MRBIGAIR,
How's this:
Metro One Telecommunications Announces Record Fourth Quarter And Full Year Results
Full Year Revenues and Net Income Up 73% and 152%, Respectively
PORTLAND, Ore., Feb. 16 /PRNewswire/ -- Metro One Telecommunications, Inc.
(Nasdaq: MTON), the leading independent provider of Enhanced Directory
Assistance(R) (EDA) to the telecommunications industry, today reported record
revenues and net income for the fourth quarter and the full year ended
December 31, 1998.
Revenues for the fourth quarter of 1998 ended December 31, 1998 increased
to a record $13,859,000, or 53% above 1997 fourth quarter revenues of
$9,081,000 and 23% above third quarter 1998 revenues of $11,312,000. Net
income for the fourth quarter was $1,577,000, or $0.14 per diluted share,
compared with net income of $1,062,000, or $0.10 per diluted share, in 1997's
fourth quarter and $916,000, or $0.08 per diluted share, in 1998's third
quarter.
Revenues for the year ended December 31, 1998 grew 73% to $45,139,000 from
$26,090,000 in 1997. Net income for the 1998 year was $3,603,000, or
$0.32 per diluted share, compared with net income of $1,432,000, or $0.13 per
diluted share, for 1997. Weighted average shares outstanding at
December 31, 1998 were 11,274,000, as compared to 10,961,000 at
December 31, 1997.
"Call volume continued to grow rapidly across our customer base in both
existing and new markets providing us with another quarter of substantial
growth," commented Timothy A. Timmins, president and chief executive officer
of Metro One. "As part of our strategy to support this growth, we will
continue to invest in the buildout of our call center network in 1999 and into
2000. However, as we leverage our existing infrastructure, new call centers
and additions to our core capabilities are expected to have less of a relative
impact on overall expenses and have an increasingly positive impact on the
bottom line."
"Our results reported today demonstrate the ongoing strength of our
business," continued Timmins. "Metro One has established itself as the
leading supplier in the industry with its unmatched service and nationwide
call center network. In addition, we continue to have discussions with both
potential new customers interested in our service as well as with existing
customers about expanding our service to include additional markets. We
believe the trend toward outsourcing continues and that more and more carriers
will seek to differentiate their service through the use of Metro One's
Enhanced Directory Assistance."
Metro One Telecommunications, Inc. is recognized as the pioneer in the
development of Enhanced Directory Assistance services for the
telecommunications industry. The company operates a network of eighteen
strategically located call centers throughout the U.S. The company handled
approximately 71 million requests for directory assistance on behalf of its
carrier customers for 1998. For more information, visit the Metro One
Telecommunications web site at metro1.com.
This press release contains forward-looking statements that are made
pursuant to the safe harbor provisions of The Private Securities Litigation
Reform Act of 1995. The forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements, including, but not limited to, increased
competition, expiration of EDA contracts, the rapidly changing
telecommunications market, changes in pricing policies by the company or its
competitors, lengthy sales cycles, lack of market acceptance or delays in the
introduction of new versions of the company's products or features, the timing
of the initiation of wireless services in the new market areas by
telecommunications customers, the timing and expense of the company's
expansion of its nationwide call center network and other factors detailed in
the company's Securities and Exchange Commission filings, including its
reports on Form 10-KSB for the year ended December 31, 1997 and on Form 10-QSB
for the quarter ended September 30, 1998. The forward-looking statements
should be considered in light of these risks and uncertainties. |
