9278 Communications Reports Record Sales of $37 Million and $0.04 Per Share Profit for First Quarter.Business Editors NEW YORK--(BUSINESS WIRE)--June 4, 2001 9278 Communications, Inc., (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :NTSE NTSE National Talent Search Examination (India) NTSE Windows NT Server / Enterprise Edition (Microsoft) ) today reported a net profit of $983,637 as compared to a loss of $492,261 for the comparable first quarter period ended in 2000. This resulted in a $0.04 profit per share on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis. This compares to a loss of ($0.02) on sales of nearly $17 million. Sales as reported for the first three months of 2001 were nearly $37.5 million. This increase of 121.8% from the comparable period ended March 31, 2000 was primarily a result of acquisitions and expansion in the third and fourth quarters of year 2000. Gross profit increased to $2.73 million for the first quarter ending March 31, 2001 as compared to $701,000 for the same period ended in 2000. This increase is a result of both increased volume and greater sales margins. The increase in gross profit was also attributed to additional higher margin on private label cards. The company was pleased to announce that it had generated nearly $1.9 million in cash from operations primarily caused by efficiencies resulting from increased infrastructure support and new business practices as it related to accounts payable and receivable items. "This was a breakout quarter for our company and a validation of our business strategy," commented 9278's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Sajid Kapadia. "In addition, we look forward to strong growth throughout the rest of this year. As our brick and mortar business
This article or section may contain original research or unverified claims. Please help Wikipedia by adding references. See the for details. grows geometrically, the addition of our updated online web site will round out our 2001 corporate goals." About 9278 Communications, Inc. 9278 Communications, Inc. is a value-added integrator (1) In electronics, a device that combines an input with a variable, such as time, and provides an analog output; for example, a watt-hour meter. (2) See systems integrator. of telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. and technologies, with a focus on the sale and distribution of prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. phone cards. Over one thousand distributors
retail more than 200 different 9278 prepaid card products including over
80 private-label cards. Phonecard phonecardNoun a card used instead of coins to operate certain public telephones phonecard n → tarjeta telefónica phonecard phone n products eventually reach an estimated 80,000 retail points of presence in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New Jersey, Virginia, Maryland, Washington, D.C., Florida, Texas, Connecticut and California. For additional information, check website for details www.9278.com and/or to schedule meetings with management, please call Stan Wunderlich at CFSG CFSG Classification of Finite Simple Groups at 800-625-2236. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to 9278 Communications, Inc., and its business. The predictions embodied em·bod·y tr.v. em·bod·ied, em·bod·y·ing, em·bod·ies 1. To give a bodily form to; incarnate. 2. To represent in bodily or material form: in these statements will involve risks and uncertainties and accordingly, 9278 Communications, Inc., actual results may differ significantly from the results discussed or implied in such forward-looking statements.
9278 COMMUNICATIONS, INC., AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31,
(UNAUDITED)
2001 2000
------------ ------------
Sales $ 37,438,730 $ 16,882,918
Cost of Sales 34,715,305 16,181,991
------------ ------------
Gross Profit 2,723,425 700,927
Operating Expenses
Selling 386,484 7,967
General and administrative 1,139,696 481,650
Depreciation and amortization 115,002 31,703
Loss on disposition of assets - 363,367
Provision for bad and doubtful debts 52,270 263,474
Interest expense 45,458 45,027
Unrealized gain on investment in
securities (2,693) -
------------ ------------
1,736,217 1,193,188
------------ ------------
Income/(Loss) from Operations
Before Income Taxes 987,208 (492,261)
Provision for Income Taxes 3,571 -
------------ ------------
Net Income/(Loss) attributable to
common shareholders $ 983,637 $ (492,261)
============ ============
Basic and diluted earnings (loss)
per share $ 0.04 $ (0.02)
============ ============
Shares used in the calculation of
earnings per share 23,593,153 20,003,337
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