LOUISVILLE, Ky., April 1, 2013 – Lightyear Network Solutions, Inc. (the “Company”) (OTCQB: LYNS), an established provider of data, voice and wireless telecommunication services to business and residential customers throughout North America, announced today its financial results for the year ended December 31, 2012.
Financial highlights for 2012 include:
- Overall revenue decreased approximately 6% from fiscal year 2011. Wireless services revenue grew by approximately $1.2 million (or 30%) in 2012 compared with 2011, while local services revenue decreased by approximately $2.7 million (or 9%) for the same period
- Operating expenses decreased by approximately $2.2 million (or 8.6%) in 2012 compared with the previous year
- Loss from operations, when adjusted for a one-time impairment charge related to the sale of our Pikeville real estate, was essentially unchanged at $870,310 in 2012 and $871,899 in 2011
- Cash generated from operations increased to approximately $1.4 million in 2012 compared with approximately $47,000 in 2011
- Net loss per common share for the year was $.10
“Our team continues to stay focused, manage expenses and work diligently to create opportunities for growth during this tough economy. We are encouraged with several new commercial clients and the increase in the cash generated from operations,” said Stephen M. Lochmueller, Lightyear’s Chief Executive Officer.