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Technology Stocks : GTTIF - What's the latest news on Grandetel??
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To: Doug Eichorn who wrote (19)10/1/1997 11:00:00 AM
From: Albert Shilin   of 58
 
It is strange that I could not find the earning report in internet. I called
Investor Relations Contact
Howe & Company Inc.
8 King Street East, Suite 1300
Toronto Canada M5C 1B5
(416) 863-6632
and found the report has come out on 18th of last month. They faxed me the report, but the print is not clear in the first two paragraphs. It
seems as follows:

In the second quarter, the company loss of 18 cents a share. For the six months ending July 31, 1997, GrandelTel reported a net income of 11.7 million or 64 cents per share, up from a loss of $3.9 million or 20 cents a share reported during the same period a year earlier.

The second quarter's results can be attributed to price reductions of cellular phones in the Peoples's Republic of China and lower sales of telephone products while the Company reduced distribution operation.

Subsequent to the end of the second quarter, the Compnay reached an agreement to sell its interest in Hangzhou Electronics Ltd. to an arm's length party for about $6.76 million, which is approximately the initial acquisition cost. The transaction is expected to be completed in October.

While still in the initial operating period and incurring losses, the launch of the discount fax services in Beijing and Shanghai has progressed satisfactorily.

The Company is streamlining its distribution of cellular phones in China. The Beijing Joint-venture and sales office will lead the nationwide distribution, gradually including sales for the Shanghai region. The Shanghai joint-venture will be wound up leaving the repair service to be handled by a wholly-owned subsidiary in Shanghai.

This corporate restructuring will result in savings to overhead and operating costs. The Company is working to reduce its operating costs and results are expected to occur in the third quarter.

The Company is striving to control its legal expenses while vigorously defending itself against three class action lawsuits. The trial date of the lawsuits is set for early 1998.

GgandeTel is a Canadian company with its North American headquarters in Richmond, B.C. and its Asian headquarters in Hong Kong. The Company holds interests in joint ventures that assemble and distribute cellular telephones and provide paging services in China.

Albert
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