AMNEX reports record 3rd quarter revenue and earnings.NEW YORK--(BUSINESS WIRE)--Nov. 14, 1996--AMNEX, Inc (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on SYMBOL: AMXI) today announced net income after taxes for the three and nine months ended September September: see month. 30, 1996 was $897,000 and $1,695,000 representing a 78% increase and a 23% increase respectively from $505,000 and $1,375,000 for the comparable period ended September 30, 1995. Revenue for the three and nine months ended September 30, 1996 was a record $37,430,000 and $88,188,000 representing a 23% and 10% increase respectively from $30,391,000 and $80,664,000 for the comparable periods last year. Peter M. Izzo, Jr. Chief Executive Officer, stated, "Increased revenues were derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. entirely from a combination of newly offered international services, 1+ coin services and ownership of payphones. Moreover, as the Company continues to rely less on domestic operator services A variety of telephone services that require human intervention, including person-to-person calls, collect calls, credit card billing and directory and dialing assistance. Such services are performed by LECs, IXCs and alternative operator services (AOS), organizations that are used by , overall company margins should continue to improve. For the most recent three month period, domestic operator services provided 68.1% of our total revenues, compared to 93.2% for the same period last year. Cost of sales as a percent of revenue was lowered to 78.3% compared to 84%. The decrease relates to improved profit margins due to the change of product mix now offered by the Company." Ken Baritz, Chairman, stated, "Steps taken to enhance profits by undergoing a strategic transition to higher margin niche niche: see ecology. niche Smallest unit of a habitat that is occupied by an organism. A habitat niche is the physical space occupied by the organism; an ecological niche is the role the organism plays in the community of organisms found in the businesses while downgrading downgrading A reduction in the quality rating of a security issue, generally a bond. A downgrading may occur for various reasons including a period of losses, or increased debt service required by restructuring a firm's capital to include more debt and less lower margin operations are beginning to impact positively on company results. Net cash provided by operating activities was a record $3.9 million for the nine months ended Sept. 30, 1996 as compared to a loss of $3.3 million for the comparable period in 1995. I believe the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. quarterly comparisons will not only continue, but accelerate for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future." -0-
AMNEX, INC.
Condensed Consolidated Statements of Income
For the Three and Nine Months Ended September 30, 1996 and 1995
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1996 1995 1996 1995
Revenues $ 37,430 $ 30,391 $ 88,188 $ 80,644
Costs and expenses:
Cost of sales 29,325 25,529 70,863 66,635
Selling, general
and administrative 5,216 3,197 11,414 9,001
Depreciation and
amortization 883 483 1,807 1,374
------- -------- ------- -------
35,424 29,209 84,084 77,010
Operating income 2,006 1,182 4,104 3,634
Interest expense 869 456 1,973 1,368
Income before
income taxes 1,137 726 2,131 2,266
Provision for
income taxes 240 221 436 891
Net income $ 897 $ 505 $ 1,695 $ 1,375
Preferred shared
dividend 154 153 462 386
Net income available
for common shares $ 743 352 $ 1,233 $ 989
Earnings per
common share $ 0.03 $ 0.02 $ 0.06 $ 0.05
Weighted average
number of shares
outstanding used
in computing earnings
per common share 24,666 19,796 22,014 19,118
CONTACT: AMNEX, Inc., 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 Kenneth G. Baritz, 212/867-0166 |
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