PhoneTel Technologies, Inc. Reports Second Quarter 1999 Financial Results
CLEVELAND--(BUSINESS WIRE)--Aug. 16, 1999--PhoneTel Technologies,
Inc. (OTC BB:PHNT) today reported financial results for the
three-month and six-month periods ended June 30, 1999.
Revenues for the second quarter of 1999 were $20.0 million,
compared to $25.3 million in the prior year's second quarter. Second
quarter EBITDA (earnings before interest, taxes, depreciation and
amortization, and other unusual charges and contractual settlements)
was $1.6 million, compared to $2.7 million in the prior year's second
quarter. The net loss for the second quarter 1999 was $9.9 million,
or $0.55 per common share, compared to a net loss of $8.9 million, or
$0.56 per common share, in the second quarter of 1998.
Revenues for the second quarter 1999 increased $0.2 million when
compared to the first quarter revenue of $19.8 million. EBITDA for
the second quarter 1999 increased $1.0 million when compared to the
first quarter 1999 EBITDA of $0.6 million. The net loss for the
second quarter improved $0.8 million, or $0.04 per common share, when
compared to the first quarter 1999 net loss of $10.7 million, or
$0.59 per common share.
In the fourth quarter of 1998, the Company recorded an adjustment
for the retroactive reduction in the rate mandated by the FCC relating
to dial-around compensation. If the Company had restated prior
periods for this reduction in revenues, the net loss for the second
quarter 1998 would have been $9.7 million, or $0.60 per common share,
compared to $9.9 million for the second quarter 1999. Adjusting for
the change in the dial-around rate, EBITDA for the second quarter 1998
would have been $1.9 million for the second quarter 1998 compared to
$1.6 million for the second quarter 1999.
Revenues for the six months ended June 30, 1999 were
$39.8 million, compared to $49.5 million for the same period in 1998.
For the six months ended June 30, 1999, EBITDA was $2.2 million,
compared to $5.4 million for the same period in 1998. The net loss for
the six months ended June 30, 1999 was $20.6 million, or $1.14 per
common share, compared to a net loss of $17.0 million, or $1.07 per
common share for the same period in 1998. As with the second quarter
results, if the Company had restated prior periods for the reduction
in the dial-around compensation rate, the net loss for the six months
of 1998 would have been $18.5 million, or $1.16 per share, compared to
$20.6 million in 1999. Similarly, EBITDA for the first six months of
1998 would have been $3.9 million compared to $2.2 million for the
first six months of 1999. |
