2/17/2005 - ITS Networks Inc (OTCBB: ITST) 10K filing for the fiscal year ending September 30, 2004, reflects significant operational as a result of the company's new business strategy.
ITS Networks, Inc., recent 10K filing for the fiscal year ending September 30, 2004 reporting an increase in recurring revenues of 35.9% (US$6,167,000 up from US$4,538,000) during the time that the Company reduced its selling, general and administrative costs as a percentage of revenues from 89.9% (2003) to 66.9% (2004). The net cash used in operating activities - decreased - 52.3% (from -- $3,924,000 to $1.871.996) including a reduction in Operating Liabilities of $951,000, bringing Teleconnect to a nearly breakeven monthly EBITDA position.
ITS Executive Vice-President, Herman de Haas explains, "The results we have reported indicate that the measures adopted by management over the last fiscal year are taking effect on the bottom line of the Company. The acquisition of Teleconnect in 2002 brought with it unexpected problems which are nearly all now resolved. During 2005 we will launch new services, some services independent of our prepaid business, which will bring additional revenues to the Company and diversify the company's portfolio into rapidly growing areas of new technologies. Our final objective is a profitable return on rapidly growing operations to create shareholder value."
About ITS Networks
ITS Networks, Inc. through its wholly owned subsidiary Teleconnect Comunicaciones S.A., a Spanish telecommunications company, is a major player in the prepaid telecoms industry in Spain. ITS Networks, Inc. is traded on a U.S. stock exchange, the Over The Counter Bulletin Board (OTCBB). ITS Networks provides commercial and residential users in Spain with a very competitive array of prepaid services. www.teleconnect.es
Forward Looking Statements:
Except for the historical information contained herein, the statements in this press release are forward-looking statements that involve risks and uncertainties. Potential risks and uncertainties include, without limitation, continued competitive pressures in the marketplace; the effect competitive and economic factors and the Company's reaction to them may have on consumer and business buying decisions with respect to the Company's products; the ability of the Company to make timely delivery of new products and successful technological innovations to the marketplace; the continued availability of certain components and services essential to the Company's business currently obtained by the Company from sole or limited sources. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the SEC
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