NEWS OUT!!!!
(PR NEWSWIRE) DJ: Record Breaking Sales Highlight DCI Second Quarter Impro
DJ: Record Breaking Sales Highlight DCI Second Quarter Improvements
STRATFORD, Conn., Oct. 29 /PRNewswire/ -- DCI Telecommunications, Inc. (OTC
Bulletin Board: DCTC), a facilities-based service provider, today reported
record revenues and a reduced operating loss for its second quarter ended
September 30, 1998.
Worldwide consolidated revenues totaled $10.4 million, a 197% increase over
revenues of $3.5 million in the same period in the prior year. DCI's second
quarter net loss from continuing operations was $532,000, or $.03 cents per
share, compared with a net loss of $1.6 million, or $.ll cents per share,
for the comparable period a year ago.
Consolidated revenues for the six months totaled $16.1 million, more than
twice those of revenues of $6.2 million in the comparable earlier period.
The total net loss for the first six months was $1.3 million, or $.06 per
share, versus a loss of $1.9 million, or $.14 per share, for the same prior
year period. Second quarter data is based on 20,046,974 weighted average
shares outstanding in the most recent quarter versus 13,323,928 weighted
average shares outstanding for the same period in the previous year.
The Company indicated that results from the newly formed joint venture with
TWC, DCI TIME Europe, Ltd., have not been included. The previous year's
quarter includes Edge Communications, which is accounted for as a pooling of
interest, and adjustments as to the timing of Muller Media and CardCaller
International acquisitions. The latter two adjustments had a minimal effect
on net income.
Joseph J. Murphy, president and CEO of DCI, stated "The results were as
previously forecast which exceeded budgeted expectations. With the three
previously reported contracts, the Company should turn the corner to
profitability in the quarter ending December 31, 1998." He also added, "The
Company has achieved its stated financial goals. In light of these events,
the Company intends to exercise its buyback rights to its recently issued
series F convertible preferred by the end of January 1999."
DCI also announced it was terminating its definitive agreement to acquire
Locus Corporation. This conclusion was a result of several factors. The
signing of three major distribution contracts, subsequent to the signing of
the definitive agreement with Locus, significantly increased DCIs, value and
to a lesser degree, the liquidity crunch that presently exists, makes this
less than the ideal time to proceed with the transaction.
DCI Telecommunications is an international provider of telephone services,
including long distance, prepaid telephone cards and Internet services. It
has an extensive distribution network throughout North America, Europe and
the Far East, owns telephone switching facilities in Canada, the United
Kingdom, Spain and Denmark, and has 12 operating facilities serving
customers in eight countries.
/CONTACT: Craig K. Murphy, Director of Investor Relations of DCI
Telecommunications, Inc., 203-38O-0910, ext. 3108, or
InvestorRelations@dcic.com/
11:09 EST
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