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Primus reports second quarter financial results, net revenues up

Primus Telecommunications Canada Inc. today announced results for the second quarter ending June 30.


August 7, 2003  


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Primus Telecommunications Canada Inc. today announced results for the second quarter ending June 30.

Net revenue in the second quarter 2003 was $71.1 million, a 6.5 per cent increase over first quarter 2003 and a 12.8 per cent increase over the same period last year.

Net revenue from the residential division increased by 6.8 per cent over the prior quarter and 16.5 per cent over the second quarter 2002. Revenue growth in the residential division was driven by the acquisition of new retail channels for prepaid long distance cards and an increase in the size of our long distance and high speed internet customer bases over the same period last year.

Net revenue from the commercial division increased 5.6 per cent versus the first quarter 2003 and 2.2 per cent over the second quarter 2002 due to customer growth in the SME market and with selected carrier customers.

As a percentage of net revenue, gross margin for the second quarter 2003 was 62.6 per cent, or $44.5 million, compared to 59.3 per cent or $39.6 million, in the prior
quarter, and 54.5 per cent, or $34.4 million in the second quarter 2002.

“As previously reported, based on our projected traffic mix, we expect our gross margins will stabilize in the 60 per cent range, assuming that the regulatory environment remains stable and pricing trends remain constant,” said Ted Chislett, the company’s president and chief operating officer.


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