NEWS!!!
Not great news but profitable again this quarter. I would have like to have had an update on the acquistions included with this release. Come on TCMM PR you can do better!!!!!Sometimes I get the feeling they are not very shareholder friendly.
Steveg
-------------------------------------------------------
Monday November 1, 9:25 am Eastern Time
Company Press Release
Telecomm Industries Reports Improved 3rd Quarter Results
NAPERVILLE, Ill.--(BUSINESS WIRE)--Nov. 1, 1999--Telecomm Industries Corp. (OTCBB:TCMM - news) announced today the financial results for the third quarter ended Sept. 30, 1999.
The company reported revenues of $5,465,000 and net income of $330,410 or 3 cents per share basic and diluted. Revenues for the third quarter of 1998 were $6,110,000 with net income of $124,158 and diluted earnings of 1 cent per share.
For the nine-month period ended Sept. 30, 1999, the company reported revenues of $14,100,000 and net income of $373,062 or 3 cents per share basic and diluted. For the same period in 1998 revenues were $18,278,000 with net income of $429,526 or 4 cents per share (basic) and 3 cents per share (diluted).
Paul Satterthwaite, president and CEO, said, ``We are very pleased with the increase in net income for the third quarter.'
Certain statements contained in this report that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include, but are not limited to: the dependence of the company on Ameritech for a significant portion of its revenues; changes in Ameritech's commission payment plan, distributor agreement, and its billing and record system; fluctuations in quarterly earnings and revenues of the company depending on when Ameritech bonus acceleration targets are met. Reference is made to the company's filings with the Securities and Exchange Commission, including the company's annual report for fiscal 1998 on Form 10-KSB and the company's quarterly report for the third quarter of 1999 on Form 10-QSB. Investors should read this release in conjunction with these filings for a description of these and other factors that could cause actual results to differ materially from those in the forward-looking statements.
TELECOMM INDUSTRIES OPERATING STATISTICS
Quarter Ended Nine Months Ended
Sept. 30 Sept. 30
1999 1998 1999 1998
Revenues $ 5,465,000 $ 6,110,000 $14,100,000 $18,278,000
Net income $ 330,410 $ 124,158 $ 373,062 $ 429,526
E.P.S. (basic) $ 0.03 $ 0.01 $ 0.03 $ 0.04
E.P.S. (diluted) $ 0.03 $ 0.01 $ 0.03 $ 0.03
Common shares used
(basic) 12,131,559 12,091,833 12,131,559 12,091,833
Common shares used
(diluted) 12,746,559 13,581,833 12,746,559 13,581,833
--------------------------------------------------------------------------------
Contact:
Telecomm Industries Corp., Twinsburg, Ohio
Dave Gruber, 330/963-0566
Fax: 330/963-0565
--------------------------------------------------------------------------------
More Quotes and News: Telecomm Industries Corp (OTC BB:TCMM.OB - news)
Related News Categories: earnings, telecom
-------------------------------------------------------------------------------- |
