Dave,
Since all the other responses to your NETM post have nothing to do with NETM, I thought I'd continue the trend and post IFCI's earnings release. They did it after the bell those son-of-a-guns.
International FiberCom Inc., Reports Record Revenues and Earnings for the Fourth Quarter and Year End
PHOENIX--(BUSINESS WIRE)--March 31, 1998--
- Annual Sales Increase By Approximately 90% To $36 Million; Expects 1998 Revenue Of $75 Million -
International FiberCom Inc. (NASDAQ:IFCI)(BSE:IFC) and its Chairman & Chief Executive Officer, Joseph Kealy, Tuesday announced record operating results for the fourth quarter and twelve months ended Dec. 31, 1997.
The company reported a record profit of $817,520, or $.07 per share, on record revenues of $10,828,134 for the fourth quarter ended Dec. 31, 1997. The company reported a record profit of $2,131,038, or $.25 per share, on record revenues of $36,325,146 for the twelve months and year ended Dec. 31, 1997, compared to a loss of
($4,059,921), or ($.71) per share, on revenues of $19,195,069 for the twelve months and year ended Dec. 31, 1996.
The 90% increase in revenues from 1996 to 1997 was attributed to a strengthening in the company's core business as well as the acquisition of Concepts In Communications Inc. in the first quarter of 1997, and the acquisition of both Compass Communications Inc. which was accounted for as pooling, and Southern Communications Products Inc. in the fourth quarter of 1997.
During 1997, the company announced a record amount of new contracts totaling approximately $30 million, including an $8 million award for fiber optic upgrade projects with Cox Communications and a $4.9 million national contract award from GAMBRO Healthcare Patient Services to perform on-site systems integration and sophisticated data cabling installation services. Other contracts were announced during the year with US West, Lucent Technologies, Columbia/HCA Healthcare, Nike, Kimberly Clark, Ingram Micro, and Caterpillar Financial.
During the fourth quarter, International FiberCom completed separate acquisitions of Compass Communications and Southern Communications. Compass is a leading telecommunications engineering company which specializes in designing broadband video, voice and data network systems and employs more than 85 field engineers and technicians.
The company's customers include US West, Time Warner, Motorola, Bellcore and MediaOne. Southern is a national leader in a fast growing niche business within the telecommunications sector. The company deals in equipment manufactured by Lucent Technologies, Northern Telecom, Tellabs, Alcatel, DSC Communications and Fujitsu.
Commenting on the record performance, Kealy stated, "1997 will be viewed as the year we acquired the management depth, technical expertise and critical mass to become a 'one-stop shopping' solution for the telecommunications marketplace. We are now unique. We can offer engineering, consulting and broadband network systems design, installation of structured cable and fiber-optic networks, and complete LAN/WAN systems integration services.
"We are most encouraged with the continued increase in our gross profit margins, which have risen to 38% in the fourth quarter of 1997 and 28% for all of 1997, versus 17% for all of 1996. The feedback we have received from the leading RBOC's, long distance companies and cable providers regarding our new abilities to provide a complete outsource solution has been nothing short of fantastic. Contract activity is at the highest level in the company's history. We expect revenues in 1998 to increase by more than 100% over 1997 to over $75 million."
This press release contains forward looking statements which are based largely on the company's expectations and are subject to various business risks and uncertainties, certain of which are beyond the company's control. Actual results could differ materially from these forward looking statements as a result of such risks.
In light of these risks and uncertainties, there can be no assurance that the forward looking statements contained herein will in fact transpire or prove to be accurate. A more complete listing of cautionary statements and risk factors is contained in the company's reports filed on Form 10-KSB and Form 10-QSB with the Securities and Exchange Commission.
International FiberCom specializes in the design, installation and maintenance of fiber-optic and other cable services for the telecommunications and cable industries. Its wholly-owned subsidiary, Concepts In Communications, provides systems integration services including design, engineering, installation and maintenance of structured cable systems, network hardware and software, workstation peripherals and intercommunications systems.
Concepts maintains value added reseller and/or partner agreements with Lucent Technologies, 3Com, Bay Networks, Novell, WIN Communications, BellSouth, Compaq, Dell Computers and Hewlett Packard. Its telecommunications engineering subsidiary, Compass Communications, specializes in designing broadband video, voice and data networks systems. Southern Communications Products is a leader in a fast growing niche business within the telecommunications equipment sector. -0- *T
International FiberCom Inc.
Consolidated Statements of Operations
3 Months Ended 12 Months Ended 12 Months Ended
12/31/97(a) 12/31/97 12/31/96(a)
Contract Revenues $10,828,134 $36,325,146 $19,195,069
Cost of Revenues 6,648,592 26,238,935 15,833,378
Gross Profits $4,179,542 $10,086,211 $3,361,691
G & A Expenses 3,580,572 8,207,839 4,484,600
Other Income (Expense) 218,550 252,666 (2,937,012)
Net Income Attributed To Common Shareholders $817,520 $2,131,038 ($4,059,921)
Earnings Per Share:
Primary Earnings Per Share $.07 $.25 ($.71)
Primary Weighted Avg.
Shares Out 12,378,205 8,457,024 5,716,600
Fully Diluted Earnings
Per Share $.04 $.16 n/a
Fully Diluted Weighted
Avg. Shares Out 20,442,855 15,325,836 n/a
(a)Adjusted to reflect operations of Compass Communications due to pooling of interest acquisition
*T
CONTACT:
International FiberCom Inc., Phoenix
Joseph P. Kealy, 602/941-1900
ifci.net
or
Liviakis Financial Communications Inc.
Robert Prag, 916/448-6084
Doug R |
