HitCom Corp. Reports Record Revenues and Growth
BusinessWire, Monday, August 18, 1997 at 12:54
ST. LOUIS--(BUSINESS WIRE)--Aug. 18, 1997--HitCom Corp.
(OTC:HICO) Monday announced revenues of $981,438 for the second
quarter ended June 30, 1997, with a profit per share of $.001,
compared with revenues of $16,430 and a loss for the same period
in 1996.
HitCom also released pro forma results which combine HitCom with
its new subsidiary, One Plus Marketing Inc., for the first quarter of
1997 as well as year-end results for 1996.
HitCom management also announced that it expects the growth of
One Plus Marketing to continue providing HitCom with record revenues
and earnings for 1997.
HitCom, through its One Plus Marketing subsidiary, has approximately
13,000 customers nationwide utilizing its telecommunications, voice
mail, long distance and prepaid calling card products and services.
"Through the acquisition of One Plus Marketing Inc., the company
has substantially improved its balance sheet and increased its
overall financial flexibility," said HitCom's new chairman and CEO,
Scott Beil.
"Our primary objective is to build upon the telecommunications
business, which has shown sustained growth and profitability. We are
actively pursuing relationships with complementary telcom companies
to achieve rapid expansion in the marketplace."
Anthony Hitt, HitCom's founder, said the company's management
team has been re-engineering HitCom since early this year. "We
developed a short-term transition strategy that included shifting
the company's main focus from its original IntelliPages Internet
products. We are confident that HitCom is strategically positioned
to go after a substantial share of the market."
According to Beil, the company has completed the bulk of its
reorganization. Last year's telecommunications act created the
opportunity to compete in ways never considered in the past. "Our
intention is to take full advantage of those opportunities, as well
as the overall consumer demand for more and better communications and
connectivity."
HitCom, with headquarters in St. Louis, is a telecommunications
company providing integrated telecommunications products and services
to businesses and consumers in the United States and Canada. HitCom's
products and services include voice and data solutions, local and
long distance, prepaid calling cards and a full range of Internet
connectivity and Web-hosting services.
HitCom is traded on the NASDAQ Stock Exchange OTC Bulletin Board
under the symbol HICO. HitCom can be found on the World Wide Web at
hitcom.com .
Statements contained in this news release regarding expected
financial results and other planned events are forward-looking
statements, subject to uncertainties and risks, including, but not
limited to, the demand for HitCom's products and services, and the
ability of the company to successfully implement its strategies,
each of which may be impacted, among other things, by economic,
competitive, or regulatory conditions.
*T
HITCOM CORP.
FINANCIAL HIGHLIGHTS
(In actual dollars)
Unaudited
Unaudited Pro Forma Audited
Quarter Ended Quarter Ended Year Ended
June 30, 1997 March 31, 1997 Dec. 31, 1996
Revenues
Service Revenues $ 981,438 $ 810,999 $ 89,902
Less Cost of Sales (537,250) (306,441) --
Gross Profit 444,188 504,558 89,902
Costs and Expenses 415,057 443,675 1,232,907
Profit (Loss)
from Operations 29,131 60,883 (1,143,005)
Other Income
(Expense), net 30,842 (25,724) (179,405)
Profit before Provision 59,973 35,159 (1,322,410)
for Income Taxes
Income Taxes -- -- --
Profit before
Minority Interest 59,973 35,159 (1,322,410)
Minority Interest (49,350) (70,212) --
Net Profit (Loss) $ 10,623 $ (35,053) $(1,322,410)
Profit (Loss) Per Share
Net Profit (Loss) $ .001 $ (.004) $ (.70)
Weighted Average
Shares Outstanding 8,325,014 8,821,080 1,886,069
*T
CONTACT: HitCom Corp., St. Louis
Anthony W. Hitt, 314/621-9100
ahitt@hitcom.com
KEYWORD: MISSOURI
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TELECOMMUNICATIONS
INTERACTIVE/MULTIMEDIA/INTERNET EARNINGS
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