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Xecom Announces Second Quarter Results
RANCHO MIRAGE, Calif., Aug. 27 /PRNewswire/ -- Mr. Joseph Vigliarolo, President of Xecom
(NNOTC Bulletin Board: XECM), states that the second quarter losses were lower than projected.
Mr. Vigliarolo explained that these losses were largely attributed to start-up cost depreciation and
interest expense due to the rapid expansion of installing telecommunications systems at various
military installations throughout the United States (AAFES Project).
The company incurred a net loss of $897,319 (or .11 cents per share) for the second quarter ending
June 30, 1996 compared to a loss of $409,228 (or $1,169 per share) for the comparable period
before the AAFES project. Revenue for the June quarter was $1,379,064, down 4.7% over the
comparable 1995 period due to a drop in revenue by its SelecTel subsidiary.
Total revenue for the six months ended June 30, 1996 was $2,831,716, compared to $2,948,061 in
June of 1995. Net loss for the six months ending June of 1996 was only $1,516,705, compared to a
loss of $496,402 for June of 1995. Xecom is expected to show losses through the third quarter, but
is looking for a small profit for the fourth quarter of this year.
Total assets increased from $3,460,457 in June of 1995 to $21,790,065 in June of 1996 and total
equity went from a deficit of ($1,079,567) to $4,197,984 in the corresponding periods.
Fujitsu and Xecom together are funding the project to meet the AAFES and Sprint commitments.
Xecom Corporations
Selected Financial Data
2nd Quarter 1st Quarter
Unaudited Unaudited Unaudited Unaudited Audited
June 30, June 30, June 30, March 31, December 31,
1995 1996 1996 1996 1995
TOTAL ASSETS $3,460,451 $21,790,065 $21,790,065 $14,750,132 $10,303,979
TOTAL
LIABILITIES$4,540,018 $17,592,081 $17,592,081 $10,287,929 $5,881,970
TOTAL EQUITY($1,079,567) $4,197,984 $4,197,984 $4,462,203 $4,442,009
Unaudited 6 Months 3 Months 3 Months 12 Months
June 30, Ended Ended Ended Ended
1995 6/30/96 6/30/96 3/31/96 12/31/95
Total Sales $2,948,061 $2,831,716 $1,379,064 $1,452,652 $6,205,631
Gross Profit $632,049 $489,619 $207,535 $282,084 $1,081,066
Operating
Expenses
SG&A $870,772 $1,299,294 $633,495 $665,799 $2,244,831
Depreciation/
Amortization$116,242 $428,195 $274,723 $153,472 $326,855
Other Expenses
Other (Income)
Expense $34,981 ($10,207) ($2,437) ($7,770) ($104,448)
Interest Expense$106,456 $289,042 $199,073 $89,969 $304,621
Net Income
(Loss) ($496,402)($1,516,705) ($897,319) ($619,386)($1,690,793)
Net Loss Per
Common ($1,418) ($.18) ($.11) ($.08) ($.45)
Average Common
Shares
Outstanding 350 8,253,518 8,328,958 8,178,079 3,791,780
SOURCE Xecom Corporation
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