Omnicity Corp. (OMCY.OB) Releases First Quarter Financial Results

By @ibtimes on

The Midwest’s largest and fastest growing fixed Wireless Internet Service Provider, Omincity Corp., has released its first quarter financial results through October 2010.

Revenues for the 1st quarter of 2010 increased 105%, rising from $617,000 in 2009 to $1.26 million this quarter. Cash flow improvements were even more dramatic, with Omnicity posting its first ever EBITDA positive quarter of $40,000 compared to negative $395,000 for the first quarter of last year and negative $17,000 for the fourth quarter of 2010.

The results come as the latest in a series of five continually improving cash flow quarters. The success is attributed to Omnicity’s strategy of combining acquisitions of other wireless internet service providers with an aggressive program of marketing driven organic growth. Operating details and costs are also watched closely, contributing to the overall positive results.

Greg Jarman, CEO of Omnicity, stated, “We are very pleased with our earnings progress over the last quarter, and we believe that our EBITDA profitability will continue to improve over the foreseeable future. With recently closed financings in hand we expect to rapidly increase EBITDA as we complete acquisitions that generate incremental profit margins of at least 40%. We have 10 acquisitions ready to complete. While we are focused on increasing our top-line revenues, we intend to continue to rapidly improve profitability and drive operating margins. We expect these acquisitions, along with stepped up marketing driven internal growth, will positively impact Omnicity’s valuation in the public market.”

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