NEWS RELEASE
Company Press Release
Telecomm Industries Reports Second Quarter and Six Month Operating Results
NAPERVILLE, Ill.--(BUSINESS WIRE)--Aug. 6, 1999--Telecomm Industries Corp. (OTC BB:TCMM - news) announced financial results for the second quarter ended June 30, 1999.
The Company reported revenue of $4,707,000, net income of $169,500 and fully diluted earnings of $0.01 per share. Revenue for the second quarter of 1998 was $6,680,000, with net income of $86,400 and fully diluted earnings of $0.01 per share.
For the six-month period ending June 30, 1999, the Company reported revenue of $8,632,000, net income of $42,000 and fully diluted earnings of $0.01 per share. For the same period in 1998 revenue was $12,168,000 with net income of $305,000 and earnings per share of $0.03.
Paul Satterthwaite, the Company's newly appointed President and CEO said, ''We are pleased with the net income growth shown in the second quarter. Our added focus on revenue growth and ongoing efforts to streamline and consolidate operations should allow us to increase revenue without sacrificing profitability.''
Telecomm Industries Corp. is one of the nation's largest distributors of voice and data services for Ameritech, BellSouth, and GTE. Telecomm combines these services with products from world class manufacturers to provide single source telecommunications and computing solutions to its business customers. Telecomm Industries specializes in being the single provider of the customer's total communication needs.
Certain statements contained in this report that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. Reference is made to the Company's filings with the Securities and Exchange Commission, including the Company's annual report for fiscal 1998 on Form 10-KSB and the Company's quarterly report for the second quarter of 1999 on Form 10-QSB. Investors should read this release in conjunction with these filings for a description of these and other factors that could cause actual results to differ materially from those in the forward-looking statements.
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Contact:
Telecomm Industries Corp.
Dave Gruber, 330/963-0566
Mark Travi, 630/369-7111
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