Thursday October 21, 11:39 am Eastern Time
Company Press Release
SOURCE: All Communications Corporation
All Communications Corporation Reports Record Profit, 115 Percent Revenue Increase In Third Quarter
HILLSIDE, N.J., Oct. 21 /PRNewswire/ -- All Communications Corporation (OTC Bulletin Board: ACUC - news), (http://www.allcommunications.com) today said that, for the third quarter ended September 30, 1999, it achieved record revenues of $6,670,000, a 115 percent increase over revenues of $3,108,000 reported in the comparable 1998 quarter. The Company had a record net profit in the 1999 third quarter of $307,000, or $.06 per basic share, $.05 per diluted share, compared to a net loss of $325,000, or $(.07) per basic and diluted share, for the same period in 1998.
For the first nine months of 1999, the Company achieved record revenues of $15,909,000, an 88 percent increase over revenues of $8,445,000 reported for the comparable 1998 period. The Company had a record net profit in the first nine months of 1999 of $366,000, or $.07 per basic share, $.06 per diluted share, compared to a net loss of $677,000, or $(.14) per basic and diluted share, for the comparable 1998 period.
Both the Company's videoconferencing and voice communications divisions made strong contributions to revenue growth in this year's third quarter, stated president and chief executive officer, Richard Reiss. Videoconferencing sales in the quarter increased 114 percent over those of the 1998 quarter, primarily due to a sharp increase in multi-unit sales of Polycom products to the government, commercial, healthcare and education markets.
Voice communications sales increased 116 percent over those in the comparable 1998 quarter, mainly due to strong growth in sales of Lucent equipment to large users in the commercial and healthcare markets. This division will likely enjoy revenue growth in the coming quarter due to increasing need for new technology capable of providing computer telephony integration (CTI), multimedia connectivity and Internet Protocol (IP)-capable telecommunications systems, said Mr. Reiss.
Looking forward, Mr. Reiss said All Communications will derive further revenue benefit from a number of positive product and market factors. For example, each videoconferencing system the Company sells and installs has both the H.320 standard as well as the new H.323, or IP, standard. This new standard will allow a customer to migrate from currently available switched digital networks to less expensive networks such as corporate Intranets, digital subscriber lines (DSL) and cable modems. The Company is also planning to offer, as early as mid-2000, an interactive IP-based videoconferencing service. This new service will be offered as an alternative to currently available switched digital network services such as ISDN.
Near term, based on existing backlog, pending orders, and an increasing number of referrals, the Company expects overall revenue and profit growth to continue for the balance of the year.
All Communications' president and CEO will discuss the Company's third quarter 1999 results and other Company developments in a conference call today at 4 p.m. Eastern time. To participate in the call, please call Maureen Rini at 800-924-8596.
All Communications Corporation provides integrated telephony, network, video and structured cable solutions to the commercial, industrial, healthcare and government marketplace. The Company also offers data transmission solutions, video streaming and webcasting services. All Communications Corporation has sales and marketing agreements with Lucent, Panasonic, Sony Electronics, Polycom, AT&T, Sprint and INTERVU Inc. for various voice, structured cable, telecommunications services, streaming media services and videoconferencing products. All Communications Corporation has sales offices or demonstration facilities strategically located throughout the United States.
The statements contained herein, other than historical information, are or may be deemed to be forward-looking statements and involve factors, risks and uncertainties that may cause the Company's actual results in future periods to differ materially from such statements. These factors, risks and uncertainties include the relatively short operating history of the Company; market acceptance and availability of new products; the non-binding and nonexclusive nature of reseller agreements with manufacturers; rapid technological change affecting products sold by the Company; the impact of competitive products and pricing, as well as competition from other resellers; possible delays in the shipment of new products; and the availability of sufficient financial resources to enable the Company to expand its operations.
Consolidated Statement of Operations
For the Three and Nine Months Ended
September 30, 1999 and September 30, 1998
(Unaudited)
Three Months Ended September 30
1999 1998
Revenues $6,670,000 $3,108,000
Net Profit (Loss) 307,000 (325,000)
Earnings (Loss)
Per Common Share
Basic .06 (.07)
Diluted .05 (.07)
Nine Months Ended September 30
1999 1998
Revenues $15,909,000 $8,445,000
Net Profit (Loss) 366,000 (677,000)
Earnings (Loss)
Per Common Share
Basic .07 (.14)
Diluted .06 (.14)
|
