eOn Communications (EONC.OB) Posts Solid Q4 FY 2010 Financial Results

QualityStocks would like to highlight eOn Communications Corporation™ (OTCBB: EONC), a global provider of innovative communications solutions. Backed by over 20 years of telecommunications engineering expertise, their solutions enable customers to easily leverage advanced technologies in order to communicate more effectively.

In the company’s news yesterday,

eOn Communications reported its fourth quarter and fiscal financial results for the period ended July 31, 2010, posting an increase in revenue for both periods.

The company’s fourth quarter and fiscal year results include a gain from its purchase of a majority interest in Cortelco Systems Puerto Rico for $497,000, as well as from Cortelco Systems Puerto Rico income, net of non-controlling interest, reported at $41,000 from the June 9, 2010, acquisition date through July 31, 2010.

Fourth quarter revenue increased 8 percent to $5.47 million, up from $5.08 million reported in the fourth quarter of last year, and up 53 percent compared to revenues of $3.57 million in the third quarter of this year.

Net income for the quarter was $383,000, or $0.14 per common share, compared to net income of $111,000, or $0.04 per common share, in the fourth quarter of 2009.

The company reported a 61-percent increase in total-year revenue to $17.09 million from $10.64 million reported for fiscal year 2009. Fiscal 2010 income, was $467,000, or $0.17 per common share, compared to a net loss of $339,000, or $0.12 per common share, for fiscal 2009.

As of July 31, 2010, the company had cash, cash equivalents and marketable securities at $4.10 million, an increase of 36 percent compared to $3.01 million reported in the same period of 2009.

“Our current positive results show the commitment we have to increase revenue and profitability. The acquisition of majority interest in Cortelco Systems Puerto Rico on June 9, 2010, has increased the company’s value and we intend to continue efforts to maximize results,” David Lee, chairman of eOn’s board of directors stated in the press release.

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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.