DCI Announces Third Quarter Results
Stratford, CT Feb. 18/PRNewswire/ - DCI Telecommunications, Inc. (OTCBB:
DCTC), an international supplier of long distance telephone services, today
reported results for its third quarter ended December 31, 1997.
Third quarter net loss from continuing operations was $8,000, or 0.0 cents per
share, compared with net income of $90,000, or 2 cents per share, for the
comparable period a year ago. Worldwide consolidated revenue totaled
$1,888,000, a 258% increase over revenues of $527,000 in the same period in
the prior year.
Total net income for the first nine months totaled $1,344,000, or 13 cents per
share, versus a loss of $194,000, or 5 cents per share, for the same 1996
period. Consolidated revenues for the nine months totaled $6,190,000, up from
revenues of $1,086,000 in the comparable 1996 period. Results for the 1997
period reflect a gain from the sale of a prepaid phone card distribution
contract, totaling $3,078,000, which accounts for the nine-month improvement.
Third-quarter per share data is based on 12,715,162 weighted average shares
outstanding in the most recent quarter versus 5,058,425 weighted average
shares outstanding for the same period in 1996.
The company said, these results do not include the newly formed joint venture
with DataWave.
Joseph J. Murphy, president and chief executive officer of DCI, said, "We are
pleased with the third quarter results, as they are on budget. The $9 million
sale of our British-based prepaid phone card distribution contract to SmarTalk
was a highlight of the year-to- date numbers, enabling the company to post
profitable nine-month figures. The significant gain from the sale allows the
company to expand its international telecommunications operations, both
through internal and external growth. A recent example of this is the
announcement of the definitive agreement to acquire World Pass Communications
Corporation. "
Russell Hintz, DCI's chief financial officer, noted, "while we essentially
broke even for the third quarter, CyberFax and DCI UK are both in a start-up
mode and, with no revenues yet, have had a negative impact on operating-
earnings during the last quarter and year to date".
DCI Telecommunications is an international supplier of telephone services,
including long distance and Internet products. DCI, which recently announced a
stock buy-back and its first-ever cash dividend, has an extensive
distribution network in North America, Europe and the Far East and owns
telephone switching facilities in Canada, the United Kingdom and Denmark.
/Contact: Craig K. Murphy Director, Investor Relations DCI Telecommunications,
Inc., 203-380-0910 ext. 301, email dcitel@aol.com, web site
dcic.com
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Safe Harbor Statement under the Private Securities Litigation Act of 1995; The
statements which are not historical facts contained in this press release are
forward-looking statements that involve certain risks and uncertainties
including but not limited to risks associated with the new uncertainty of
future financial results, additional financing requirements, development of
new products, regulatory approval processes, the impact of competitive
products or pricing, unpredictability of patent protection, technological
changes, the effect of economic conditions and other uncertainties detailed in
the company's filings with the Securities and Exchange Commission. |
