Doug: From my point of view. So far, my look at IFCI I was not to impressed. They seem to be losing a lot of money.
PHOENIX--(BUSINESS WIRE)--April 9, 1997--
Expects to report record revenues and a profit for
first quarter of 1997
International Fibercom Inc Wednesday announced preliminary results for the fourth quarter and fiscal year ended Dec. 31, 1996, and
added that the company had filed for a two week extension to report on Form 10-KSB.
The company reported a net loss of $4,049,812, or ($.74) per share, on revenues of $12,161,263, for the year ended Dec. 31, 1996,
compared to a loss of $2,188,383, or ($.50) per share on revenues of $12,050,075, for the year ended Dec. 31, 1995.
The company also reported a loss of $3,460,993, or ($.55) per share on revenues of $3,002,623, for the fourth quarter of 1996,
compared to a loss of $2,118,794, or ($.50) per share on revenues of $1,916,649, for the same period in 1995.
$2,676,490 of the 1996 loss was attributed to an extraordinary, one-time noncash write-off of the remaining goodwill from the
company's previous purchase of Kleven Construction.
Separately, the company announced it expects to report later this month record revenues and a profit for the first quarter of fiscal
1997 ended March 31.
Commenting on the results, Joseph P. Kealy, chief executive officer and president, said, "1996 results, which were in-line with our
expectations, were severely impacted by the loss of our contract with AT&T as a subcontractor to Pacific Telesis' upgrading of their
California telephone system to fiber optics, as well as an unexpected cost overrun on the company's initial utilities subdivision
installation contract, an area in which the company plans no immediate further business development.
"Since that time, we have made a strong recovery in terms of cost cutting, improved operating efficiencies, contract expansion and
through our acquisition of Concepts In Communications. Thus far in 1997, we have announced new contract awards exceeding $12
million, including an $8 million award from Cox Communications.
"Contract activity remains at a very brisk pace, especially in our telecommunications and cable divisions, and we anticipate 1997
revenues to exceed $32 million and to be profitable."
This press release contains forward looking statements which are based largely on the company's expectations and are subject to
various business risks and uncertainties, certain of which are beyond the company's control. Actual results could differ materially
from these forward looking statements as a result of such risks. In light of these risks and uncertainties, there can be no assurance
that the forward looking statements contained herein will in fact transpire or prove to be accurate.
International FiberCom Inc. specializes in the design, installation and maintenance of fiber-optic and other cable services for the
telecommunications and cable industries.
Its newly acquired wholly owned subsidiary, Concepts In Communications, provides systems integration services, including design,
engineering, installation and maintenance of structured cable systems, network hardware and software, workstation peripherals and
intercommunications systems.
Short term, it looks like the best it could do is move up to maybe 1.65 or 1.75.
Company says the expect record profits in the first Quarter. This could be the BIG BRIGHT spot, if true.That news should move the stock above 1.75. Have to remember though, they have now pre released the news of first quarter earnings. The earnings reports impact will be a bit deluted.
What is the chart showing? Remember, they just released earnings and the price tanked. |
