Problem is that the 10K does not give you the facts on Lenfest's conversion ratio (price).
TEVE check this out - lots of stock out there, but earnings look decent !
Shares of Common Stock which have had the same beneficial owner since April 21, 1988, or which have had the same beneficial owner for a
continuous period in excess of two years prior to the record date of any
meeting of stockholders, are entitled to 10 votes per share in any matters
submitted for vote, at a meeting of stockholders. All other stockholders
have one vote per share unless this limitation is waived by the Board of
Directors. As of December 31, 1997, 18,299,037 shares of the Company's
Common Stock were entitled to 10 votes per share. The remaining 5,515,463
shares of Common Stock were entitled to one vote per share. Mr. Lenfest
owns 14,557,453 shares of Common Stock which are entitled to ten votes per
share.
NAME AND ADDRESS OF OF BENEFICIAL PERCENT OF
BENEFICIAL OWNER OWNERSHIP CLASS (1)
H.F. (Gerry) Lenfest 67,931,746 (2) 88.0% (2)
Chairman of the Board
and Director
Joseph M. Murphy 90,000 (3) .4%
Executive Vice President
of Sales and Operations
Donald L. Heller 10,000 .0%
Director
Jeffrey J. DiFrancesco 10,000 .0%
Director
All Directors and 68,021,746(2) (3) 88.1%
Officers as a Group
(7 Persons)
(1) As of February 9, 1998, 23,814,500 shares of Common Stock were
outstanding.
(2) Includes 23,459,133 shares of Common Stock issuable upon conversion
of Preferred owned by Mr. Lenfest. Includes Warrants to acquire up
to 29,915,160 additional shares of Common Stock. Does not include
accrued but unpaid interest on the subordinated $500,000 Note which
may be converted into shares of Common Stock.
----------------------------------------------
1997 1996
REVENUES $6,330,675 $5,458,610
OPERATING EXPENSES
Service 3,186,546 2,951,404
Selling and marketing 585,544 606,503
General and administrative 642,767 621,149
Depreciation 831,609 884,121
__________ __________
5,246,466 5,063,177
__________ __________
OPERATING INCOME 1,084,209 395,433
OTHER INCOME (EXPENSE)
Interest expense, net of reimbursement (459,352) (526,779)
Interest income 42,221 10,169
Loss on sales or disposal of property
and equipment (24,881) (62,952)
__________ __________
(442,012) (579,562)
__________ __________
INCOME (LOSS) BEFORE INCOME TAXES 642,197 (184,129)
INCOME TAX BENEFIT 2,493,437 -
__________ __________
NET INCOME (LOSS) 3,135,634 (184,129)
DIVIDENDS ON REDEEMABLE CONVERTIBLE
PREFERRED STOCK (359,932) (314,395)
__________ __________
NET INCOME (LOSS) AVAILABLE TO
COMMON STOCKHOLDERS $2,775,702 $ (498,524)
========== ==========
EARNINGS (LOSS) PER COMMON SHARE:
BASIC $ .12 $ (.02)
========== ==========
DILUTED $ .04 $ -
========== ==========
WEIGHTED AVERAGE NUMBER
OF COMMON SHARES OUTSTANDING 23,795,102 23,794,500
========== |
