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Axia Announces National French Backbone Infrastructure Project CALGARY, Feb. 25 /CNW/ - Axia NetMedia Corporation ("Axia" announced
today that Covage, its French joint venture has approved a national fibre
backbone connectivity project.
The project will utilize existing 1,800-kilometre dark fibre
infrastructure to create a ringed network from Arras in northern France to
Montpellier in the south of France. Upon completion, this project will connect
Covage's existing Délégations de Service Publique ("DSPs" to each other and
to the main Telecom interconnect point in Paris. Also, Covage's competitive
position with respect to new DSP prospects will be enhanced.
Covage expects to enter into definitive agreements and complete the
project by mid-year calendar 2009. The project contemplates an innovative
commercial approach that involves a capital contribution by Axia of
$2.0 million and a fee structure that relates to the volume of customers
utilizing Covage's DSPs. Covage believes that the national network will create
an attractive value proposition for national operators and large corporate and
government customers.
Jean-Michel Soulier, President, Axia Networks France commented, "Covage
is continuously looking for ways to improve our service offering to our
current and prospective customers. This will enable our customers to connect
directly to Paris that is the global gateway for France. As well, Covage will
be able to offer guaranteed levels of service differentiating ourselves in the
marketplace and allows us to attract and retain service providers. From an
operational perspective, we will control our backhaul to Paris while managing
our costs more efficiently. This is an exciting project which will add further
value to our service offering."

Axia Investor Day Scheduled on February 26, 2008

Axia will host an investor day for the investment community on
February 26, 2008 at 10:00 a.m. (Eastern) and 8:00 a.m. (Mountain). A copy of
the presentation will be posted to Axia's website and a live webcast of the
investor day presentation will be available at:

http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2165240.

Click on the "listen to webcast" icon on the screen.
A replay will be available via Axia's website www.axia.com or at:

http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2165240.

About Axia

Axia provides Real Broadband(TM) IP services and solutions through
planning, designing and operating Open Access Next Generation Networks. Axia
trades on the Toronto Stock Exchange under the symbol "AXX". For more
information, visit its website at www.axia.com.

Forward-looking Statements: Except for historical information, this news
release may contain forward looking statements, including, without limitation,
statements containing the words "should", "believe", "anticipate", "may",
"plan", "will", "continue", "intend", "expect", "estimate" and other similar
expressions which constitute "forward-looking information" within the meaning
of applicable Canadian securities laws, which reflect Axia's current
expectations and assumptions, and are subject to a number of risks and
uncertainties that could cause actual results to differ materially from those
anticipated. These forward-looking statements involve risks and uncertainties
including, but not limited to, changes in customer markets, changes in demand
for Axia's services, inability of Axia to deliver services in a timely and
cost-efficient manner, technological change, general economic conditions and
other risks detailed from time-to-time in Axia's ongoing filings with the
Canadian securities regulatory authorities which filings can be found at
www.sedar.com. Given these risks and uncertainties, readers are cautioned not
to place undue reliance on such forward-looking statements. Axia undertakes no
obligation to publicly update or revise any forward-looking statements either
as a result of new information, future events or otherwise.

%SEDAR: 00002394E


For further information: Dawn Tinling, VP, Investor Relations and
Communications, Axia NetMedia Corporation, (403) 538-4074,
dawn.tinling@axia.com

 

Axia Releases Results for 2Q2008 <<
- Increased revenues by 43 percent to $17.1 million for 2Q2008 compared
to $12.0 million in the same period for fiscal 2007.
- Gross profit for the quarter ended December 31, 2007 increased
43 percent to $8.3 million from $5.8 million for the same quarter
last year.
- Net income, before one-time stock-based compensation expense, of
$2.8 million ($0.04 per share) for 2Q2008 versus $2.5 million
($0.04 per share) for the prior quarter and $4.7 million ($0.08 per
share) for the prior year.
>>

CALGARY, Feb. 11 /CNW/ - Axia NetMedia Corporation ("Axia" or the
"Corporation" today announced the results for its second quarter ended
December 31, 2007.

