netTALK Announces Second Quarter Highlights
Miami, Fla. — August 19, 2014 /PRNewswire/ — NETTALK.COM INC. (“netTALK”; OTCBB: NTLK), a leading ultra-low cost provider of home phone and smartphone communications, announced its financial results for the three and six month periods ended June 30, 2014 in addition to the previously announced recapitalization of their debt and equity capital structure. This included a reduction of their total outstanding debt from approximately $24 million to approximately $7.3 million.
The operational improvement and recapitalization positions the business to deliver on its short and long-term goals with an intense focus on continued execution towards key deliverables in the second half of the year.
Profit/Loss Financial Highlights
For the second quarter of 2014 compared to the second quarter of 2013, we realized the following:
- Increased Gross Profit from 15% to 40%
- Reduced Operating Expenses 37%
- Reduced Operating loss 74%
- Reduced Interest Expense 66%
- Reduced Net Loss 70%
“In addition to our significant debt restructuring, we continue to improve our operational efficiency,” said Anastasios “Takis” Kyriakides, netTALK founder and CEO. “We are energized and very much focused on the opportunities in front of us.”
netTALK is a public company engaged in the design, distribution and sale of consumer electronics products and low-cost Voice over Internet Protocol (VoIP) telephone services. Products include the netTALK DUO and DUO WiFi and the newly updated iOS (Apple) and Android Smartphone apps, offering free nationwide calling in US and Canada. Users have the option to add international calling TALK credits for calling anywhere in the world without using cellphone minutes or roaming charges, eliminating the need for calling cards or contracts. You can download the free app to your mobile device at iTunes or Google Play and Amazon App Store.
This press release may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. These statements present management’s expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in Net Talk.com, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and subsequent reports filed with the Securities and Exchange Commission.