Unwired makes money for the first time ever

By Sarah Falson

SYDNEY: Unwired today reported its first positive cash flow position in the company’s history, with profits of $0.4 million for the quarter ending 31 March 2007.

In the previous corresponding quarter, the publicly-listed wireless broadband supplier reported debts of $0.6 million, meaning the company has increased its financials by 165 per cent in a year.

“This milestone is significant as it proves the non-voice wireless broadband business model. The positive cashflow has been delivered through consistent and solid business performance. Whilst the cash inflow position is only nominal, at this stage, Unwired is probably the first consumer focused wireless broadband carrier in the world to achieve this breakthrough,” said Unwired CEO, David Spence.

The company’s operating costs reportedly remained the same during the period, while cash received from customers increased by 36 per cent from the previous corresponding period to $9.6 million from $7.1 million.

“This result gives us further confidence as we prepare for the transition to the global standard for wireless broadband – WiMAX. Our energetic team, proven business model, our international partners and our experience in deploying and scaling broadband wireless networks puts us in a strong position for the future,” said Spence.

Customer numbers increased from 63,587 to 67,763, up seven per cent, from the previous quarter.

Unwired also added retailer Harris Technology to its retail partner portfolio during the quarter, upping Unwired’s retail presence to 150 stores in Sydney and Melbourne.

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