PhoneTel Technologies, Inc. Reports First Quarter 2000 Financial Results
CLEVELAND--(BUSINESS WIRE)--May 17, 2000--PhoneTel Technologies,
Inc. (OTCBB:PHTE) today reported financial results for the three
months ended March 31, 2000.
Revenues for the first quarter were $16.0 million, compared to
$19.8 million in the prior year's first quarter. First quarter EBITDA
(earnings before interest, taxes, depreciation and amortization, and
other unusual charges and contractual settlements) was $1.5 million,
compared to $0.5 million in the prior year's first quarter. The net
loss for the first quarter was $5.5 million, or $0.54 per common
share, compared to a net loss of $10.7 million, or $0.59 per common
share, in the first quarter of 1999.
As previously announced, PhoneTel's prepackaged plan of
reorganization (the "Plan") was confirmed by the U.S. Bankruptcy Court
for the Southern District of New York and was consummated on November
17, 1999 to complete the reorganization of the Company. PhoneTel
completed the refinancing of its $46 million secured debt and pursuant
to the terms of the Plan, converted its 12% Senior Notes into
approximately 95% of the reorganized Company's common stock. Former
equity holders, including the former holders of PhoneTel's mandatorily
redeemable preferred stock, received the remaining 5% of the new
common stock.
As a result of the above changes in the Company's debt and
outstanding shares, and the adoption of fresh start reporting, the
reported net loss and per share amounts for the first quarter are not
comparable to the corresponding amounts in 1999. Depreciation and
amortization, interest expense and the number of shares used in
determining loss per share are less than the amounts that would have
been reported if the reorganization had not been completed.
PhoneTel Technologies, Inc, is a leading independent provider of
pay telephones and related services with operations in 46 states and
the District of Columbia. PhoneTel serves a wide array of customers
operating in the shopping center, hospitality, health care,
convenience store, university, service station, retail and restaurant
industries.
PhoneTel Technologies, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands except for share and per share amounts)
----------------------------------------------------------------------
(Unaudited)
Three Months Ended March 31
1999
(Predecessor
Company)(1) 2000
Revenues $19,783 $16,027
Operating expenses 19,243 14,517
EBITDA from recurring operations(2) 540 1,510
Depreciation and amortization 5,962 4,382
Other unusual charges and
contractual settlements 46 66
Loss from operations (5,468) (2,938)
Interest expense, net (5,220) (2,554)
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Net loss ($10,688) ($5,492)
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Earnings per share calculation:
Net loss ($10,688) ($5,492)
Preferred dividend payable in kind (386) -
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Net loss applicable to common
shareholders ($11,074) ($5,492)
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Net loss per common share,
basic and diluted ($0.59) ($0.54)
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Weighted average number of shares,
basic and diluted 18,754,133 10,188,630
(1) Predecessor Company refers to the entity existing prior to
November 17, 1999, the date the Company emerged from its Chapter 11
case.
(2) EBITDA from recurring operations includes operating income before
interest expense- net, depreciation and amortization, and other
unusual charges and contractual settlements.
Condensed Consolidated Balance Sheets
(In thousands)
----------------------------------------------------------------------
(Unaudited)
December 31 March 31
1999 2000
Current assets $18,090 $17,417
Property and equipment, net 22,741 21,689
Intangible assets, net 83,057 79,681
Other assets 511 640
Total assets $124,399 $119,427
Current liabilities $14,959 $14,608
Long-term debt 48,642 49,408
Shareholders' Equity 60,798 55,411
Total liabilities and shareholders'
equity $124,399 $119,427 |
