Viasource Communications, Inc. a leading nationwide broadband technology deployment organization, today reported financial operating results for the first quarter ended March 31, 2001.
Total revenues for the first quarter 2001 were $51.0 million compared to pro forma revenues of $47.7 million
in the same period of 2000, representing a 7 percent increase. Pro forma EBITDA loss (earnings before
interest, taxes, depreciation and amortization) for the quarter was $1.6 million compared with pro forma
EBITDA loss of $5.8 million for the same period the prior year. Net loss per share was $0.20 for the quarter
compared with $0.39 and $0.10, pro forma and actual respectively, for the first quarter in 2000.
Commenting on first quarter results, Craig A. Russey, Viasource
President & CEO, said "We continue to demonstrate the ability to build
our client base as we leverage our reputation for quality, dependability and
consistency in deploying broadband enabling services across a national
footprint. Despite general industry-wide uncertainties, we continue to
capitalize on the necessity for broadband providers to build their installed
base of end-users. As our clients experience the need to manage
infrastructure expenses and drive connectivity, they are relying more and
more on Viasource for deployment services."
"Our improvement in EBITDA year-over-year demonstrates our focus on
cost controls and margin improvement initiatives across all of our product
lines. We have and will continue to right size the organization in
anticipation of continued variability and the evolution of the industry. In
addition, as we announced previously, we are in the midst of our company-wide Phase III integration efforts,
which we believe will provide Viasource the lean and stable operating base it needs during the next three
quarters and beyond," said Russey.
Segment Data
Cable revenue for the first quarter 2001 increased by 18% to $23.5 million, compared to pro forma revenues
of $19.8 million in the same period in 2000. Revenue from Cable represented 46% of Viasource's total
revenue in the first quarter of 2001.
Telephony and Internet revenue for the quarter was $10.3 million compared to pro forma revenue of $10.8
million in the same period in 2000, representing a decrease of 5.0%. Telephony and Internet revenue
represented 20% of total revenue in the first quarter of 2001.
Satellite and Wireless revenue for the quarter increased by 5% to $14.3 million, compared to $13.6 million
for the same period in 2000. As a percent of total revenue, Satellite and Wireless was 28% in the first
quarter of 2001.
Premise Networking and Staffing revenue for the first quarter was $2.9 million, compared with pro forma
revenue of $3.4 million for the same period in 2000, a decrease of 15%. Premise Networking and Staffing
revenue was 6% of total revenue in the first quarter of 2001.
Viasource has scheduled a conference call to discuss this release on May 11, 2001 at 8:30 AM ET. The
conference call will be web cast at viasource.net. To participate in this call, please dial
888-809-8968; the pass code for the call is VIASOURCE. Please call in 15 minutes prior to the start of the
call to allow for registration. A dial-in replay will be available at 888-562-7212 until 5:00 PM ET May 25,
2001.
VIASOURCE COMMUNICATIONS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
Three Months Ended
April 1, March 31,
2000 2001
REVENUES
Cable $19,125,012 $23,488,892
Telephony and Internet 5,484,721 10,291,156
Satellite and Wireless 4,359,796 14,296,667
Premise Networking and Staffing 128,204 2,889,083
Total revenues 29,097,733 50,965,798
OPERATING EXPENSES:
Cost of revenues 25,086,556 44,103,326
Selling, general and administrative 4,928,829 8,413,110
Depreciation and amortization 1,258,690 5,470,462
Total operating expenses 31,274,075 57,986,898
LOSS FROM OPERATIONS (2,176,342) (7,021,100)
INTEREST INCOME -- 34,959
INTEREST EXPENSE 679,114 1,529,649
LOSS BEFORE INCOME TAXES (2,855,456) (8,515,790)
INCOME TAX BENEFIT 154,000 --
NET LOSS $(2,701,456) $(8,515,790)
BASIC AND DILUTED NET LOSS PER
SHARE $(0.10) $(0.20)
SHARES USED IN BASIC AND
DILUTED PER SHARE
COMPUTATIONS 26,581,311 42,472,716
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