MobilePro reported record revenue and profit for its fiscal year ended March 31. The company attributes its results in large part to the advances made by its wireless division.
Revenue came in at $99 million, up from $46.5 million in the previous fiscal year. Profit also increased more than 100 percent, coming in at $49.9 million. Gross profit a year ago was recorded at $24 million.
"Our strategy of using cash flow from our non-wireless assets to partially fund our wireless deployments appears to be solidly on track and we expect to continue to push aggressively along this path," MobilePro Chairman and CEO Jay Wright said in a prepared statement. The company invested $2 million in its wireless network during the fiscal year.
It has been a busy week for MobilePro. The company revealed it has signed a letter of intent to acquire Clearwave Communications. MobilePro also launched a wireless network in Farmers Branch, Texas and announced a definitive agreement for a citywide wireless network in the city of Yuma, Ariz.
MobilePro also said it is pulling out of a planned wireless network deal with the city of Sacramento after determining the deal no longer serves the best interests of the company.
Looking ahead to fiscal 2007, MobilePro says it will remain focused on expanding the reach of its wireless division by moving forward with scheduled municipal Wi-Fi deployments.
MobilePro shares, which trade on the Over the Counter Bulletin, were up a penny to 19 cents each following the earnings announcement.