Jenna- You mentioned TALK this AM- following news release:
01/04 09:50 Tel-Save.Com Reports Further Enhanced Financial Position <TALK.O>
Tel-Save.Com Reports Further Enhanced Financial Position
NEW HOPE, Pa., Jan. 4 /PRNewswire/ -- Tel-Save.com, Inc. (Nasdaq: TALK), the nation's largest e-commerce telecommunications company, announced that it has reduced its $500 million of convertible debt, as reported for the second quarter of 1998, to between $120 and $185 million. Tel-Save.com currently has $75 million in cash and notes receivable. The Company has been successfully negotiating induced conversions of its notes, outright purchases of its notes and has exchanged (sold) a note receivable from Communications Telesystems International d/b/a WorldXchange Communications of $52.5 million for $65 million of it's convertible notes. In 1998 the Company also successfully completed the repurchase of approximately 17 million of its common stock at an average price of $13 per share. The Company now has approximately 10 million less shares of it's common stock outstanding when compared to the second quarter of 1998, an approximate 15% reduction. The Company expects to report positive operating income for the fourth quarter of 1998 and the first quarter of 1999. Additionally, the Company will have positive operating cash flow in the first quarter 1999.
The Company had a tremendously successful financial restructuring that it was able to accomplish in the second half of 1998 that will be reflected positively in the company's future income statements. Management estimates that Tel-Save.com will rank in the top five of "e-commerce consumer" companies when measured in terms of revenues and income for 1999.
Tel-Save.com, Inc. is a leading e-commerce telecommunications provider through an exclusive arrangement with America Online, Inc. and utilizes its own state of the art telecommunications network -- One Better Net ("OBN"). Tel-Save.com headquarters are located at 6805 Route 202, New Hope, Pennsylvania 18938. SOURCE Tel-Save.com, Inc.
-0- 01/04/99
/CONTACT: Ed Meyercord of Tel-Save.com, Inc., 215-862-1082/
/Company News On-Call: prnewswire.com or fax, 800-758-5804, ext. 108084/ -- PHM009 -- 1755 01/04/99 09:34 EST prnewswire.com Copyright PR Newswire 1998. All rights reserved.
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