CORINTH, Miss., Jan. 7, 2013 /PRNewswire/ -- eOn Communications Corporation TM (NASDAQ: EONC) (the "Company"), a leading provider of telecommunications, access control, paging and data center solutions, announces fiscal year ended July 31, 2012 and quarter ended October 31, 2012 results.
Total 2012 fiscal year income was $464,000 or $0.16 per common share compared to a loss of $1,380,000 or $0.48 per common share for fiscal year 2011. Included in fiscal year 2011 were one time charges for write off of capitalized software development of $916,000 and inventory reserve provisions of $762,000. First quarter fiscal 2013 income was $88,000.
eOn Systems and Cortelco
In the U.S. eOn Communications Corporation has two business units: eOn Systems and Cortelco. The corporation's improved performance is in part attributable to de-emphasizing traditional voice-centric telephone systems and ACD platforms, and focusing on intelligent IP end-points, which include voice, as well as access control and network based paging solutions. This positions the corporation well in both the growing intelligent building and VoIP markets. In connection with this new direction, the company is leveraging technical resources from eOn Systems to identify and deliver products suitable for Cortelco's well established, nation-wide network of distributors. Cortelco distributors in turn sell to businesses, government agencies, schools, healthcare and other institutions. eOn Systems pre-tax losses over the past three years total $4,106,000. Cortelco's pre-tax earnings over the past three fiscal years total $3,780,000.Cortelco Systems Puerto Rico Cortelco Systems Puerto Rico ("CSPR") became a majority-owned subsidiary of the Company on June 9, 2010 upon purchase of additional shares of their outstanding stock. CSPR focuses on technology integration solutions encompassing collaboration as well as data center efficiencies, network security and compliance. CSPR's other activities include IT consulting, disaster recovery, business continuity and private cloud computing solutions. CSPR's strategic partners include Cisco, McAffee, VMware, NetApp, Checkpoint, Mitel and Avaya. CSPR delivers solutions through its direct sales and highly trained technicians. CSPR's pre-tax earnings over the past three fiscal years total $715,000. Cortelco Brand In conjunction with the above described focus, and increasing synergies among its business units, the Company intends, subject to stockholder approval, to change its corporate name from eOn Communications to Cortelco.
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