Cygnal passes $100 million mark
Oshawa - Equipment distributor Cygnal Technologies today reported record revenues, EBITDA and earnings for the fiscal year ended December 31, 2000.
Revenues for the year ended December 31, 2000 rose 70 per cent to $101.8 million, compared with $59.9 million in 1999. EBITDA for the year increased 127 per cent to $5.1 million from $2.2 million. Net earnings for the year rose 139% to $1.3 million or $0.11 per share from $541,000 or $0.07 per share in fiscal 1999. Earnings per share before goodwill amortization increased to $0.20 for the year from $0.12 in 1999.
These increases primarily reflect the acquisitions of Accord Communications and Integrated Cable Systems (ICS) in 2000, as well as organic growth, says president and CEO Doug Young.
Accord Communications strengthened the company's service offering in voice communication systems and IP telephony while ICS, enhanced Cygnal's position in data networks.
"We believe that Cygnal is positioned for continued growth as more companies turn to outsourcing for their communication needs," says Young. "The long-term growth prospects for communication networks and related services remain very favourable."
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