Today, Voiceserve Inc. announced that it has achieved record revenues for the fiscal year ending March 31, 2009. Revenues for the year ended March 31, 2009 were $1,931,529, an increase of approximately 107% over last yearâ€™s numbers. Comparatively, cost of revenues for 2009 was $1,302,113 versus $836,877 in 2008. The increase in cost of revenues in 2009 relates to a dramatic increase in sales. It is also the result of Voiceserveâ€™s addition of more technology service professionals to service the current clientele.
The gross profit for year end March 2009 was $629,416 compared to $97,605 for 2008. The gross margin in 2009 was 33%. Operating expenses for year end March 2009 were $998,767 as compared to $934,401 for year end March 2008, due in part to higher advertising and selling expenses. Net loss was US$(371,013) in the fiscal year ending March 31, 2009, compared to US$(835,597) in the fiscal year ended March 31, 2008, a decrease of US$464,584, or 56%. The company attributes the loss to an increase in revenues and gross profit.
Michael Bibelman, Voiceserve’s Chief Executive Officer, said, “We are very pleased with Voiceserve’s continued growth in total revenue. Our introduction of new Voipswitch Modules has produced significant revenues, and we believe we will have opportunities to continue to increase software sales. In fiscal 2009, we announced a significant milestone — the introduction of our softphone in Mobile Phones, enabling usage via the Internet when in WIFI zones.”
Alexander Ellinson, Voiceserve President & Chairman added, “These outstanding results with a 107% increase in revenues reflect the market’s acceptance of our software and our focus on delivering high quality VOIP solutions, positive customer experiences, and increased efficiencies. We look forward to continuing to help our customers drive business success and deliver greater revenues in the coming year.”