The stock looks to have hit support and should see a nice rally from current levels. Last trade $.0035. Here is the news release from earlier today.
WHITE PLAINS, N.Y.,
April
23, 2013 /PRNewswire/ --Pervasip Corp. (OTCQB:PVSP)
Summary of Recent Accomplishments:
Quarterly net income of
$2.3 millionGross
margin of 54%
$4.6 million
improvement in working capital deficiency over the past three months
Significant
reductions in short-term debt, interest expense and SG&A expense
Pervasip Corp. (the "Company"), a cloud-based voice and video
communications solutions, apps and services provider, today reported
earnings for the quarter ended
February
28, 2013.
Net income for the quarter ended
February
29, 2012 was
$2,312,699,
or
$0.01 per basic share
and
$0.00 per diluted
share, compared to
$3,206,757,
or
$0.03 per basic share
and
$0.02 per diluted
share, in the first quarter of 2012.
The gross margin for the quarters ended
February
28, 2013 and
February 29,
2012, was approximately the same for both periods at
54% and 55%, respectively. The slight decrease in the gross profit
percentage is attributable to the increased number of free subscribers
utilizing the VoX mobile VoIP app. To attract retail customers, the
Company offers calling rates that are steeply discounted in comparison
to wireless carriers and several calling plans with free minutes or a
free month of service.
The Company's working capital deficiency decreased from
$11,816,538
at
November 30, 2012 to
$7,162,293
at
February 28, 2013, an
improvement of
$4,654,245.
Short-term debt decreased from
$7,444,490
at
November 30, 2012 to
$2,765,299
at
February 28, 2013, an
improvement of
$4,679,191.
Interest expense decreased by
$914,896,
to
$163,570 for the three
months ended
February 28, 2013,
as compared to
$1,079,466
for the three months ended
February 29,
2012, due to lower debt levels and interest rates.
Selling, general and administrative expenses decreased by
$353,442,
or approximately 48%, to approximately
$380,549
for the three-month period ended
February
28, 2013 from approximately
$733,691
reported in the same prior-year fiscal period.
"We are pleased that we have experienced considerable improvement in
our balance sheet and income statement," said
Paul
Riss,
Pervasip's
CEO. "The decreased interest expense is noteworthy and we continue to
successfully reduce our debt."
"We consistently see growth in downloads, installs and purchases of
our mobile VoIP app," continued Riss. "Like many of the elite app
companies, we see hundreds of downloads and installs each day. Unlike
many other app companies, we also have a revenue-generating app, for
which we are collecting approximately 20 payments each day, in the
month of April. We anticipate the imminent release of our iPhone app
will double our number of paid subscribers."
For additional disclosure regarding operating results, refer to the
Quarterly Report on Form 10-Q for the period ended
February
28, 2013, which has been filed with the
Securities
and Exchange Commission.
The Company's Android app can be downloaded directly from Google Play (
https://play.google.com/store/apps/details?id=net.voxcorp).
About Pervasip
Pervasip delivers wholesale and retail video and voice VoIP
telephone services for the residential and small business markets.
Pervasip
differentiates itself through a unique combination of high quality
voice services, flexible back-office capabilities and automated
provisioning systems. It recently entered the mobile VoIP services and
applications arena, which
Juniper Research expects to reach
640 million users (
http://www.juniperresearch.com/viewpressrelease.php?pr=266)
by the end of 2016. It offers a feature-rich, low-cost, high-quality
alternative to traditional phone services. For more information,
please visit
www.voxcorp.net
(
http://www.voxcorp.net/).
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements.
These statements relate to future events or to our future financial
performance, and involve known and unknown risks, uncertainties and
other factors that may cause our actual results, levels of activity,
performance, or achievements to be materially different from any
future results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements. You should
not place undue reliance on forward-looking statements since they
involve known and unknown risks, uncertainties and other factors which
are, in some cases, beyond our control and which could, and likely
will, materially affect actual results, levels of activity,
performance or achievements. Any forward-looking statement reflects
our current views with respect to future events and is subject to
these and other risks, uncertainties and assumptions relating to our
operations, results of operations, growth strategy and liquidity. We
assume no obligation to publicly update or revise these
forward-looking statements for any reason, or to update the reasons
actual results could differ materially from those anticipated in these
forward-looking statements, even if new information becomes available
in the future.
|
Pervasip Corp. and Subsidiaries
Condensed
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended
|
|
|
|
Feb. 28, 2013
|
|
Feb. 29, 2012
|
|
|
|
|
|
|
|
Revenues
|
|
$
238,565
|
|
$
275,497
|
|
|
|
|
|
|
|
Costs
and expenses:
|
|
|
|
|
|
Costs
of services
|
|
110,871
|
|
124,888
|
|
Selling,
general and administrative
|
|
380,549
|
|
733,691
|
|
Total
costs and expenses
|
|
491,420
|
|
858,579
|
|
|
|
|
|
|
|
Loss
from operations
|
|
(252,855)
|
|
(583,082)
|
|
|
|
|
|
|
|
Other
income (expense):
|
|
|
|
|
|
Interest
expense
|
|
(163,570)
|
|
(1,079,466)
|
|
Gain
on troubled debt restructuring
|
|
2,714,461
|
|
4,779,634
|
|
Gain
on settlement of liabilities
|
|
68,750
|
|
-
|
|
Mark
to market adjustment of derivative liabilities
|
|
(54,087)
|
|
89,671
|
|
Total
other income
|
|
2,565,554
|
|
3,789,839
|
|
|
|
|
|
|
|
Net
income
|
|
$2,312,699
|
|
$3,206,757
|
|
|
|
|
|
|
|
Basic
earnings per share
|
|
$0.01
|
|
$0.03
|
|
Diluted
earnings per share
|
|
$0.00
|
|
$0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR FURTHER INFORMATION:
PERVASIP:Paul
H. RissChief Executive Officer
Ph: 212-404-7633
phriss@pervasip.com
SOURCE
Pervasip Corp.
Posts
