** Response From Joe Lanza **
Yang:
To help you get your figures right - 96 had Selectel and Select Switch - where '97 shows Select Switch only.
Below is a quarter per quarter comparison:
Sales increased 17.9% , correct?
Gross Profit was up 59.2%, correct?
Net cash flow was 186,437 compared to a loss of $1,490,379 for the same comparable time. So Yang, you are not on target, except I think sales should have been better.
**The Internet will not accept columns, so please read the
" Xecom Corp. 1997 Second Quarter" report results in 3 columns:
1st column is 2nd quarter, Unaudited June 30, 1997
2nd column is 2nd quarter is Unaudited, June 30, 1996,
3rd column is Audited Dec. 31, 1996.
The figures are as follows.
Sorry for any inconvenience in reading this information.
_______________________________________________________
Xecom Corp.
1997 Second Quarter Results
2nd Qtr 2nd Qtr
Unaudited Unaudited Audited
June 30, 1997 June 30, 1996 Dec. 31, 1996
_______________________________________________________
Total Assets $25,990,649 $18,276,046 $23,317,426
Total Liabilities $30,687,564 $16,422,369 $23,955,411
Total Equity $(4,696,915) $ 1,853,677 $ (637,985)
3 Mos Ended 3 Mos Ended 12 Mos Ended June 30, '97 June 30, '96 Dec. 31, '96
Total Sales $ 1,681,758 $ 1,379,064 $ 4,632,318
Cost of Sales 1,172,293 1,171,529 3,922,990
Gross Profit 509,465 207,535 709,328
Operating
Expenses
SG&A 429,850 648,301 2,570,451
EBITDA 79,615 (440,776) (1,861,123)
Depreciation/
Amortization 715,466 214,609 949,745
Loss from
Operations (635,851) (655,375) (2,810,868)
Gain on Sale
of Subsidiary ------ ------ 537,076
OTHER EXPENSES
Other (Income)
Expenses 14,687 (2,437) 1,579,126
Interest Expense 755,454 199,073 970,947
Net Income $ (1,405,992) $(852,011) $(4,823,865)
(Loss)
Net Loss Per
Common $ (.13) $ (.10) $ (.55)
Average Common
Shares
Outstanding $10,621,377 8,253,518 3,752,207
Certain statements in this press release may include forward looking comments regarding, among other things, availability of funding, technical and business progress. The Company's actual results may vary materially from those forward looking statements due to risks and uncertainties to which the Company is subject such as delays in installations, failure to meet milestones or other obligations under collaborative agreements and other risks, which are described in the Company's Form 10. |
