MTON's been busy since Thursday's close:
Metro One Telecommunications Signs New National Contract With ALLTEL Communications, Inc.
PORTLAND, Ore., Oct. 21 /PRNewswire/ -- Metro One Telecommunications, Inc. (Nasdaq: MTON), a leading provider of Enhanced Directory Assistance (R) (EDA) to the telecommunications industry, today announced that it has signed a nationwide, multi-year contract to provide its EDA services to wireless subscribers of ALLTEL Communications, Inc.
Under the terms of the contract, Metro One will provide its EDA services for substantially all of ALLTEL's nationwide network of wireless subscribers.
"We look forward to providing our EDA services to subscribers of this important customer," commented Timothy A. Timmins, president and chief executive officer of Metro One. "This new business reflects the value of our personalized local service and our nationwide network of call centers, which matches up well with ALLTEL's growing nationwide wireless coverage."
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, factors detailed in the company's Securities and Exchange Commission filings. The forward-looking statements should be considered in light of these risks and uncertainties.
SOURCE Metro One Telecommunications, Inc.
CO: Metro One Telecommunications, Inc.; ALLTEL Communications, Inc.
ST: Oregon
IN: TLS
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Revenue Growth of 81% Highlights Metro One's Third Quarter Results
PORTLAND, Ore., Oct. 22 /PRNewswire/ -- Metro One Telecommunications, Inc.
(Nasdaq: MTON), a leading provider of Enhanced Directory Assistance(R) (EDA)
to the telecommunications industry, today reported financial results for the
third quarter ended September 30, 1999.
Revenues for the third quarter of 1999 increased to a record
$20,469,000, up 81% from $11,312,000 in the year earlier period. Net income
for the third quarter was $677,000, or $0.06 per diluted share, from
$916,000, or $0.08 per diluted share, for the same period one year ago.
Weighted average shares outstanding at September 30, 1999 were 12,016,000, as
compared to 11,062,000 at September 30, 1998.
Revenues for the nine months ended September 30, 1999 grew 67% to a record
$52,113,000 from $31,280,000 for the comparable period in 1998. Net income
for the first nine months of 1999 was $1,464,000, or $0.12 per diluted share,
versus net income of $2,026,000, or $0.18 per diluted share, for the same
period in 1998.
"We are very pleased with the continued strength of our revenue growth,
which reflects record call volume across our entire network," commented
Timothy A. Timmins, president and chief executive officer of Metro One. "This
top line growth also reflects the initiation of services with our newest
nationwide carrier customer, Nextel Communications, as well as the continuing
roll out of our services to another large customer group. Our bottom line
results reflect the increased staffing and infrastructure expenditures
necessary to support the current and anticipated growth of our overall call
volume and in particular, the additional call volume that we are currently in
the process of rolling out. We anticipate completing delivery of these call
volumes by year end.
"During the quarter, we opened two new call centers, one in Hawaii and the
other on Long Island, and we anticipate several more call centers to come on
line later this year. We believe that Metro One's nationwide call center
presence and high level of customer service, which includes our continuing
investment in maintaining a state of readiness for new call volume, are key
factors in our ability to attract additional major carriers like Nextel and
ALLTEL, who seek to differentiate their service through our high quality EDA
service," Mr. Timmins concluded.
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Metro One Files Registration Statement for Public Offering of Common Stock
PORTLAND, Ore., Oct. 22 /PRNewswire/ -- Metro One Telecommunications, Inc. (Nasdaq: MTON) today announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed public offering of its common stock. The underwriting group will be managed by CIBC World Markets Corp. and U.S. Bancorp Piper Jaffray Inc.
The registration relates to 2,000,000 shares of common stock to be sold by the Company and 67,500 shares to be sold by selling shareholders. The registration also covers an additional 310,125 shares that will be subject to an option to be granted to the underwriters by the Company to enable the underwriters to cover over-allotments in the offering, if any.
Metro One is a leading independent developer and provider of enhanced directory assistance and information services for the telecommunications industry. It expects to use the net proceeds to develop or acquire technologies, features and content complementary to its business and to expand its call center and network capacity to serve existing and potential customers; to reduce outstanding indebtedness; and for general corporate purposes, including possible acquisitions and other corporate development activities, and working capital.
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