Company Press Release
Metro One Telecommunications, Inc.
Metro One Telecommunications Reports Record Fourth Quarter And
Full Year Results
PORTLAND, Ore., Feb. 26 /PRNewswire/ -- Metro One Telecommunications, Inc. (Nasdaq: MTON - news), a leading
independent provider of enhanced directory assistance (EDA) to the wireless telecommunications industry, today reported
record revenue and earnings for the fourth quarter ended December 31, 1997.
Revenues for the 1997 fourth quarter were $9,081,000, or 94% above 1996 fourth quarter revenues of $4,673,000 and 29%
above 1997 third quarter revenues of $7,055,000. Net income for the latest quarter was $1,062,000 or $0.10 per share,
more than five times net income of $197,000 or $0.02 per share in the prior year's fourth quarter and 43% above net income
of $744,000 or $0.07 per share in the 1997 third quarter.
For all of 1997, revenues were $26,090,000, an increase of 46% from 1996 revenues of $17,834,000. Net income for 1997
was $1,432,000, up 23% from $1,166,000 in 1996. Diluted earnings per share in 1997 were $0.13, compared with $0.12 in
the prior year.
''We continue to believe that our rapid revenue growth in the latest quarter demonstrates the fundamental potential of our
business,'' commented Timothy A. Timmins, president and chief executive officer of Metro One. ''Both new service areas and
increased call volume under existing contracts contributed to our strong growth in the second half of the year. Rapid revenue
growth outpaced increases in expenses from continued additions to our national network of call centers, as well as increased
data, technology and other support costs.
''As we have previously announced, 1998 first quarter revenue will again grow substantially from the comparable quarter in
the prior year,'' continued Timmins, ''but revenue is unlikely to be above fourth quarter 1997 levels. Meanwhile, we continue
to invest in new data, technology and the necessary infrastructure to support our increasing size and scope. In addition, we will
see increased expenses related to several new call centers as we continue to build out our national network. While this
combination will reduce first quarter results compared with this latest quarter, we remain excited by our outlook for fiscal 1998
and beyond. Call volume under existing contracts is growing rapidly, and we continue to see additional new business
opportunities.''
Metro One Telecommunications, Inc. is an independent developer and provider of Enhanced Directory Assistance(R) services
for the wireless and landline telecommunications industry. The Company currently operates sixteen call centers located
throughout the country.
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 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 and their acceptance 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, June 30, 1997 and September 30, 1997. The forward-looking statements should be considered in light of
these risks and uncertainties.
METRO ONE TELECOMMUNICATIONS, INC.
Statements of Operations
(000, except per share data)
Three Months Ended Year Ended
(unaudited)
12/31/97 12/31/96 12/31/97 12/31/96
Revenues $ 9,081 $ 4,673 $26,090 $17,834
Costs and expenses:
Direct operating 4,467 2,283 13,017 8,334
General and administrative 3,543 2,174 11,702 7,615
8,010 4,457 24,719 15,949
Income from operations 1,071 216 1,371 1,885
Other income (expense) 75 106 408 (109)
Interest and loan fees (71) (111) (334) (568)
4 (5) 74 (677)
Income before provision
for income taxes 1,075 211 1,445 1,208
Income tax provision 13 14 13 42
Net income $ 1,062 $ 197 $ 1,432 $ 1,166
Net income per share
Basic $ 0.10 $ 0.02 $ 0.13 $ 0.13
Diluted 0.10 0.02 0.13 0.12
Weighted average number
of common and common
equivalent shares
used in calculations
Basic 10,912 10,688 10,820 9,152
Diluted 11,133 10,957 10,961 9,396
METRO ONE TELECOMMUNICATIONS, INC.
Balance Sheets (000)
12/31/97 12/31/96
Cash and cash equivalents $ 8,554 $ 14,137
Accounts receivable 4,629 2,722
Other current assets 694 534
Total current assets 13,877 17,393
Furniture, fixtures and equipment, net 14,632 6,760
Other assets 616 376
Total assets $ 29,125 $ 24,529
Accounts payable and accrued expenses $ 3,317 $ 1,643
Current portion of capital lease
obligations 638 737
Current portion of long term debt 78 --
Total current liabilities 4,033 2,380
Capital lease obligations 549 1,168
Long term debt 867 --
Total liabilities 5,449 3,548
Common stock 37,514 36,251
Accumulated deficit (13,838) (15,270)
Net shareholders' equity 23,676 20,981
Total liabilities and equity $ 29,125 $ 24,529
SOURCE: Metro One Telecommunications, Inc.
More Quotes and News:
Metro One Telecommunications Inc (Nasdaq:MTON - news)
Related News Categories: telecom
Help
Copyright c 1998 PRNewswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the
prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance
thereon.
See our Important Disclaimers and Legal Information.
Questions or Comments? |
