Chris,
MTON ALWAYS releases the good stuff right after the close. Sheesh:
Metro One Telecommunications Announces First Quarter Results
Record Revenues; Earnings Per Share Up 200%
PORTLAND, Ore., April 27 /PRNewswire/ -- Metro One Telecommunications,
Inc. (Nasdaq: MTON), the leading provider of Enhanced Directory Assistance(R)
(EDA) to the telecommunications industry, today reported record revenues for
the first quarter ended March 31, 1999.
Revenues for the first quarter of 1999 increased to a record $14,175,000,
up 57% above 1998 first quarter revenues of $9,045,000. Net income for the
first quarter was $682,000, or $0.06 per share, compared with net income of
$209,000, or $0.02 per share, in 1998's first quarter, an increase of 200%.
Weighted average shares outstanding at March 31, 1999 were 11,995,000, as
compared to 11,281,000 at March 31, 1998.
"We are very pleased with our top line growth which reflects record call
volume across our existing customer base," commented Timothy A. Timmins,
president and chief executive officer of Metro One. "Moreover, additional
volume in both new and existing markets that we anticipate from several
customers in the coming months is now expected to exceed our original
projections, creating additional top-line growth over the balance of the
year."
"In preparation for this anticipated increase in volume and to handle the
record call volume we experienced during the quarter, we invested in both
staffing and infrastructure. Accordingly, our direct operating and
administrative expenses continued to grow as expected. This is consistent
with our strategy to build the largest local call center infrastructure within
the telecommunications outsourcing arena. Our nationwide call center
presence, providing customized services on a local basis, remains an integral
part of our ability to provide the best EDA service in the industry,"
continued Mr. Timmins.
Metro One Telecommunications, Inc. is recognized as the pioneer in the
development of Enhanced Directory Assistance services for the
telecommunications industry. The company operates a network of eighteen
strategically-located call centers throughout the U.S. Revenue for the full
year 1998 was $45.1 million. The company handled approximately 71 million
requests for directory assistance on behalf of its carrier customers in 1998
and approximately 24 million requests for directory assistance during the
first three months of 1999. For more information about Metro One, visit the
Metro One Telecommunications web site at metro1.com.
This press release contains forward-looking statements that are made
pursuant to the safe harbor provisions of The Private Securities Litigation
Reform Act of 1995. The forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements, including, but not limited to, increased
competition, expiration of EDA contracts, the rapidly changing
telecommunications market, changes in pricing policies by the company or its
competitors, lengthy sales cycles, lack of market acceptance or delays in the
introduction of new versions of the company's products or features, the timing
of the initiation of wireless services in new market areas by
telecommunications customers, the timing and expense of the company's
expansion of its nationwide call center network and other factors detailed in
the company's Securities and Exchange Commission filings, including its report
on Form 10-K for the year ended December 31, 1998. The forward-looking
statements should be considered in light of these risks and uncertainties. |
