GTEL Announces First Quarter 2003 Results of Operations; Reports $3.10 Millio
Revenues and $411,000 Net Income
MIAMI, May 19, 2003 (BUSINESS WIRE) -- GlobeTel Communications Corp.
(OTCBB:GTEL), with the filing of its 10-QSB for the first quarter ended March
31, 2003, announced today that the company reported net income of $411,073 on
revenues of $3,097,655. The revenues for the first quarter were all from network
operations and did not include any related party revenues, compared to the same
period last year, where related party revenues were $2.1 million of the total.
The revenues of $3,097,655 represent an increase of 34% over the same period
last year when the company had revenues of $2,324,441, while the net income of
$411,073 represents a decrease of 23% from the previous year when net income was
$533,370. Total assets increased from $8.34 million as of December 31, 2002 to
$9.36 million as of March 31, 2003, or 13%, while total liabilities increased by
15% from $4.19 million at December 31, 2002 to $4.79 million as of March 31,
2003.
Timothy Huff, CEO of GlobeTel, stated, "Our network revenue continued to grow in
the first quarter over from the previous quarter and our net income is on pace
to exceed last year's net income, so we are pleased with the overall results of
our operations. Our staff has remained steadfast in making the company as
profitable as possible and much hard work remains ahead as we aim to achieve our
goals for 2003. We believe that 2003 will continue to be a year of growth in the
areas in which we are presently working and we continue to evaluate and pursue
opportunities being made available to us."
Certain statements in this release constitute forward-looking statements or
statements which may be deemed or construed to be forward-looking statements
within the meaning of the Private Placement Act of 1995. The words "forecast",
"project", "intend", "expect", "should", "would", and similar expressions and
all statements, which are not historical facts, are intended to identify
forward-looking statements. These forward-looking statements involve and are
subject to known and unknown risks, uncertainties and other factors which could
cause the Company's actual results, performance (finance or operating) or
achievements to differ from future results, performance (financing and
operating) or achievements expressed or implied by such forward-looking
statements. The above are more fully discussed in the Company's SEC filings.
SOURCE: GlobeTel Communications Corp.
CONTACT: GlobeTel Communications Corp., Miami
Jerrold R. Hinton, 305/579-9922, ext. 4
Fax: 305-579-9930
email: jhinton@globetel.net
globetel.net
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KEYWORD: NEW YORK FLORIDA
INDUSTRY KEYWORD: TELECOMMUNICATIONS
NETWORKING
EARNINGS
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