. In addition, the growth of free international calling on the internet has affected our bottom line. Our operations team is working very hard to improve performance by diversifying into new products such as SIM cards and cutting expenses wherever possible."
The complete FY 2013 3Q Report and Continuing Disclosure Update can be viewed at www.otcmarkets.com/stock/ITKH/financials . iTeknik Holding Corporation is classified as "Current Information" and trades on the Pink tier of the OTC Market. For market information on the company, visit www.otcmarkets.com/stock/ITKH/company-info.
iTeknik Holding Corporation was formed to develop and launch new technology and products. 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. iTeknik was founded in 2007.
