Pervasip Corp. Reports Second Quarter Earnings Of $1.2 Million
WHITE PLAINS, N.Y., July 23, 2012 /PRNewswire/ -- Pervasip Corp. (OTCQB: PVSP).
Summary of Recent Accomplishments:
- Quarterly quarter gross margin of 47% compared to 39% in the prior year
- Quarterly net income of $1.2 million
- Quarterly Earnings of $0.01 per share basic; $0.01 per share diluted
- $6.6 million reduction in total liabilities over the past six months
- Monthly sales growth in June of 9% over month of May
- Mobile VoIP app sales continue to grow in July
Pervasip Corp. (the "Company"), a cloud-based voice and video communications solutions, apps and services provider, today reported earnings for its second quarter ended May 31, 2012.
Net income for the quarter ended May 31, 2012 was $1,178,741, or $0.01 per basic and diluted share, compared to a net loss of ($1,374,171), or ($0.06) per share, in the second quarter of 2011.
Net income for the six months ended May 31, 2012 was $4,385,498, or $0.03 per basic share and $0.02 per diluted share, compared to a net loss of ($2,162,660), or ($0.12) per share, for the six months ended May 31, 2011.
The Company's gross profit percentage increased 8 percentage points to 47% for the three-month period ended May 31, 2012, as compared to 39% for the three-month period ended May 31, 2011. The gross profit percentage improved by 13 percentage points to 51%, for the six-month period ended May 31, 2012, from 38% for the six-month period ended May 31, 2011.
Pervasip's CEO, Paul Riss, noted, "Thousands of new subscribers download our free mobile VoIP app each month, and many people are now experiencing the power of our cloud-based technology. We continue to look for ways to turn free subscribers into paid subscribers, and we are pleased to note that we have reversed a downward trend in VoIP revenues in the month of June, where we enjoyed a nine percent revenue increase over our May numbers."
"We have signed on new agents in July and we are continuing with our Yahoo advertising campaign, which sends our mobile VoIP advertisements directly to mobile Android users throughout the world," continued Riss. "Consequently, we anticipate our sales growth to continue in July."
The Company decreased its total liabilities by approximately $6,622,000 at May 31, 2012, as compared to November 30, 2011, primarily due to a negotiated debt reduction plan, which resulted in a gain from troubled debt restructuring of $6,338,601 for the six months ended May 31, 2012.
For additional disclosure regarding operating results, refer to the Quarterly Report on Form 10-Q for the period ended May 31, 2012, which has been filed with the Securities and Exchange Commission.
VoX Communications delivers VoIP and video telephone service anywhere in the world that has a stable broadband connection. It recently entered the mobile VoIP services and applications arena so that its VoIP can utilize any 3G/4G or WiFi connection. VoX differentiates itself through a unique combination of high quality voice services, flexible back-office capabilities and automated provisioning systems that enable a quick turn-up for app users who are looking for a second mobile phone line or low-cost international calling, without using any voice-plan minutes from their mobile phone carrier. It offers a feature-rich, low-cost, high-quality alternative to traditional wireless phone services. For more information, please visit www.voxcorp.net.
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Paul H. Riss
Chief Executive Officer
SOURCE Pervasip Corp.