2Q2008 Highlights

Geoff Thompson, Axia's President remarked, "This quarter we continued to
make progress in our Alberta and France businesses. In Alberta, we have placed
substantial focus on connecting new customers to the Alberta SuperNet and
increasing bandwidth commitments from existing customers. We launched a
Gigabit Ethernet Service for our government customers who require large
amounts of bandwidth. We continue to work with the 61 active service providers
in Alberta to increase their bandwidth consumption as they continue to
penetrate Alberta's oil and gas/enterprise marketplace."
He added, "In France, we successfully transferred substantially all of
the interests in the Délégations de Service Publique ("DSPs" held by VINCI
Networks to Covage. The transfers had a positive impact on our European
segment revenues. Subsequent to the end of the second quarter, another DSP was
transferred and we sold our nine percent equity interest in the Manche DSP to
an industry party. To date, seven networks are active while five networks are
either under construction or in the planning stage."
Internationally, the Corporation continued to pursue Open Access Network
opportunities. Art Price, Chairman and CEO commented, "Our participation in
competitive bid processes and strategic dialogues gives Axia a window on
activities and the state of policy thinking in North America, Europe, the
Middle East and Asia. While government decision processes are by their nature
slow and not very predictable, the trend is obvious and the momentum is
growing towards Open Access Networks and less ownership-based conflict next
generation solutions."
Mr. Price added, "Axia's operational and financial performance is on
track and Axia has cash and financial resources in hand to execute all its
commitments. While Axia's share price has been negatively affected its future
is not compromised by the character of our current capital markets."

2Q2008 Consolidated Financial Information

Consolidated revenues for the quarter ended December 31, 2007 increased
18 percent to $17.1 million from $14.5 million for the previous quarter.
Revenues for the first six months of fiscal 2008 were $31.6 million, an
increase of $8.7 million from $22.9 million for the first six months of fiscal
2007.
Consolidated gross profit for the quarter ended December 31, 2007 was
$8.3 million from $5.8 million in the same quarter of the previous year. For
the first six months of fiscal 2008, Axia's consolidated gross profit
increased 45 percent to $15.5 million or 49 percent of revenue from
$10.7 million for the same period in fiscal 2007. The Corporation's gross
profit percentage over this period has remained relatively consistent with a
small increase this quarter due to the higher margins earned in the Europe
business segment.
During the quarter ended December 31, 2007, total expenses were
$5.0 million as compared to $2.4 million for the same quarter last year and
$8.4 million for the first six months of fiscal 2008 compared to $4.2 million
for the prior year.
Net income before tax for the current quarter of $3.4 million is
consistent with the same quarter of the prior year but represents an
11 percent decrease over the $3.8 million we reported for the first quarter of
this year. During this quarter however, the Corporation incurred an additional
stock-based compensation expense of $1.7 million reflecting the one million
stock options granted to the Chief Executive Officer in fiscal 2007 which was
approved by the shareholders on November 1, 2007. This expense is
non-recurring and did not involve a use of the Corporation's cash resources.
Net income for the second quarter of fiscal 2008 was $1.1 million
($0.02 per common share on a fully diluted basis) as compared to $2.5 million
($0.04 per common share on a fully diluted basis) for the previous quarter. A
reason for the decrease in net income for the current quarter relates to a
one-time stock-based compensation expense of $1.7 million as noted above. For
the six-month period ended December 31, 2007 net income was $3.6 million
($0.05 per common share on a fully diluted basis) a decrease of $6.0 million
compared to the same period of the prior year. This decrease is more than
accounted for by the increased stock-based compensation expense and also for
the current year the Corporation has been recording a net income tax expense
as compared to the prior year when the Corporation earned a total of $3.1
million of income tax recoveries.
As at December 31, 2007, the Corporation's working capital was
$28.7 million as compared to $43.1 million at June 30, 2007. The decrease in
working capital is primarily related to our increased network investments in
France. As at December 31, 2007, Axia had 63.6 million common shares issued
and outstanding.

FY2008 Outlook

Axia's management remains focused on its three strategic priorities:
growing bandwidth commitments on the Alberta SuperNet to increase its gross
profit contribution; developing and marketing other services for deployment in
Alberta and France; and winning and developing new Open Access Networks in
France and other jurisdictions.

About Axia

The unaudited Consolidated Financial Statements for the quarter ended
December 31, 2007 and related Management's Discussion & Analysis have been
reviewed and approved by the Corporation's Audit Committee and Board of
Directors. These reports have been filed on SEDAR at www.sedar.com and are
also posted at www.axia.com.
Axia provides Real Broadband(TM) IP services and solutions through
planning, designing and operating Open Access Next Generation Networks. Axia
trades on the Toronto Stock Exchange under the symbol "AXX". For more
information, visit our website at www.axia.com.

Conference Call Scheduled

Axia will host a conference call for the investment community to discuss
its fiscal Second Quarter 2008 results on Tuesday, February 12, 2008 at 3 p.m.
(Eastern) and 1 p.m. (Mountain). Axia Chairman and CEO Art Price, President
Geoff Thompson and Chief Financial Officer Peter McKeown will participate.
To participate in the conference call, please dial (416) 644-3416 in
Toronto and internationally. If you are connecting from other parts of Canada,
dial 1-800-732-9307. Please call ten minutes prior to the start of the call.
A live webcast (listen only mode) of the conference call will be
available at:
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2161500
A replay of the conference call will be available at (416) 640-1917 or
1-877-289-8525, passcode 21262261 followed by the number sign from 5 p.m. (ET)
Tuesday, February 12, 2008 to midnight (ET) Tuesday, February 19, 2008, or
through the webcast archives at http://www.newswire.ca.

