CAI Wireless Systems reports second quarter results.ALBANY Albany, town, Australia Albany (ăl`bənē), town (1996 pop. 14,590), Western Australia, SW Australia. It is a port on Princess Royal Harbour of King George Sound. The town has woolen mills and fish canneries. , N.Y.--(BUSINESS WIRE)--Nov. 16, 1994--CAI Wireless Systems 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 :CAWS CAWS Create A Wrestler (video games) CAWS Community Animal Welfare Society (Salt Lake City, Utah) CAWS Close Assault Weapon System CAWS Common Arrangement of Work Sections (engineering) ) today reported results from operations for the three month period ending Sept. 30, 1994. Revenues for the second fiscal quarter of 1995 were $475,307 compared to $123,818 for the period ended Sept. 30, 1993. The company reported a net loss of $2.1 million or 14 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for this quarter compared to a loss of $5.3 million or 45 cents per share in the same period last year. For the six month period ended Sept. 30, 1994 revenues were $878,190 compared with $123,818 for the same six month period last year. The net loss for the six month period was $3.7 million or 24 cents per share compared with $5.4 million or 46 cents per share last year. "We are very pleased with the progress we made during the quarter. In August, the Company announced its participation in a Video Dial Tone (communications) video dial tone - A means by which telephone companies can deliver "television" programs on a common carrier basis and, by law, provide equal access to all. test with Rochester Telephone Rochester Telephone Company (not to be confused with RTC of Rochester, Indiana) was for most of the 20th century, the sole phone company servicing Rochester and surrounding counties in upstate New York. . Additionally, we have now relaunched the Albany system after a technical upgrade and have completed contruction and begun operations in two new markets, Rochester, N.Y. and Norfolk/Virginia Beach, Va. Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , during the quarter the Company generated a gross subscriber and EBU EBU European Broadcasting Union EBU English Bridge Union EBU Enterprise Backup Utility (Oracle 7) EBU European Boxing Union EBU European Board of Urology EBU Electronic Business Unit EBU Equivalent Billing Unit EBU Engine Build Unit increase of approximately 40%," said Jared E. Abbruzzese, chairman and chief executive officer. CAI (1) (Computer-Assisted Instruction) Same as CBT. (2) See CA. CAI - Computer-Aided Instruction Wireless Systems Inc. currently operates wireless cable systems in Albany and Rochester, N.Y. and Norfolk/Virginia Beach, Va. CAI is also participating in Video Dial Tone Tests with the Southern New England Telephone The Southern New England Telephone Company (commonly referred to as SNET by its customers) started operations on January 27, 1878 as the District Telephone Company of New Haven. It was the founder of the first telephone exchange, as well as the world's first telephone book. company in West Hartford West Hartford, town (1990 pop. 60,110), Hartford co., central Conn., a suburb of Hartford; settled c.1679, inc. 1854. Industrial production, which comprises a geographically small part of West Hartford, includes machine tools and parts, aircraft accessories, air , Conn. and with Rochester Telephone in Rochester. The company's portfolio of wireless channel rights includes packages on Long Island and in Buffalo and Syracuse, N.Y., Hartford, Conn. and Boston, Mass. The company is also pursuing strategic relationships with regional telephone companies for low cost video distribution. -0-
CAI WIRELESS SYSTEMS INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(unaudited)
Three-month Six-month
periods ended periods ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1994 1993 1994 1993
Revenues $475,307 $123,818 $878,190 $123,818
Costs and expenses
Programming and
license fees 189,609 54,314 339,933 54,314
Marketing 206,493 671 282,504 671
General and admini-
strative 2,241,328 2,981,289 4,302,227 3,026,334
Depreciation and
amortization 384,288 41,598 577,316 42,465
3,021,718 3,077,872 5,501,980 3,123,784
Operating loss (2,546,411) (2,954,054) (4,623,790) (2,999,966)
Financial income
(expense)
Interest income 198,745 -- 419,369
Other income 57,263 10,264 281,947 10,264
Interest expense (64,823) (343,344) (130,616) (343,344)
Interest expense-
related parties (4,396) (2,015,694) (8,792) (2,029,194)
186,789 (2,348,774) 561,908 (2,362,274)
Loss before minority
interest (2,359,622) (5,302,828) (4,061,882) (5,362,240)
Minority interest in
loss 210,729 -- 328,720 --
Net loss $(2,148,893) $(5,302,828) $(3,733,162) $(5,362,240)
Loss per share ($.14) ($.45) ($.24) ($.46)
Average common and
equivalent shares
outstanding 15,428,268 11,777,431 15,396,717 11,777,431
-0-
CONTACT: CAI Wireless Systems Inc., Albany
Jared E. Abbruzzese, 518/462-2632
or
Ludgate Communications, New York
Kristin M. Anderson, 212/688-5144
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