FCCN announces 1998 results:
biz.yahoo.com
Wednesday March 31, 4:37 pm Eastern Time
Company Press Release
Frontline Communications Announces 1998 Results
PEARL RIVER, N.Y.--(BUSINESS WIRE)--March 31, 1999--Frontline
Communications Corp. (NASDAQ: FCCN - news) today announced financial
results for the year ended December 31, 1998.
Revenues for the three months ended December 31, 1998 increased by 93.2%
to $204,992 compared with revenues of $106,073 for the three months
ended December 31, 1997. For the three months ended December 31, 1998,
the Company had a net loss of $1,134,015 or $.37 per share, compared to
a loss of $135,547 or $.10 per share for the three months ended December
31, 1997.
Revenues for the year ended December 31, 1998 increased by 78.7% to
$574,964 compared with revenues of $321,706 for the year ended December
31, 1997. For the year ended December 31, 1998, the Company had a net
loss of $1,744,099 or $.72 per share, compared to a loss of $2,037,417
or $1.67 for the year ended December 31, 1997.
Commenting on the results, Frontline's President and CEO, Stephen
J.Cole- Hatchard stated ''we are pleased with the rate of growth the
Company has experienced, and are looking forward to the effects of the
four acquisitions the Company completed in the fourth quarter of 1998.''
Founded in 1995, Frontline Communications Corporation provides
Effortless E-commerce and Internet Access to small businesses in the
Northeast. Frontline currently serves over 15,000 subscribers, and is
one of the first ISP's to offer digital subscriber lines (DSL). Further
information on Frontline and its subsidiaries may be found at
www.fcc.net and www.wowfactor.com.
The statements which are not historical facts contained in this press
release are forward-looking statements that involve risks and
uncertainties, including but not limited to, changes in the market for
internet services, regulatory and technological changes, economic
factors, increased competition, and the nature of supplier or customer
arrangements which become available to the Company in the future. The
Company's actual results may differ materially from the results
discussed in any forward-looking statement.
Frontline Communications Corporation
Condensed Statement of Operations
For the three months For the year ended
ended December 31, December 31,
1998 1997 1998 1997
------------------------- -------------------------
UNAUDITED
Revenues $ 204,992 $ 106,073 $ 574,964 $ 321,706
Net loss ($1,134,015) ($ 135,547) ($1,744,099) ($2,037,417)
Loss per share-
basic and diluted ($ 0.37) ($ 0.10) ($ 0.72) ($ 1.67)
=========== =========== =========== ===========
Weighted average
number of shares
outstanding 3,033,731 1,408,000 2,435,035 1,218,000
=========== =========== =========== ===========
-0-
Pro forma financial information ( UNAUDITED)
The Company acquired four businesses in the fourth quarter of 1998.
The following table is presented as if the acquisitions occurred on
January 1, 1997.
For the year ended
December 31,
1998 1997
----------------------------
Revenues $2,635,923 $2,383,063
Net loss ($4,307,399) ($5,320,805)
============================
Loss per share- basic and diluted ($1.69) ($3.85)
============================
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