Forward-looking Statements: Except for historical information, this news
release may contain forward looking statements, including, without limitation,
statements containing the words "should", "believe", "anticipate", "may",
"plan", "will", "continue", "intend", "expect", "estimate" and other similar
expressions which constitute "forward-looking information" within the meaning
of applicable Canadian securities laws, which reflect Axia's current
expectations and assumptions, and are subject to a number of risks and
uncertainties that could cause actual results to differ materially from those
anticipated. These forward-looking statements involve risks and uncertainties
including, but not limited to, changes in customer markets, changes in demand
for Axia's services, inability of Axia to deliver services in a timely and
cost-efficient manner, technological change, general economic conditions and
other risks detailed from time-to-time in Axia's ongoing filings with the
Canadian securities regulatory authorities which filings can be found at
www.sedar.com. Given these risks and uncertainties, readers are cautioned not
to place undue reliance on such forward-looking statements. Axia undertakes no
obligation to publicly update or revise any forward-looking statements either
as a result of new information, future events or otherwise.


<<
CONSOLIDATED BALANCE SHEETS


(unaudited) December 31, June 30,
($000s) 2007 2007
-------------------------------------------------------------------------
Assets
Current assets:
Cash $ 2,285 $ 10,862
Short-term investments 36,415 41,309
Accounts receivable 26,251 7,623
Prepaid expenses 2,593 1,527
-------------------------------------------------------------------------
67,544 61,321

Technology and product development costs 240 528
Property and equipment 25,918 12,666
Intangible assets 4,673 -
Goodwill 4,201 4,201
Advances to joint venture 16,754 12,932
Other assets 2,135 719
Future income tax asset 4,215 4,753
-------------------------------------------------------------------------
$ 125,680 $ 97,120
-------------------------------------------------------------------------

Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $ 34,597 $ 16,486
Income taxes payable 2,919 193
Current portion of deferred revenue 991 1,197
Current portion of cost of excess space 80 80
Current portion of lease obligation 275 270
-------------------------------------------------------------------------
38,862 18,226

Deferred revenue 2,616 825
Cost of excess space 143 187
Lease obligation 221 360
Minority interest 11 -
-------------------------------------------------------------------------
41,853 19,598
-------------------------------------------------------------------------

Shareholders' equity:
Share capital 48,052 47,740
Contributed surplus 2,657 702

Retained earnings 34,446 30,885
Accumulated other comprehensive income (1,328) (1,805)
-------------------------------------------------------------------------
33,118 29,080
-------------------------------------------------------------------------
83,827 77,522
-------------------------------------------------------------------------
$ 125,680 $ 97,120
-------------------------------------------------------------------------



CONSOLIDATED STATEMENTS OF OPERATIONS & RETAINED EARNINGS


For the periods ended December 31, 2007 and 2006 (unaudited)

($000s except per Three Months Six Months
share data) 2007 2006 2007 2006
-------------------------------------------------------------------------
Revenue $ 17,130 $ 11,980 $ 31,586 $ 22,914
Cost of products and
services sold 8,821 6,197 16,037 12,176
-------------------------------------------------------------------------
Gross profit 8,309 5,783 15,549 10,738
Expenses:
Marketing 208 199 480 466
Administration 688 709 1,506 1,297
Business development 2,362 665 4,065 1,174
Stock-based compensation 1,877 219 2,041 247
Interest expense (income) (1,420) (419) (1,885) (761)
Interest and financing
charges 227 222 303 172
Depreciation and
amortization 1,016 848 1,881 1,606
-------------------------------------------------------------------------
4,958 2,443 8,391 4,201
-------------------------------------------------------------------------
Income before income tax: 3,351 3,340 7,158 6,537
Current income tax (1,464) - (3,126) -
Future income tax
reduction (expense) (788) 1,368 (460) 3,068
-------------------------------------------------------------------------
(2,252) 1,368 (3,586) 3,068
-------------------------------------------------------------------------
Income before minority
interest 1,099 4,708 3,572 9,605
-------------------------------------------------------------------------
Minority interest 11 - 11 -
-------------------------------------------------------------------------
Net income 1,088 4,708 3,561 9,605
Retained earnings, beginning
of period 33,358 19,793 30,885 14,896
-------------------------------------------------------------------------
Retained earnings, end
of period $ 34,446 $ 24,501 $ 34,446 $ 24,501
-------------------------------------------------------------------------

