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Zoom Telephonics Reports Third Quarter 2020 Results

Revenue of $12.0M, the Highest Quarterly Revenue for Zoom Telephonics (OTCQB: ZMTP) to DateBoston, MA, Nov. 12, 2020 (GLOBE NEWSWIRE) — via NewMediaWire — Zoom Telephonics, Inc. (“Zoom”) (OTCQB: ZMTP), the creator of leading cable modems and other Internet access products under the exclusively licensed Motorola® brand, reported financial results for its 2020 third quarter ended September 30, 2020. * Net revenue of $12.0M, the highest quarterly revenue for ZMTP to date, representing an 11% increase compared to the same quarter in 2019, and a 17% increase sequentially from Q2 2020. * GAAP Operating Loss of ($332k), or -2.8% of net revenue, representing a ($94k) difference compared to the same quarter in 2019, but a $1.2M improvement sequentially from Q2 2020. * Earnings per share of $(0.01), flat in the third quarter of 2019, but represents a 86% improvement sequentially from Q2 2020.“We are very pleased with this quarter’s results and believe that we are now on a clear path to achieving scale and profitability,” said Jackie Barry Hamilton, CFO of Zoom. “Our balance sheet and cash position are strong; benefiting from a recent PIPE, and we have maintained our working capital levels despite challenges associated with the pandemic.”Business Outlook“Our research shows Zoom is holding its position as one of the top three leaders in modems, gateways, and MoCA devices by retail market share,” said Jeremy Hitchcock, Executive Chairman of Zoom’s Board of Directors. “We are seeing strong market tailwinds in home connectivity, underscored in a 45% increase in retailer inventory demand from this time last year. Our inventory position is actively being rebuilt as manufacturing capacity ramps in Vietnam to meet increased customer demand, without tariffs.”Separately, Zoom today announced that it had reached a definitive agreement to merge with Minim Inc., a private AI-driven WiFi management and security platform.Conference Call Details Date/Time:Join us on November 13th, 10:00 a.m. ET. Participant Dial-In Numbers: (United States): (877) 706-2128 (International): (706) 643-5255.Please dial-in five minutes prior to the start time of the call and provide the operator with the conference ID of 4558846A slide presentation will accompany management’s remarks and will be accessible five minutes prior to the start of the call via the following link: www.zoom.net/SQ320. A recording of the call will also be made available afterwards through the investor information section of the company’s website.About Zoom Telephonics Zoom Telephonics, Inc. (“Zoom”) (OTCQB: ZMTP) is the creator of innovative Internet access products that dependably connect people to the information they need and the people they love. Founded in 1977 in Boston, MA, the company now delivers cable modems, routers, and other communications products under the globally recognized Motorola brand. For more information about Zoom and its products, please visit www.zoom.net and www.motorolanetwork.com.MOTOROLA and the Stylized M Logo are trademarks or registered trademarks of Motorola Trademark Holdings, LLC and are used under license.Forward Looking Statements This release contains forward-looking information relating to Zoom’s plans, expectations, and intentions. Actual results may be materially different from expectations as a result of known and unknown risks, including: the potential increase in tariffs on the Company’s imports; potential difficulties and supply interruptions from moving the manufacturing of most of the Company’s products to Vietnam; potential changes in NAFTA; the potential need for additional funding which Zoom may be unable to obtain; declining demand for certain of Zoom’s products; delays, unanticipated costs, interruptions or other uncertainties associated with Zoom’s production and shipping; Zoom’s reliance on several key outsourcing partners; uncertainty of key customers’ plans and orders; risks