FIRST TELECOM ANNOUNCES VANCOUVER TELEPHONE'S 1999 FIRST QUARTER AND 1998 YEAREND RESULTS
VANCOUVER, BC--
First Telecom Corporation (the Company) VSE symbol "FTL", is
currently taking the appropriate steps to complete on its letter
of intent to acquire Vancouver Telephone Company Limited
(Vancouver Telephone).
The Company wishes to announce that Vancouver Telephone's
consolidated revenue for the year ended December 31, 1998
increased by approximately 92% to $16.7 million as compared to
the previous year. Consolidated revenue for the first quarter of
the 1999 fiscal year are again substantially higher at $6.7
million, with earnings before depreciation, interest and taxes
(EBDIT) of $680,000.
(unaudited) Fiscal Year Fiscal Year
Jan-Mar 1999 1998 1997
Revenue $ 6,718,306 $ 16,658,784 $ 8,665,073
EBDIT 680,932 862,690 154,475
Net income (loss) 497,302 229,891 (27,232)
For further information please contact:
Christian Brule, Director
Tel: (604)602-7114 Fax: (604)602-7134 Email: cbrule@netcom.ca
Websites: Vancouver Telephone Company Limited: www.vtcinet.com
Sattel Global Networks Inc.: www.sattel.com
FIRST TELECOM CORPORATION
Per: (signed) Richard L. Liu, President
THE VANCOUVER STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF
THIS NEWS RELEASE.
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