Why does Qwest want this money losing company with decreasing revenues and pay a 40% premium to the market to boot?? Cost of revenues are going up, SG&A is up, net income is down.
Phoenix Network, Inc.
Selected Financial Data
Three Months Ended Nine Months Ended
September 30 September 30
1997 1996 1997 1996
Revenues $ 18,652,168 $24,632,336 $ 59,932,214 $ 78,234,398
Cost of revenues 13,550,479 17,772,764 43,941,792 56,676,168
Gross profit 5,101,689 6,859,572 15,990,422 21,558,230
Operating expenses:
Selling, general &
administrative
expenses 5,895,136 7,153,366 20,010,367 22,103,668
Depreciation and
amortization 1,026,804 1,040,978 2,960,668 3,240,167
Relocation -- 172,972 -- 982,146
6,921,940 8,367,316 22,971,035 26,325,981
Income (loss) from
operations (1,820,251) (1,507,744) (6,980,613) (4,767,751)
Net interest expense (252,918) (222,950) (797,096) (398,948)
Net income (loss) (2,073,169) (1,730,694) (7,777,709) (5,166,699)
Preferred stock dividends(47,343) (315,702) (163,853) (940,775)
Net income (loss)
attributable to
common shares $(2,120,512) $(2,046,396) $(7,941,562) $(6,107,474)
Net income (loss)
per common share $(0.07) $(0.10) $(0.29) $(0.30)
Weighted average number
of shares outstanding29,785,952 20,391,247 27,580,741 20,097,390
SOURCE: Phoenix Network, Inc.
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