[Able Telcom Holding Corp. Announces Fourth Quarter Results]
WEST PALM BEACH, Fla., Feb. 16 /PRNewswire/ -- Able Telcom Holding Corp. reported today that net income for the fourth quarter ended October 31, 1998 is $1.8 million, or $0.16 per share, based on revenues of $103.0 million. Income applicable to common shareholders, after taking into account preferred stock dividends, is $1.6 million, or $0.15 per share. On a diluted basis, income applicable to common shareholders is $0.16 per share.
Revenues for Able's fiscal year ended October 31, 1998 are $217.5 million with net income of $2.5 million. After taking into account a non-cash charge to retained earnings of $8.0 million related to the beneficial conversion privileges on preferred stock, other non-recurring adjustments associated with Able's obtaining financing for a portion of the purchase price of MFS Network Technologies, and preferred stock dividends, the loss applicable to common shareholders is $5.8 million, or $0.59 per share. On a diluted basis, the loss applicable to common shareholders is $5.3 million, or $0.51 per share. Able is currently analyzing the effects of the year-end adjustments on previously reported quarterly earnings.
Able's President and Chief Executive Officer Billy V. Ray, Jr. stated, "Fourth quarter revenues reflect Able's continued operational strength. Now that we have the audit behind us, we expect to file the 10-K by February 24, 1999 and anticipate completing the debt restructuring transactions shortly. The funds to facilitate the restructuring were delivered into escrow after noon today. We can now focus on future operations and the growth of Able." |
