Metro One Telecommunications Reports Record Third Quarter Revenue of $42.9
Million; Record EPS of $0.23
PORTLAND, Ore., Oct 30, 2000 (BUSINESS WIRE) -- Metro One Telecommunications,
Inc. (Nasdaq:MTON), a leading provider of enhanced telecom services, including
its Enhanced Directory Assistance(R) (EDA), today reported financial results for
the third quarter ended September 30, 2000. These results were consistent with
preliminary results announced on October 17, 2000.
Revenue for the third quarter of 2000 increased to a record $42,953,000, up 110%
from 1999 third quarter revenue of $20,469,000, and up 17% from 2000 second
quarter revenue of $36,589,000. Net income for the third quarter was $2,764,000,
or $0.23 per diluted share, compared with net income of $677,000, or $0.06 per
diluted share, in the prior year's third quarter.
Revenue for the nine months ended September 30, 2000 reached $109,253,000, more
than double revenue of $52,113,000 recorded for the first nine months of 1999.
Net income for the first nine months of 2000 was $5,041,000, or $0.42 per
diluted share, compared with net income of $1,464,000, or $0.12 per diluted
share, for the same period in 1999.
"Our record results demonstrate the continued strength of our business, as well
as our ability to increase our efficiencies through effective operations
management," said Tim Timmins, president and chief executive officer of Metro
One Telecommunications. "We achieved these results in spite of surprises such as
the Verizon strike; even so, this one-time event resulted in a positive earnings
contribution of approximately $0.02 per share as East Coast Verizon customers
chose to call us for directory assistance and information services during
August."
Metro One Telecommunications, Inc. is a leading developer and provider of
enhanced telecom services, including its EDA(R). The Company operates a network
of strategically-located call centers throughout the U.S. Metro One handled
approximately 210 million requests for directory assistance during the first
three quarters of 2000 and approximately 142 million requests in fiscal year
1999, on behalf of its carrier customers. Metro One has recently been included
in Fortune's comprehensive annual list of America's 100 Fastest-Growing
Companies and Forbes annual list of the 200 Best Small Companies in America. For
more information about Metro One Telecommunications, visit the company's website
at metro1.com.
Metro One will host a conference call webcast on Monday, October 30th at 2:00
p.m. Pacific Standard Time to review third quarter results and future operating
trends, including guidance on the outlook for the future. To access the webcast,
go to Metro One's website at www.metro1.com. An archived webcast replay of the
call will also be available at that website.
This press release contains forward-looking statements regarding the Company's
beliefs about its business prospects and disclosures about what management
believes is currently effecting its revenues and earnings for the third quarter
and full year ending December 31, 2000. These statements involve risks and
uncertainties. Important additional factors that could cause actual results to
differ materially from those forward-looking statements include, but are not
limited to, those that are detailed in the Company's filings with the Securities
and Exchange Commission including recent filings of Forms 10-K and 10-Q. These
can be accessed through Metro One's website at metro1.com or Nasdaq's
website at www.nasdaq.com. The forward-looking statements should be considered
in light of those risks and uncertainties.
METRO ONE TELECOMMUNICATIONS, INC.
Statements of Income
(Dollars in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
9/30/2000 9/30/1999 9/30/2000 9/30/1999
--------- --------- --------- ---------
Revenues $ 42,953 $ 20,469 $ 109,253 $ 52,113
Costs and expenses:
Direct operating 26,879 12,136 69,439 30,481
General and
administrative 12,219 7,374 32,205 19,795
--------- --------- --------- ---------
39,098 19,510 101,644 50,276
--------- --------- --------- ---------
Income from
operations 3,855 959 7,609 1,837
Other income 50 (3) (8) 112
Interest and
loan fees (931) (253) (2,267) (425)
--------- --------- --------- ---------
(881) (256) (2,275) (313)
Income before
income taxes 2,974 703 5,334 1,524
Income tax expense 210 26 293 60
--------- --------- --------- ---------
Net income $ 2,764 $ 677 $ 5,041 $ 1,464
========= ========= ========= =========
Income per
common share
Basic $ 0.24 $ 0.06 $ 0.44 $ 0.13
Diluted $ 0.23 $ 0.06 $ 0.42 $ 0.12
Shares used in per
share calculation
Basic 11,648 11,405 11,581 11,383
Diluted 11,984 12,016 11,952 12,012
METRO ONE TELECOMMUNICATIONS, INC.
Balance Sheets
(Dollars in thousands)
9/30/2000 12/31/1999
--------- ----------
(unaudited)
Cash and cash equivalents $ 6,277 $ 9,564
Short-term investments -- 400
Accounts receivable 39,323 15,357
Prepaid costs and other current assets 1,493 985
--------- ----------
Total current assets 47,093 26,306
Furniture, fixtures and equipment, net 50,952 38,225
Other assets 2,223 944
--------- ----------
Total assets $ 100,268 $ 65,475
========= ==========
Accounts payable $ 6,224 $ 2,909
Accrued liabilities 5,110 2,390
Accrued payroll and related costs 4,791 3,839
Operating line of credit 11,500 --
Current portion of capital
lease obligations 49 159
Current portion of long-term debt 8,647 5,259
--------- ----------
Total current liabilities 36,321 14,556
Capital lease obligations -- 17
Long-term debt, less current portion 24,616 18,923
--------- ----------
Total liabilities 60,937 33,496
Common Stock 42,619 40,308
Accumulated deficit (3,288) (8,329)
--------- ----------
Shareholders' equity 39,331 31,979
--------- ----------
Total liabilities and
shareholders' equity $ 100,268 $ 65,475
========= ==========
CONTACT: Metro One Telecommunications, Inc.
Timothy A. Timmins, 503/643-9500
President and Chief Executive Officer
Duane Fromhart, 503/643-9500
Vice President, Finance
or
Morgen-Walke Associates, Inc.
Jim Byers or Danielle Scheg, 415/296-7383
Eric Gonzales, 212/850-5698 (Wire Services)
Peter DeLauzon, 415/296-7383 (Media Inquiries)
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-0-
KEYWORD: OREGON
INDUSTRY KEYWORD: TELECOMMUNICATIONS
NETWORKING
EARNINGS
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