Able Telcom Holding Corp. Releases Comparative Financial Data For 1998
Results
WEST PALM BEACH, Fla., Feb. 23 /PRNewswire/ -- Able Telcom Holding Corp.
(NASDAQ:ABTE) released additional information regarding the results achieved
during the fiscal year ended October 31, 1998. Revenues increased from
$86.3 million in 1997 to $217.5 million in 1998, representing an increase of
152%. Income from operations increased by 138% from $4.8 million to
$11.4 million for the respective periods. 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 financial for a portion of the purchase price
of MFS Network Technologies, and preferred stock dividends, the loss
applicable to common shareholders is $5.3 million for the year ended October
31, 1998. The following is selected financial data taken from the Company's
financial statements (Figures in millions):
Able Telcom Holding Corp.
1998 1997 1996 1995
Revenue $ 217.5 $ 86.3 $ 48.9 $35.4
Income (loss) from
operations 11.4 4.8 (6.3) .2
Income (loss) before
provision for
Income taxes &
minority interest 3.9 (7.4) (.3)
Net income (loss) 2.5 2.9 (5.9) (.3)
Total Assets 290.8 $ 50.3 $ 38.9
Total Shareholders
Equity 40.2 15.2 11.6
Backlog at October 31,1998 was $1 billion as compared to $159 million at
October 31, 1997.
The company anticipates that it will file its 10-K for the fiscal year
ended October 31, 1998 on Wednesday the 24th of February as previously
reported. |
