On The Go Technologies Revenue Up
On The Go. (OTCBB: OGHC)
Company Attributes Strong Quarter to Recent Acquisitions
On The Go Technologies Group (OTCBB: OGHC), an advanced systems integrator and value-added reseller (VAR) of information technology solutions, announced on June 14th that revenue for the third fiscal quarter ended April 30, 2006 increased 578% to $8,879,319 compared to the same quarter last year and 27% over the prior quarter.
Net loss for the quarter ended April 30, 2006 was ($79,291), or ($0.01) per common share, compared to a net loss of ($379,027), or ($0.20) per common share, for the quarter ended April 30, 2005, an overall decrease of approximately $300,000. After adjusting for a debt discount expense of $340,000, the company realized net income for the quarter on a pro-forma basis of approximately $261,000 or $0.02 per share. The debt discount costs are non-cash expenses related to long-term debts amortized over the life of these loans.
Revenues of $22,086,515 for the nine months ending April 30, 2006 increased 688% over the same nine-month period in 2005.
The cost of sales in the quarter ended April 30, 2006 increased to $6,763,737, compared with $1,000,099 in the same period in 2005. General & Administrative expenses rose from $723,541 in the quarter ended April 30, 2006 to $1,794,269 in the same period in 2005. The increase in both categories was attributable to the acquisitions of Infinity Technologies, Island Corporation and Solutions in Computing as well as the addition of new personnel.
Stuart Turk, OTG President and Chief Executive Officer, said, ‘The strong revenue increase this quarter over the same quarter last year reflects the successful acquisitions of Infinity Technologies in July 2005 and Island Corporation and Solutions in Computing in January 2006. Our resulting ability to cross-sell among our five VAR divisions has created valuable new opportunities. When adjusted for non-cash expenses related to debt discount costs, our operations during the quarter ended April 30, 2006 provided a net profit on a pro forma basis which we believe is indicative of the strong progress we are making not only from acquisitions but also from organic growth and targeted IT sales and service initiatives coming to fruition. We intend to continue building the company’s asset base and sales generation capacity as well as shareholder equity.’
About On The Go Technologies Group
On The Go Technologies Group is an advanced systems integrator and value-added reseller of information technology hardware and software solutions to a wide range of industries. The company provides high-end information technology products and services through multiple operating divisions. On The Go’s six divisions maintain more than 125 authorizations and certifications from leading technology companies. On The Go provides a seamless extension of a client’s supply chain through expedited delivery services, centralized billing, vendor management, discounted pricing schedules and onsite integration services. Clients include Fortune 500 companies in the financial, healthcare, entertainment, scientific research, education and printing industries throughout North America. For more information, visit http://www.oghc.com or http://www.onthegohealthcare.com/video..
Source:
http://www.onthegohealthcare.com/pp.pdf
OGHC — On the Go Healthcare, Inc.
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