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180 Connect Inc. (1323639) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2007

180 Connect Inc.

CIK: 1323639
 

Exhibit 99.1
Stock Symbols: OTCBB: CNCT.OB, CNCTU.OB, CNCTW.OB
 
March 31, 2008
180 CONNECT INC. ANNOUNCES 2007 YEAR END RESULTS
Revenue increases to a record $380 million, representing a 15% increase from the
Prior Year
 
Toronto, Ontario and Englewood, CO — March 31, 2008 — 180 Connect Inc. (“180 Connect” or the “Company”) (OTCBB: CNCT.OB, CNCTU.OB, CNCTW.OB), one of North America’s largest providers of installation, integration and fulfillment services to the home entertainment, communication, and home integration service industries, today released its financial results for the year ended December 31, 2007.
Certain information contained in this news release constitutes forward-looking information, including anticipated growth and financial performance. See “Forward-Looking Information”.
Selected Financial Highlights — Year Ended December 31, 2007
For the year ended December 31, 2007 as compared to the year ended December 31, 2006:
Year to Date Highlights
    Revenue grew to $379.8 million, an increase of $48.6 million, or 14.7%, compared to revenue of $331.2 million in 2006.
 
    EBITDA from continuing operations (2) was $19.3 million, an increase of $5.8 million or 42.8% compared to $13.5 million in 2006.
 
    Total cash provided by operating activities was $1.5 million, a decrease of $4.8 million from the cash provided by operating activities of $6.3 million in 2006.
 
    Loss from continuing operations was $22.9 million, an increase of $14.1 million compared to a loss from continuing operations of $8.8 million in 2006.
 
    Net loss was $24.9 million, an increase of $10.3 million compared to a net loss of $14.6 million in 2006.
 
    Net loss per share for the twelve months ended December 31, 2007 and December 31, 2006, respectively, is as follows:
    Loss from continuing operations was $1.20 per share basic and diluted compared to a loss from continuing operations of $0.60 per share basic and diluted in 2006.
 
    Net loss was $1.30 per share basic and diluted compared to net loss of $1.00 per share basic and diluted in 2006.
Peter Giacalone, President and Chief Executive Officer of the Company stated;
“2007 was a significant and successful year for 180 Connect. The management team was highly focused on the improving margins and rebuilding shareholder confidence in the organization. Major initiatives included the

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The following information was filed by 180 Connect Inc. on Monday, March 31, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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