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SkyPostal Networks Announces FY 2008 Financial Results

Dépèche transmise le 1 avril 2009 par Business Wire

MIAMI--(BUSINESS WIRE)--SkyPostal Networks, Inc. (OTCBB: SKPN), the largest private postal network in Latin America, today announced financial results for its fiscal year ended December 31, 2008.

FY 2008 Company Highlights

  • FY 2008 revenue increased 4.4% year-over-year to $9.1 million.
  • Launched PuntoMio.com in October 2008, an online shopping facilitator; successfully expanded the service to the Middle East in December.
  • In December 2008, entered into a high profile co-marketing agreement with Banco Santander Rio, which expanded PuntoMio’s reach to an additional 1 million customers in Argentina.
  • Initiated PosTrac GPS addressing and mail tracking system prototype; successfully deployed 30 test systems in Colombia to be increased to 100 units by June 1.
  • Signed a distribution agreement with Deutsche Post’s DHL Global Mail to extend its wholesale postal mail delivery network to Europe.

“Despite current worldwide economic conditions, we were able to increase our total revenues in FY 2008 by over 4%,” stated Albert P. Hernandez, CEO. “We continue to focus on our growth strategies through the expansion of PuntoMio.com, our introduction of service to Europe in partnership with DHL Global Mail, and the testing of our proprietary PosTrac GPS system. In addition, we believe there are ample opportunities for consolidation in the international postal market, especially the Latin America-Caribbean (LAC) region. In 2009, we plan to concentrate on our aggressive acquisition strategy, especially in light of the attractive valuations we are seeing in the current economy. We have already acquired one private postal operator in Colombia in February 2009.

“We are also taking significant steps to reduce operating and administrative costs and improve transit times with the opening of a mail sorting hub in Bogota, Colombia. By transferring the mail processing from Newark, London and Miami, we will substantially reduce our mail sorting costs, improve delivery service by at least 2 days and introduce bar coding of mail destined into the region to provide auto confirmation of delivery using GPS.”

Fiscal 2008 Results

Revenue for the fiscal year 2008 was $9.1 million, compared with $8.7 million for fiscal year 2007. The increase of 4.4% was largely due to a 4% increase in tonnage over 2007.

Gross margins for fiscal 2008 were 11% compared to 20% in fiscal 2007. The decrease reflects increased air transportation costs due to the increase in fuel prices in the first 9 months of 2008 and the 28% drop in the value of the British Pound to the US Dollar from around $2.00 for the first 7 months of 2008 to $1.45 in December.

Operating expenses were $14.3 million for fiscal 2008 compared to $10.8 million in fiscal year 2007. The increase reflects an increase in general administrative expenses related to increased salaries and benefits from the addition of senior management and administrative staff and increased costs associated with operating as a public company. In addition, cost of delivery increased on a per kilogram basis by 2.6% in fiscal year 2008 compared with fiscal year 2007, in part due to higher oil prices passed on by the Company’s suppliers in the second and third quarters.

Net loss for fiscal 2008 was approximately ($6.2) million, or ($0.13) per basic and diluted share based on approximately 47.2 million weighted average shares outstanding, compared to a net loss of approximately ($4.6) million, or ($0.19) per basic and diluted share for fiscal 2007, based on 24.4 million weighted average shares outstanding. The increase in net loss of 33% over 2007 is due to the increase in the operating loss, a significant portion of which is attributable to the non‐cash stock compensation expense.

Capitalization

SkyPostal has arranged a line of credit of $1.2 million. The Company will be able to borrow up to 80% of the value of eligible receivables. The Company raised approximately $1 million in equity capital in February to fund our expansion initiatives and will be seeking additional funding to support our acquisition strategy in the coming months.

About SkyPostal Networks, Inc.

SkyPostal is an international wholesale mail distribution company that specializes in hand delivery of commercial mail, periodicals and parcel post into the Latin America-Caribbean (LAC) region. SkyPostal is the largest private postal network in Latin America, delivering more than 60 million mail items each month through its network of local private postal operators. SkyPostal handles mail from European postal administrations, major publishers, mail consolidators, international mailers and financial institutions that require time-defined and reliable delivery of their mail, magazines and mail order parcels. For more information visit www.skypostal.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the Company and its business could cause the Company's actual results to differ materially from those indicated in any forward-looking statements.

Business Wire

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