Burnaby-based Glentel Inc. (TSX:GLN), which operates the WirelessWave-branded retail outlets, reported a 33% jump in revenue and almost a tenfold increase in net income in its first quarter, which ended March 31, 2009.
First-quarter revenue for the wireless phone retailer rose to $67.4 million from $50.7 million; net income increased to $2.4 million from $257,000.
Retail division sales of mobile phone products and services grew 40% to $57.8 million compared with $41.4 million. The growth was due, in large part, to higher smartphone technology sales, which have increased for the past six months.
Sales growth was also driven by the division's operating 252 stores compared with 227 in the first quarter a year ago.
Glentel's share price range during the past week: between $8.40 and $8.65; 52-week high: $11.69; 52-week low: $6.51.