Here's what we've been waiting for...earnings report GO MTON
Doubled my position at the wire last night Doug after I finaally got my hard drive workign again and read the latest posts. Thanks for your efforts in this one.
PORTLAND, Ore., Oct. 31 /PRNewswire/ -- Metro One Telecommunications,
Inc. (Nasdaq: MTON), a leading independent provider of enhanced directory
assistance (EDA) to the wireless telecommunications industry, today reported
financial results for the third quarter ended September 30, 1997.
Revenues for the 1997 third quarter were $7,055,000, or 60% above 1996
third quarter revenues of $4,417,000 and 29% above 1997 second quarter
revenues of $5,468,000. Net income for the latest quarter was $744,000 or
$0.07 per share, compared with net income of $242,000 or $0.03 per share in
the prior year's third quarter and $16,000 or $0.00 per share in the 1997
second quarter.
"Our revenue growth rate accelerated in the latest quarter," commented
Timothy A. Timmins, president and chief executive officer of Metro One, "due
to new business and call volume growth within our existing customer base.
Revenue from service contracts that were in place in the third quarter of both
1996 and 1997 was up approximately 22%. Revenue from the national contract we
signed with Sprint PCS last November continued to measurably add to our growth
in the quarter. We have not yet recorded significant increases in revenue due
to the national agreement with AT&T Wireless Services signed in May, but we
expect some positive revenue impact from that contract during the fourth
quarter and 1998.
"Expense growth in the quarter was significantly slower than revenue
growth," continued Timmins, "in part because we did not bring on-line any new
call centers during the quarter. We are moving forward with the opening of
additional call centers during the fourth quarter and in 1998, and that will
increase expenses. In any event, we feel that the results for this third
quarter demonstrates the soundness of our business plan."
Metro One Telecommunications, Inc. is an independent developer and
provider of Enhanced Directory Assistance(R) services for the wireless
telecommunications industry. The Company currently provides its services from
thirteen call centers located throughout the United States.
This press release contains forward-looking statements that are made
pursuant to the safe harbor provisions of The Private Securities Litigation
Reform Act of 1995. The forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements, including, but not limited to, increased
competition, expiration of Enhanced Directory Assistance ("EDA") contracts,
the rapidly changing telecommunications market, changes in pricing policies by
the Company or its competitors, lengthy sales cycles, lack of market
acceptance or delays in the introduction of new versions of the Company's
products or features, the timing of the initiation of wireless services in new
market areas by telecommunications customers and other factors detailed in the
Company's Securities and Exchange Commission filings including its reports on
Form 10-KSB for the year ended December 31, 1996 and on Form 10-QSB for the
quarters ended March 31, 1997 and June 30, 1997. The forward-looking
statements should be considered in light of these risks and uncertainties.
METRO ONE TELECOMMUNICATIONS, INC.
Statements of Operations
(Unaudited)
(000, except per share data)
Three Months Ended Nine Months Ended
9/30/97 9/30/96 9/30/97 9/30/96
Revenues $ 7,055 $ 4,417 $ 17,009 $ 13,161
Costs and expenses:
Direct operating 3,419 2,081 8,550 6,051
General and administrative 2,953 1,886 8,159 5,442
6,372 3,967 16,709 11,493
Income from operations 683 450 300 1,668
Other income (expense) 138 (57) 332 (215)
Interest and loan fees (77) (147) (262) (457)
61 (204) 70 (672)
Income before provision
for income taxes 744 246 370 996
Income tax provision -- 4 -- 27
Net income $ 744 $ 242 $ 370 $ 969
Net income per share $ 0.07 $ 0.03 $ 0.03 $ 0.11
Weighted average number of
common and common equivalent
shares used in calculation 10,964 9,528 10,926 8,869
METRO ONE TELECOMMUNICATIONS, INC.
Balance Sheets (000)
9/30/97 12/31/96
(Unaudited)
Cash and cash equivalents $ 11,374 $ 14,137
Accounts receivable 3,660 2,722
Other current assets 527 537
Total current assets 15,561 17,396
Furniture, fixtures and equipment, net 10,160 6,760
Other assets 740 373
Total assets $ 26,461 $ 24,529
Current portion of capital lease obligations $ 694 $ 737
Accounts payable and accrued expenses 2,794 1,643
Total current liabilities 3,488 2,380
Capital lease obligations, less current portion 672 1,168
Common stock 37,202 36,251
Accumulated deficit (14,901) (15,270)
Net shareholders' equity 22,301 20,981
Total liabilities and equity $ 26,461 $ 24,529
SOURCE Metro One Telecommunications
CO: Metro One Telecommunications
ST: Oregon
IN: CPR TLS
SU: ERN
10/31/97 08:08 EST prnewswire.com |
