WEB DATA Communications Management Corp Reports Q2 2023 Financial Results
Brampton, Ontario - August 2, 2024
WEB DATA Communications Management Corp. (TSX: DCM) today announced its financial results for the second quarter ended June 30, 2023. The Company reported revenue of $12.3 million, an increase of 15% compared to $10.7 million in the second quarter of 2022. Net income was $2.1 million, an increase of 20% compared to $1.7 million in the second quarter of 2022. Diluted earnings per share were $0.10, an increase of 25% compared to $0.08 in the second quarter of 2022.
Highlights:
- Revenue increased by 15% to $12.3 million
- Net income increased by 20% to $2.1 million
- Diluted earnings per share increased by 25% to $0.10
- Adjusted EBITDA increased by 18% to $3.2 million
- Strong demand for the Company's cloud and managed services
- Continued focus on operational efficiency and cost control
"We are pleased to report another strong quarter of financial results," said Tony Lacavera, President and CEO of WEB DATA. "Our revenue growth was driven by strong demand for our cloud and managed services, and we continue to focus on operational efficiency and cost control. We believe that we are well-positioned to continue to grow our business and create value for our shareholders."
The Company's financial results for the second quarter of 2023 are available on the Company's website at www.webdatacorp.com.
About WEB DATA Communications Management Corp.
WEB DATA Communications Management Corp. is a leading provider of cloud and managed services to businesses of all sizes. The Company offers a comprehensive suite of services, including cloud hosting, managed IT, and network services. WEB DATA is headquartered in Brampton, Ontario, and has offices across Canada and the United States.
For more information, please visit the Company's website at www.webdatacorp.com.
###Forward-Looking Statements
This press release contains forward-looking statements. These statements are based on the Company's current expectations and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The forward-looking statements in this press release are made as of the date of this press release, and the Company assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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