relating to product certifications; Zoom’s dependence on key employees; uncertainty of new product development, including certification and overall project delays, budget overruns, and the risk that newly introduced products may contain undetected errors or defects or otherwise not perform as anticipated; costs and senior management distractions due to patent related matters; and other risks set forth in Zoom’s filings with the Securities and Exchange Commission. Zoom cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Zoom expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Zoom’s expectations or any change in events, conditions or circumstance on which any such statement is based.Investor Relations Contact: Jacquelyn Barry Hamilton, CFO Zoom Telephonics, Inc. Phone: 617-753-0040 Email: Investor@zoom.netZOOM TELEPHONICS, INC. Condensed Consolidated Balance SheetsASSETS September 30,    2020 (Unaudited)  December 31, 2019   Current assets       Cash and cash equivalents $4,013,690  $1,216,893  Restricted cash  800,000   150,000  Accounts receivable, net  6,577,447   4,070,576  Inventories, net  9,693,326   7,440,350  Prepaid expenses and other current assets  128,847   269,738  Total current assets  21,213,310   13,147,557            Other assets  914,884   349,335  Operating lease right-of-use assets, net  107,343   102,716  Equipment, net  460,534   303,099  Total assets $22,696,071  $13,902,707            LIABILITIES AND STOCKHOLDERS’ EQUITY         Current liabilities         Accounts payable $10,513,620  $5,024,529  Current maturities of long-term debt  354,968             ––              Current maturities of operating lease liabilities  72,739   102,716  Accrued expenses  4,015,666   2,666,471  Total current liabilities $ 14,956,993  $ 7,793,716            Long-term debt, less current maturities  228,332   ––  Operating lease liabilities, less current maturities  34,738   ––           Total liabilities $15,220,063  $7,793,716                      Stockholders’ equity         Common stock: Authorized: 40,000,000 shares at $0.01 par value         Issued and outstanding:  23,921,142 shares at September 30, 2020 and 20,929,928 shares at December 31, 2019         Additional paid in capital  239,211   209,299  Accumulated deficit  50,454,720   46,496,330  Total stockholders’ equity  (43,217,923)  (40,596,638) Total liabilities and stockholders’ equity  7,476,008   6,108,991    $22,696,071  $13,902,707  ZOOM TELEPHONICS, INC. Condensed Consolidated Statements of Operations (Unaudited)   Three Months Ended September 30,  Nine Months Ended September 30,     2020  2019  2020  2019                 Net sales $12,027,457  $10,874,149  $34,255,817  $27,042,961  Cost of goods sold  8,150,901   7,746,821   25,160,174   18,728,928  Gross profit  3,876,556   3,127,328   9,095,643   8,314,033                    Operating expenses:                 Selling    2,012,314   2,067,728   6,650,047   7,068,841  General and administrative    1,468,187   733,486   3,012,292   1,858,043  Research and development   728,258   563,881   2,025,502   1,484,160           Total operating expenses  4,208,759   3,365,095   11,687,841   10,411,044                    Operating loss  (332,203)  (237,767)  (2,592,198)  (2,097,011)                   Other income (expense):                 Interest income  272   5,626   1,064   9,627  Interest expense  (5,420)  ––   (13,852)  (48,405) Other, net  (1,150)  36,156   (707)  34,251  Total other income (expense)  (6,298)  41,782   (13,495)  (4,527)                   Loss before income taxes  (338,501)  (195,985)  (2,605,693)  (2,101,538)                   Income taxes   2,920   3,641   15,592   24,319                    Net loss $(341,421) $(199,626) $(2,621,285) $(2,125,857)                   Net loss per share:                              Basic and diluted $(0.01) $(0.01) $(0.12) $(0.11)                                     Basic and diluted weighted average common and common equivalent shares  23,887,718   20,832,174   22,419,823   18,696,083

