PhoneTel Appoints John D. Chichester President and Chief Executive Officer
CLEVELAND--(BUSINESS WIRE)--April 1, 1999--Peter Graf, Chairman of the Board of PhoneTel Technologies, Inc. (OTC BB:PHNT), announced today that PhoneTel has appointed John D. Chichester as President and Chief Executive Officer of the Company.
Mr. Chichester, formerly of Nynex (Public Communications Department) and Urban Telecommunications, Inc., has in excess of twenty-eight years experience in the pay telephone industry.
Mr. Graf, the Chairman, said, "We are delighted that John will join PhoneTel as the Company's President and Chief Executive Officer. John has extraordinary background in the telecommunications industry with specific expertise in the pay telephone industry. Based upon his operating experience, we are convinced that John will be good for the Company."
Mr. Chichester said, "I am pleased to be provided the opportunity to work with PhoneTel to improve its operating results in the near term. I look forward to the challenges and opportunities that await me and the Company in the upcoming year."
PhoneTel Technologies, Inc. Reports Fourth Quarter and Full Year 1998 Results
CLEVELAND--(BUSINESS WIRE)--March 31, 1999--PhoneTel
Technologies, Inc. (OTC BB:PHNT) -- Total revenue in the fourth
quarter 1998 declined to $16.0 million, or 40%, from total revenue
of $26.6 million in the fourth quarter of 1997 due primarily to a
charge of $6.1 million in the fourth quarter of 1998 to recognize
lower dial-around compensation revenue as the result of the FCC's
Third Report and Order dated February 4, 1999. Fourth quarter
1998 EBITDA (earnings before interest, taxes, depreciation and
amortization, and other unusual charges and contractual settlements)
was a $5.6 million loss compared to earnings of $4.3 million in the
fourth quarter of 1997. The net loss for the fourth quarter of 1998
was $17.2 million, or $0.98 per common share, compared to a net loss
of $7.4 million, or $0.47 per common share, for the fourth quarter
1997. If the results were restated to reflect the effect of the
dial-around compensation revenue adjustment related to prior periods,
the net loss for the fourth quarter 1998 would have been $11.1 million
compared to a net loss of $8.1 million in the fourth quarter 1997. If
the fourth quarter 1998 and 1997 results had been restated for the
dial-around compensation revenue adjustment, EBITDA for the respective
periods would have been $0.5 million and $3.5 million.
For the year ended December 31, 1998, total revenues were
$91.4 million, a decline of $17.8 million, or 16.3%, from
$109.2 million for the year ended December 31, 1997. Revenues for 1998
and 1997 included retroactive adjustments of $3.7 million and
$0.4 million, respectively for reduced dial-around compensation
revenue applicable to prior years. For the year ended
December 31, 1998, EBITDA was $1.9 million compared to $24.7 million
for the same period in 1997. The net loss for the year ended
December 31, 1998 was $44.8 million, or $2.73 per common share,
compared to a net loss of $23.3 million, or $1.51 per common share,
for the year ended December 31, 1997. If the 1998 and 1997 full year
results had been restated for the dial-around compensation revenue
adjustments which applied to prior years, the 1998 net loss would have
been approximately $41.1 million, or $2.51 per common share, and the
1997 net loss would have been $26.1 million or $1.69 per common share.
Similarly, EBITDA for the full year 1998 would have been $5.6 million
compared to $21.9 million for the full year 1997.
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