Net income per share:
Basic $ 0.02 $ 0.08 $ 0.06 $ 0.17
Diluted $ 0.02 $ 0.08 $ 0.05 $ 0.17
-------------------------------------------------------------------------

Weighted average shares
outstanding (000s):
Basic 63,563 56,175 63,481 55,363
Diluted 65,163 57,206 64,761 57,515
-------------------------------------------------------------------------



CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME


For the periods ended December 31, 2007 and 2006 (unaudited)

Three Months Six Months
($000s) 2007 2006 2007 2006
-------------------------------------------------------------------------
Net income $ 1,088 $ 4,708 $ 3,561 $ 9,605
Other comprehensive loss,
net of tax:
Unrealized losses on
short-term investments (49) - (15) -
Unrealized gains on
translation of self
sustaining operations 834 - 460 -
-------------------------------------------------------------------------
Other comprehensive income 785 - 445 -
-------------------------------------------------------------------------
Comprehensive income $ 1,873 $ 4,708 $ 4,006 $ 9,605
-------------------------------------------------------------------------



CONSOLIDATED STATEMENTS OF CASH FLOWS


For the periods ended December 31, 2007 and 2006 (unaudited)

Three Months Six Months
($000s) 2007 2006 2007 2006
-------------------------------------------------------------------------
Cash provided by (used in):
Operating activities:

Net income $ 1,088 $ 4,708 $ 3,561 $ 9,605
Items not involving cash:
Depreciation and
amortization 1,016 848 1,881 1,606
Future income tax
(reduction) 871 (1,368) 561 (3,068)
Minority interest 11 - 11 -
Cost of excess space (27) (21) (44) (55)
Stock-based compensation 1,877 219 2,041 247
-------------------------------------------------------------------------
4,836 4,386 8,011 8,335
Changes in non-cash
working capital items:
Accounts receivable (10,312) (306) (15,169) (1,637)
Prepaid expenses (853) 418 (1,020) (488)
Other assets 150 (1,440) (1,416) (1,223)
Accounts payable and
accrued liabilities 696 (2,142) (938) (2,058)
Income taxes payable 1,197 - 2,676 -
Deferred revenue (796) 888 107 1,015
-------------------------------------------------------------------------
(5,082) 1,804 (7,749) 3,944
Financing activities:
Decrease in restricted
cash - 4 - 162
Issue of common shares 141 22,674 226 22,706
Repayment of lease
obligation (68) (62) (134) (124)
-------------------------------------------------------------------------
73 22,616 92 22,744
Investing activities:
Short-term investments (670) (20,786) 6,804 (33,080)
Advance to joint venture (1,298) - (3,822) -
Acquisitions (1,107) - (1,107) -
Purchase of property
and equipment (1,418) (395) (3,272) (631)
Technology and product
development costs - - - (374)
-------------------------------------------------------------------------
(4,493) (21,181) (1,397) (34,085)
-------------------------------------------------------------------------
Effect of currency
translation on cash
balances 785 - 477 -
-------------------------------------------------------------------------

Change in cash (8,717) 3,239 (8,577) (7,397)
Cash, beginning of period 11,002 5,370 10,862 16,006
-------------------------------------------------------------------------
Cash, end of period $ 2,285 $ 8,609 $ 2,285 $ 8,609
-------------------------------------------------------------------------
>>

%SEDAR: 00002394E


For further information: please visit Axia's website at www.axia.com, or
contact: Art Price, CEO, (403) 538-4001; Geoff Thompson, President, (403)
538-4030; Peter McKeown, CFO, (403) 538-4052; Dawn Tinling, VP, Investor
Relations and Communications, (403) 538-4074

 

Axia plans, designs, develops and operates ultra-high-performance, Real Broadband™ Open Access Networks that provide uncompromised connectivity in and between both large and small markets.

Around the globe, governments are recognizing that the ready availability of broadband is crucial to the long-term strength of their economies. Much as railways and roads were recognized as critical infrastructure in the previous century, broadband is the foundation for the new economies of this century, bridging the Digital Divide and driving future economic prosperity.

Internet Protocol (IP) based connectivity, when widely available to the population, will lead to increased standards of living and fuel the development of knowledge economies in social development.

We lead by example, having created the Alberta SuperNet, which we believe is the world’s best regional IP broadband network. We are now exporting our solution to France and elsewhere in the world.

At Axia, our underpinning vision is to deliver technology rich solutions that enable organizations to have information that is necessary for high-performance, real-time decision-making.

Access Unlimited

 

www.axia.com

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