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Simcoe Manor outbreak declared over according to the health unit – 104.1 The Dock (iHeartRadio)

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The outbreak at Simcoe Manor in Beeton has been declared over, according to the Simcoe Muskoka District Health Unit’s website.

The two-month-long outbreak at the long-term care home saw more than 70 people test positive for the coronavirus – 43 residents and 32 staff – while ten residents succumbed to the infection since September 29.

The outbreak at the Allandale Station Retirement Residence has also been declared over, however, outbreaks remain in place at both Sunset Manor in Collingwood and Holland Gardens Retirement Residence in Bradford.

Meanwhile, 14 more people tested positive in the city of Barrie as the SMDHU reported 30 new lab-confirmed cases of COVID-19 with the region inching closer to 2,000 total cases.

Thursday’s numbers from the health unit show the region now stands at 1,983 cases – 153 since Monday – with new infections in New Tecumseth (6), Bradford (3), and Springwater (2).

Innisfil, Tiny, Collingwood, and Essa are all reporting one new case, while one case is still pending.

Meanwhile, the province is reporting an uptick in cases, confirming 1,478 more people have tested positive for the virus, up from 1,373 on Wednesday.

Ontario also processed more than 47,000 COVID-19 tests over the last day, with about 53,000 swabs still under investigation.

With files from CTV News Toronto.

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30 new coronavirus cases confirmed in Simcoe Muskoka, local total reaches 1,983 – Global News

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The Simcoe Muskoka District Health Unit confirmed 30 new novel coronavirus on Thursday, bringing the local total number of cases up to 1,983, including 52 deaths.

Fourteen of the new cases are in Barrie, while six are in New Tecumseth, three are in Bradford and two are in Springwater.

The rest are in Collingwood, Essa, Innisfil and Tiny Township.

Read more:
Auditor general highlights Ontario’s ‘confusing,’ indirect communications on COVID-19 in new report

Twelve of the new cases are a result of close contact with another positive COVID-19 case, while seven are community-acquired. Two of the new cases are related to an educational setting outbreak, while on is travel-related.

The rest of the new cases are all under investigation.

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This week, the health unit has reported 149 new coronavirus cases.

Last week, there were 200 new COVID-19 cases in the region, marking the highest number of cases reported in a single week since the start of the pandemic.






1:33
Ontario may not get coronavirus vaccine in early 2021: Health minister


Ontario may not get coronavirus vaccine in early 2021: Health minister

Of the region’s total 1,983 coronavirus cases, 87 per cent — or 1,717 — have recovered, while 13 people remain in hospital.

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There are 13 total COVID-19 outbreaks in the region — at four schools, two long-term care facilities, two congregate settings, two workplaces, one retirement home and two community settings.

The school outbreaks are at St. Joan of Arc Catholic High School, Willow Landing Elementary School and Warnica Public School, all of which are in Barrie, as well as Nottawasaga Pines Secondary School in Angus.

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There has been 61 outbreaks in Simcoe Muskoka since the start of the pandemic — at 20 long-term care facilities, 14 workplaces, 10 retirement homes, eight educational settings, six congregate settings and three community settings.

Read more:
Ontario reports 1,373 new coronavirus cases, 35 more deaths

According to the province of Ontario, 14 schools under the public Simcoe County school board and the Catholic Simcoe Muskoka school board are reporting at least one case of COVID-19.

The affected schools are:

  • Warnica Public School in Barrie
  • Innisdale Secondary School in Barrie
  • Monsignor Clair Catholic School in Barrie
  • St. Joseph’s Catholic School in Barrie
  • Willow Landing Elementary School in Barrie
  • St. Joan of Arc Catholic High School in Barrie
  • Bradford District High School
  • Fieldcrest Elementary School in Bradford
  • Nottawasaga Pines Secondary School in Essa
  • Our Lady of Grace School in Essa
  • Boyne River Public School in New Tecumseth
  • St. Paul’s Catholic School in New Tecumseth
  • Holy Family Catholic School in New Tecumseth
  • Nantyr Shores Secondary School in Innisfil

On Thursday, Ontario reported 1,373 new coronavirus cases, bringing the provincial total to 107,883, including 3,554 deaths.

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Health unit reports 29 new COVID cases in Simcoe County today – OrilliaMatters

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The Simcoe Muskoka District Health Unit is reporting 30 new COVID-19 cases in the region today, at least 29 of which are Simcoe County residents. 

