ITS Networks 10K Filing Reports Improvements; Sales of Recurring Revenues up 36%
MADRID, Spain-/15 Feb, 2005 - Wi-Fi Technology News/- 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. http://www.teleconnect.es
ITS Networks, Inc. is a featured Company on TelecomIndustryStocks.com
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