Applied Cellular Technology Reports Record Third Quarter Revenue And Earnings
PR Newswire - November 05, 1998 07:16
PALM BEACH, Fla., Nov. 5 /PRNewswire/ -- Applied Cellular Technology, Inc. (Nasdaq: ACTC) announced record-high revenues and income for the third quarter ending September 30, 1998. Third quarter revenue was $59.0 million, a 102% increase over last year's third quarter revenue of $29.2 million. Revenue for the nine months ending September 30, 1998 was $151.5 million, compared to $72.1 million for the same period last year, representing a 110% increase.
For the third quarter of 1998, net income applicable to common stockholders was $1,654,000, up 40.9% from $1,174,000 in the same period in 1997. Diluted earnings per share was $0.05 based on 36.8 million outstanding shares which compares to diluted earnings of $0.08 in 1997 on 14.9 million outstanding shares. For the nine months ended September 30, 1998, net income applicable to common stockholders was $4,602,000, a 133% increase over 1997 net income of $1,972,000. Diluted earnings per share was $0.15 based on 32.0 million outstanding shares which compares to diluted earnings of $0.17 in 1997 on 12.2 million outstanding shares.
The balance sheet at September 30, 1998 remains strong with cash and cash equivalents of $5.4 million compared to $5.3 million on September 30, 1997. Total assets on September 30, 1998 were $122.2 million compared to $54.9 million on September 30, 1997. Stockholders' equity was $68.2 million on September 30, 1998, compared to $28.9 million on September 30, 1997.
Chairman & CEO Richard J. Sullivan commented, "The Company has achieved another record quarter. Applied Cellular Technology is becoming a leader in providing integrated communication systems and the opportunities are abundant. We expect to be on target now to meet analysts first call estimates of $0.20 EPS for 1998."
Applied Cellular Technology, Inc. is a diversified communications technology company. The Company's goal is to provide customers with integrated communications systems that are fast, reliable and cost effective. For further information visit the Company's website at appliedcell.com
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such forward-looking statements be subjected to the safe harbors created thereby. Since these forward-looking statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
Applied Cellular Technology, Inc. and Subsidiaries
Selected Operating Information (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
(Unaudited) (Unaudited)
1998 1997 1998 1997
Net Operating Revenue $ 59,044,000 $ 29,195,000 $151,508,000 $ 72,065,000
Income Before Provision
for Income Taxes and
Minority Interest $ 2,945,000 $ 2,416,000 $ 8,036,000 $ 3,875,000
Net Income Applicable to
Common Stockholders $ 1,654,000 $ 1,174,000 $ 4,602,000 $ 1,972,000
Net Income per Common Share:
Basic $ 0.05 $ 0.09 $ 0.15 $ 0.21
Diluted $ 0.05 $ 0.08 $ 0.15 $ 0.17
Weighted Average Number of
Common Shares Outstanding:
Basic 36,369,159 12,896,253 30,721,028 9,619,372
Diluted 36,862,528 14,929,315 32,040,628 12,225,730
SELECTED BALANCE SHEET DATA September 30 September 30
(Unaudited) 1998 1997
Cash and Cash Equivalents $ 5,407,000 $ 5,327,000
Total Current Assets $ 70,294,000 $ 35,468,000
Goodwill $ 25,634,000 $ 10,679,000
Total Assets $122,216,000 $ 54,940,000
Total Current Liabilities $ 47,557,000 $ 21,175,000
Total Liabilities, Minority Interest and
Redeemable Preferred Stock $ 54,009,000 $ 26,067,000
Stockholders' Equity $ 68,207,000 $ 28,873,000
Total Liabilities and Shareholders'
Equity $122,216,000 $ 54,940,000
SOURCE Applied Cellular Technology, Inc.
/CONTACT: Hayden, Buczek & Assoc., 843-272-4653 for Applied Cellular
Technology, Inc./
/Web site: appliedcell.com
(ACTC) |
