Steve...this 3rd qtr report pretty well sums up what I like here. They are in a very favored sector that will be in demand for the foreseeable future. Most of losses so far this year were non cash variety and share count up as is usually case with these capital intensive broadband companies as they lay out infrastructure. One thing I don't like is the preferred draw but again that goes with the territory. 52wh on SKYK is 13.25. Seems to be gathering steam.
gpg
SkyLynx Reports Third Quarter/Nine Months Results
Subscriber Base More Than Doubles During Quarter
DENVER--(BUSINESS WIRE)--Nov. 24, 1999--SkyLynx Communications, Inc. (OTC BB: SKYK), a provider of
broadband Internet access and enhanced Internet services, today reported financial results for the third quarter and nine months
ended Sept. 30, 1999. During the quarter, the company more than doubled its subscriber base in its continuing effort to offer a
comprehensive suite of broadband solutions to the small and medium-size business community in selected cites throughout the
western United States.
For the third quarter, revenue totaled $1,548,322, compared with $1,124 for the corresponding period last year. The net loss
applicable to common shareholders was $4,598,860, or 40 cents per basic and diluted share on 11,628,774 weighted average
shares outstanding, versus a net loss of $1,277,714, or 14 cents per basic and diluted share on 9,200,265 weighted average
shares outstanding in the third quarter of 1998. As of Sept. 30, 1999, SkyLynx had total assets of $17,649,148, total liabilities
of $3,196,633 and shareholders' equity of $14,452,515.
For the first nine months of 1999, revenue equaled $2,249,079, compared with $1,124 for the first nine months of 1998. The
net loss applicable to common shareholders was $29,616,233, or $2.63 per basic and diluted share on 11,278,104 weighted
average shares outstanding, versus a net loss of $2,202,564, or 24 cents per basic and diluted share on 8,925,790 weighted
average shares outstanding a year ago.
Included in the net loss applicable to common shareholders for the three and nine-month periods ended Sept. 30, 1999, were
non-cash, non-operating charges of $3,921,871, or 34 cents per basic and diluted share, and $21,573,207, or $1.91 per basic
and diluted share, respectively. These charges were related to non-cash compensation expenses for the vesting of stock options
granted to certain officers and directors of the company and to non-cash charges for the accretion of the beneficial conversion
features of certain placements of shares of the company's convertible preferred stock.
Jeffery Mathias, chief executive officer of SkyLynx Communications, commented, ``We continue to execute our strategic plan
by expanding both our geographic reach and range of services while working to improve our operating cash flow. Early in the
third quarter, we entered three new markets in the western United States - Phoenix, Sacramento and Las Vegas - and are now
successfully integrating those properties into our overall system. We also signed a three-year strategic agreement with Lucent
Technologies, which will enable us to deliver to our customers key value-added services like high-speed digital subscriber line
(DSL) access to the Internet and Voice-over-DSL services. As we continue to focus on the DSL delivery platform, subsequent
to the quarter's end, we forged an alliance with Pac-West Telecom so that we can now offer our customers across California
this fast, `always on' Internet access.
``Looking ahead, we aim to acquire other properties in selected markets to continue offering affordable and dependable
broadband Internet access and enhanced Internet services to small and medium-size businesses, as well as to small office-home
office (SOHO) and residential customers.'
About SkyLynx Communications, Inc.
SkyLynx Communications, Inc., with operations in Arizona, California, Colorado, Oregon, Nevada and Washington, is a
rapidly growing super-regional provider of highly dependable and affordable broadband Internet services to subscribers in a
growing number of key markets throughout the western United States. SkyLynx provides a comprehensive suite of Internet and
IP based products and services to targeted residential and small to medium size business customers. SkyLynx's operating
companies specialize in broadband data connectivity using a variety of high-speed delivery technologies. The company also
offers shared, dedicated and co-located web hosting services and is testing and deploying various Voice-over-IP (VoIP)
solutions.
For more information, visit the company's website at skyk.com |