Almost half of the new cases reported today are Barrie residents with 14 new cases in the city. 

Of those 14 cases, nine are between the ages of 18 and 34 (one female and eight males). The transmission source is reported as close contact for five of those cases, one community-acquired, and one travel. The rest are still under investigation.

The remaining five Barrie cases include a woman between 35 and 44 years old, and two women and two men between 45 and 64 years old. The transmission sources for those cases include three community-acquired, one close contact, and one under investigation. 

The health unit is also tracking a community setting outbreak in Barrie involving a hockey team. There are at least eight positive cases linked to the outbreak. 

There are three new cases in Bradford West Gwillimbury, all linked to close contact. The cases include two men between 45 and 64 years old and a woman over the age of 80. 

Among the new cases is a Collingwood man aged 65 to 79 years old. His case transmission is still under investigation. This is the fifth local case since Nov. 20, and the other four cases have been linked to close contact or community transmission. 

There is also one new case in Innisfil today, a woman between 65 and 79 years old, and it remains under investigation. 

There are two new cases in Springwater, including a boy under 18 and a man between 35 and 44 years old. The boy’s case is linked to close contact and the man’s case is linked to an educational setting outbreak. 

There are six new cases in New Tecumseth, including one woman and two men between 18 and 34 years old, a man between 35 and 44 years old, and a woman and a man between 45 and 64 years old. The case transmission sources include two close contact, one community-acquired, and one linked to an educational setting outbreak out of the region. The remaining cases are under investigation. 

The health unit has confirmed one new case in Tiny, a man between 18 and 34 years old, which is reported as community-acquired. 

There is one new case in Essa today, a man between 18 and 34 years old, which is reported as community-acquired. 

Lastly, the health unit has reported one case, a man between 35 and 44, whose transmission source and location information is still pending. 

The Simcoe Muskoka District Health Unit has reported a total of 1,983 cases of COVID-19, with 1,891 of those in Simcoe County. There are 1,717 cases listed as recovered in the region. Thirteen people are currently hospitalized, all are Simcoe County residents. The health unit has confirmed 52 deaths since March.

The incidence rate for Simcoe County is 358 cases per 100,000 people. With a seven-day average of 29.2 cases per 100,000 people in a week. The region’s reproductive rate shows every person who contracts COVID-19 transmits it to 1.1 other people, and testing data shows 2.1 per cent of people who are tested in the region test positive for COVID-19. 

Case breakdown from Simcoe Muskoka District Health Unit by municipality for Simcoe County as of Nov. 26.

Municipality Total cases** Recoveries Deaths In Hospital Last case reported Incidence rate*
Barrie  591 504 15 10 Nov. 26 396
Bradford W-G  347 300 12 1 Nov. 26 808
New Tecumseth  337 289 12 1 Nov. 26 813
Innisfil 179 162 1 1 Nov. 26 439
Orillia 34 27 3   Nov. 23 102
Collingwood 26 21     Nov. 26 104
Wasaga Beach 35 31 1   Nov. 23 152
Clearview 34 32 1   Nov. 23 230
Springwater 40 23 1   Nov. 26 190
Midland 16 16     Nov. 19 89
Oro-Medonte 23 20 2   Nov. 12 99
Adjala-Tosorontio 37 34     Nov. 25 318
Essa 96 88 1 1 Nov. 26 401
Ramara 18 16     Nov. 18 173
Tiny 19 16     Nov. 23 137
Tay 27 23 1   Nov. 23 235
Penetanguishene 19 17 1   Nov. 19 196
Severn 13 12     Nov. 20 87
Georgian Bay 9 8     Nov. 24 319

 *Incidence rate is number of cases per 100,000 people in the local population.

**Total cases includes the number of cases currently recovering at home as well as any that have recovered, died, or are in hospital

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