Whoever said that there wasn't any money to be in long distance telephony services appears to have missed the mark. Phonetime Inc., a Mississauga ON-based long distance telecommunications provider, recorded second quarter revenue of $23 million, the highest level of any quarter in the company's 12-year history. For the first six months of 2007, Phonetime posted revenue of $44 million. Much of the company's revenue growth can be attributed to its wholesale division Phonetime Network and increased sales at Call Select, its retail unit.

"In the first half of 2007, we generated nearly 70% more revenue than we achieved during the whole previous year," president and CEO Wayne Silver said in a statement. "Furthermore, on a pure operations basis, despite all our start up costs, foreign exchange loss and non-cash items, the Company still generated an operating profit. We are proud of the early success of our wholesale programs and we anticipate that our momentum will carry through the balance of this year."