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Platinum Communications Corporation Reports Financial Results for the Six Months Ending February 28, 2014


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2014-04-15 15:32:24 -

Calgary, Alberta (FSCwire) - Platinum Communications Corp. (TSX-V: PCS) today announced financial results for the six months ending February 28, 2014.



Highlights for the six months, include the following:



* Platinum’s revenues from operations for the six months ending February 28, 2014 increased 27% compared to the same six month period of fiscal 2013. The acquisition of three competitors in the year contributed the majority of the increase and accelerated activity with our commercial clients provided the balance of the increase. In addition, the acquisitions increased Platinum’s customer base by over 2,000 customers to 12,074 customers now serving 180 communities.



* Gross profit increased by 17% and Earnings before interest, tax, depreciation and amortization increased by 36%. Due to

Platinum’s ability to generate continuous earnings, net income includes a provision for deferred income taxes of $45,338.



* Cash provided by operating activities was $559,679 for the six months ending 2014 compared to $826,682 in the same period of fiscal 2013, a decrease of 32%. Platinum recorded Net Income of $136,015 for the second quarter of fiscal 2014 an increase of 12% over the net income recorded in the same quarter of the previous year.



* As of the date of this release Platinum has approximately $1,216,000 of available cash

.

SELECTED HIGHLIGHTS[1]





Six months ended February 28,




2014


2013



%

Change
Revenue $4,964,765 $3,922,054 27
Gross profit[2] 3,109,193 2,656,830 17
Earnings before interest, tax, depreciation and amortization[3] 1,174,638 864,570 36
Net income 136,015 121,684 12
Earnings per share, basic and diluted 0.0024 0.0022 9
Cash provided by operating activities 559,679 826,682 -32
ARPU(Average revenue per user) 405 380 7
Customers 12,074 10,074 20
Common Shares Outstanding 55,966,731 55,593,398 1
Return on Equity 7.4% 4.82% 54

[1] Gross Profit is a widely accepted measure of financial performance used by some analysts and investors to analyze and compare companies on the basis of operating performance. Gross profit is not defined under IFRS and should not be considered in isolation or as an alternative to, or more meaningful than, net income or cash flow as determined in accordance with IFRS as an indicator of the Corporation’s performance or liquidity. Platinum’s gross profit is unlikely to be comparable to similar measures presented by other companies.

[2] Earnings before interest, tax, depreciation and amortization is a widely accepted financial indicator used by some analysts and investors to analyze and compare companies on the basis of liquidity. Earnings before interest, depreciation and amortization is not defined under IFRS and should not be considered in isolation or as an alternative to, or more meaningful than, net income or cash flow as determined in accordance with IFRS as an indicator of the Corporation’s financial performance or liquidity.

[3] Earnings before interest, tax, depreciation and amortization is a widely accepted financial indicator used by some analysts and investors to analyze and compare companies on the basis of liquidity. Earnings before interest, depreciation and amortization is not defined under IFRS and should not be considered in isolation or as an alternative to, or more meaningful than, net income or cash flow as determined in accordance with IFRS as an indicator of the Corporation’s financial performance or liquidity.



About Platinum Communications

Platinum Communications Corporation (TSX-V: PCS) is a leading provider of superior quality fixed wireless Internet and Broadband solutions utilizing Next-Generation WiMax technology. The Company caters to urban, rural and remote markets that are often beyond the reach of traditional Internet providers. Platinum's custom-built, wireless broadband network provides high-speed data and voice services to enterprise operations and residential customers throughout Alberta and NE British Columbia. For more information, please visit our website at www.platinum.ca or call 403-301-4591.



- 30 -



This news release may contain forward-looking statements. These forward-looking statements do not guarantee future events or performance and should not be relied upon. Actual outcomes may differ materially due to any number of factors or uncertainties, many of which are beyond Platinum's control. Some of these risks and uncertainties may be described in Platinum's corporate filings (posted at www.sedar.com). Platinum has no intention or obligation to update or revise any forward-looking statements due to new information or events.



Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.



For further information please contact:



Bernard Parkinson, CEO

Phone (403) 301-4591



Kathy Kirkup, CFO

Phone (403) 301-4594



Source: Platinum Communications Corporation (PCS) www.platinum.ca


To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/platinum04152014.pdf

Source: Platinum Communications Corporation (TSX Venture:PCS) www.platinum.ca/

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Author:
Fred Gautreau
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Web: www.fscwire.com
Phone: 14037173898

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