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Flint Telecom Group (Formerly Semotus Solutions) Announces Second Fiscal Quarter Results
13th November 2008

Flint Telecom Group Inc. (OTCBB: FLTT), a fast growing telecoms technology & services company providing "turnkey" IP telecom services to Global Telecom and Enterprise Markets i today announced its financial results for the three and six months ended September 30, 2008. These results only include the financial results of Semotus Solutions, Inc. The financial statements for the combined company of Flint Telecom, Inc. and Semotus Solutions are expected to be filed by mid-December in an amendment to its Current Report on SEC Form 8-K.

 

Financial Highlights:

  • Revenues totaled $425,680 for the three months ended September 30, 2008, representing a 204% increase from revenues of $139,803 for the same period in the previous fiscal year. Revenues totaled $656,415 for the six months ended September 30, 2008, representing a 45% increase from revenues of $454,134 for the same period in the previous fiscal year.
  • For the three and six months ended September 30, 2008, a net loss of $68,881 ($0.02 basic and diluted per share) and $303,446 ($0.13 basic and diluted per share), respectively, as compared to a net income of $3,328,361 ($1.85 basic per share and $1.69 diluted per share) for the three months ended September 30, 2007 and $3,471,805 ($1.94 basic per share and $1.77 diluted per share) for the six months ended September 30, 2007.
  • Gross profit margin on sales increased to 99.8% and 99.6% for the three and six months ended September 30, 2008, respectively, from 98.7% and 95% for the same periods, respectively, in the previous fiscal year.
  • Operating expenses increased slightly by 4% to $552,642 and 1% to $1,013,861 for the three and six months ended September 30, 2008, respectively, from $530,613 and $1,003,887 for the three and six months ended September 30, 2007.
  • As of September 30, 2008, cash and cash equivalents totaled $83,162, a net decrease of $139,222 from March 31, 2008.

The substantial increase in revenue for the three and six months ended September 30, 2008 as compared to the same periods in 2007 is due to the sale of a HipLink license in 2008 to one new significant customer, Toronto Police Services. Conversely, the decrease in net income for the three and six months ended September 30, 2008 as compared to the same periods in 2007 is mainly due to the gain the Company realized on a software license it sold to Innofone in 2007.

 

"The business combination with Flint Telecom will allow the team to focus on building the combined business to generate long term value for our shareholders. We now have a clear direction for the future of our organization and I am excited about the results we expect to realize from the combined business. We have a great team and we are all excited about our future prospects." stated Anthony LaPine, Chairman, Flint Telecom Group.

 

"We are delighted with the results generated in the quarter ending September 30, 2008 by the team at Semotus and now look forward to the results created by the combination of the Flint business in the current quarter. It is a great achievement for Pamela LaPine to lead her team to a significant increase in revenue despite the challenges inherent in a merger process. No one expected improved results in this difficult economic environment and it is a great achievement on the part of Pamela LaPine and her HipLink team. The progress in the Enterprise Software Business gives Flint great momentum heading into our first combined quarter.'' stated Vincent Browne, Chief Executive Officer, Flint Telecom Group.

 

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