Internet communications provider Fusion Telecommunications (AMEX: FSN) announced the financial results for the first quarter of 2007 today.Fusion delivers a full range of advanced, cutting-edge Internet Protocol (IP)-based services to customers all around the world, specializing in Voice over Internet Protocol (VoIP) and networking technology. The company’s Efonica brand has over a million subscribers from more than 100 countries.
According to the release, the company reported consolidated revenues of $13.2 million, an increase of 39 percent compared to the previous year’s revenues of $9.5 million. In addition, the company’s consolidated gross margin increased 22 percent, or $200,000, over the previous year’s numbers.
The company attributed the increase to growth in the company’s Voice-to-Carrier department, which improved an amazing 53 percent in 2007 as opposed to 2006.
Matthew Rosen, Fusion’s CEO and president, was confident about what 2007 would bring his company.
“Fusion has achieved a number of significant milestones in the last 90 days, and we look forward to building upon them to accomplish our goals in 2007,” Rosen said. “We have focused our energies on a number of 2007 initiatives designed to continue to drive improved financial results and are excited by the many opportunities we have developed to market and sell our IP-based services to consumers and corporations around the world.”
Prices of Fusion stock were down 4 percent today, trading at 70 cents by mid-afternoon.