CabelTel International Corporation Announces Results for the First Quarter of 2005.DALLAS Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. -- CabelTel International Corporation (AMEX AMEX See: American Stock Exchange :GBR GBR Great Britain GBR United Kingdom (ISO Country code) GBR Great Barrier Reef GBR Gesellschaft Bürgerlichen Rechts GBR Global Broadband Roaming GBR Ground-Based Radar GBR Great Bear Rainforest ) announced today its operating results for the first quarter of 2005. Operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. for the quarter ending March 31, 2005 were $3,969,000 compared to $2,178,000 for the same quarter in 2004. The Company's net loss applicable to common shareholders for the same period was $504,000 compared to a loss of $577,000 for the same period in 2004. The loss per share for the period was $0.52 compared to a loss per share of $0.59 for the same quarter in 2004. On October October: see month. 12, 2004 the Company acquired two privately-held U.S. Corporations in exchange for 31,500 shares of newly-designated Series J 2% Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . The two U.S. corporations collectively own 100% of Tacaruna BV, a Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. company, which in turn directly and indirectly owns a combined 74.8% of CableTEL AD ("CableTEL"). CableTEL is a cable television operator in the Country of Bulgaria Bulgaria (bŭlgâr`ēə), Bulgarian Balgarija, officially Republic of Bulgaria, republic (2005 est. pop. 7,450,000), 42,823 sq mi (110,912 sq km), SE Europe, on the E Balkan Peninsula. . At present CableTEL believes it is the largest cable television operator in Bulgaria and estimates that its cable subscribers represent approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 11.5% of the market in Bulgaria. CableTEL also operates fixed voice telephony Meaning "sound over distance," it refers to electronically transmitting the human voice. In the beginning, telephony dealt only with analog signals in the circuit-switched networks of the telephone companies. services and provides internet access See how to access the Internet. data services, primarily in Bulgaria. While CabelTel International Corporation was the acquiring company, due to the relative values of the entities for reporting purposes the transaction was accounted for as a reverse acquisition. This means that CabelTel International Corporation is being accounted for as if it had been acquired by CableTEL AD. For that reason, in this quarter's Form 10-Q Form 10-Q See 10-Q. presentation, the Company's Income Statements for 2004 only represents the operations of CableTEL AD. The Income Statement for the first quarter of 2005 reflects the operations of CableTEL AD combined with CabelTel International Corporation. The Series J 2% Preferred Stock is not convertible to common stock. However, in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with certain terms of the acquisition agreement CabelTel International Corporation is required to seek shareholder approval of an exchange of the Series J 2% Preferred Stock for 8,788,000 shares of the Company's common stock. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, including the 8,788,000 shares potentially to be issued, the net loss per common share for the quarter ending March 31, 2005 was $0.05 compared to a loss of $0.06 for the same quarter in 2004. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Any of the matters and subject areas discussed in this press release that are not historical or current facts deal with potential future circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , operations, and prospects. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. future expectations generally and may also materially differ from CabelTel International Corporation's actual future experience involving any one or more of such matters and subject areas relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc interest rate fluctuations, foreign currency fluctuations, ability to obtain adequate debit A monetary amount that is subtracted from an account balance. A debit from one account is a credit to another. See credit. and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. , demand, pricing, competition, construction, licensing, permitting, construction delays on new developments, contractual and licensing matters and other delays on the disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of , transition, or restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of currently or previously owned, leased or managed investments in the Company's portfolio, and the ability of the Company to continue managing its costs and cash flow. CabelTel International Corporation has attempted to identify, in context, certain of the factors that the Company currently believes may cause actual future experience and results to differ from the Company's current expectations regarding the relevant matter or subject area. These and other risks and uncertainties are detailed in the Company's reports filed with the Securities and Exchange Commission (SEC), including CabelTel International Corporation's Annual Reports on form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Quarterly Reports on Form 10-Q.
CabelTel International Corporation
Consolidated Balance Sheets
(Amounts in thousands)
March December
31, 31,
Assets 2005 2004
(Unaudited)
------------ -----------
Current Assets
Cash and cash equivalents $671 $1,352
Accounts receivable-trade 1,297 1,016
Inventory 179 1,166
Notes receivable 756 856
Assets held for sale 3,023 3,939
Other current assets, net 4,103 710
------------ -----------
Total Current Assets 10,029 9,039
Property and equipment, at cost
Land and improvements 2,114 2,114
Buildings and improvements 8,593 9,982
Equipment and furnishings 13,233 12,246
Assets under construction 10,523 11,571
Proven oil and gas properties (full cost
method) 1,281 1,357
------------ -----------
35,744 37,270
Less accumulated depreciation, depletion
and amortization (5,442) (5,172)
------------ -----------
30,302 32,098
Goodwill 8,260 8,339
Other Assets 1,575 1,037
------------ -----------
Total Assets $50,166 $50,513
============ ===========
CabelTel International Corporation
Consolidated Balance Sheets - Continued
(Amounts in thousands)
March December
31, 31,
Liabilities and Stockholders' Equity 2005 2004
(Unaudited)
----------- --------
Current Liabilities
Current maturities of long-term debt $10,892 $9,603
Accounts payable - trade 7,490 3,887
Accrued expenses 7,685 9,498
Other current liabilities 318 1,792
----------- --------
Total Current Liabilities 26,385 24,780
Long-term debt 19,200 20,263
Other long term liabilities 1,321 1,557
----------- --------
Total Liabilities 46,906 46,600
Minority Interest 2,930 2,954
Stockholders' Equity
Preferred stock Series B 1 1
Preferred stock Series J 3,150 3,150
Common stock $.01 par value; authorized,
4,000,000 shares; shares issued and
outstanding, 977,000 10 10
Additional paid-in capital 4 4
Accumulated other comprehensive income (loss) 889 1,014
Retained earnings (3,724) (3,220)
330 959
----------- --------
Total Liabilities & Stockholders' Equity $50,166 $50,513
=========== ========
CabelTel International Corporation
Consolidated Statements of Operations
(Amounts in thousands, except per share data)
For The Three Month
Period Ended March
31,
2005 2004
----------- ----------
(Unaudited)
Revenue
Cable operations $2,405 $2,178
Real estate operations 1,150 --
Oil and gas operations 414 --
----------- ----------
3,969 2,178
----------------------
Operating expenses
Cable operation 1,872 1,249
Real estate operations 615 --
Oil and gas operations 267 --
Lease expense 575 195
Depreciation, depletion and amortization 558 604
Corporate, general and administrative 1,633 649
----------- ----------
5,520 2,697
----------- ----------
Operating earnings (loss) (1,551) (519)
Other income (expense)
Interest income 40 3
Interest expense (827) (49)
Loss on foreign exchange transactions, net (281) (54)
Net gain on sale cable duct 1,843 --
Net (loss) on sale of assets (118) (223)
Other 389 312
----------- ----------
1,046 (11)
----------- ----------
Earnings from continuing operations before
Income taxes and minority interest (505) (530)
Income tax (income) expense 14 (18)
Minority interest (income) expense (15) 65
----------- ----------
----------- ----------
Net earnings (loss) from continuing
operations (504) (577)
----------- ----------
Earnings per share - basic and diluted
Net earnings (loss) per share $(0.52) $(0.59)
In accordance with the provisions of the acquisition agreement the
Company is required to seek shareholder approval permitting the
Series J shareholders to exchange into 8,788,000 shares of the
Company's common stock. The following pro forma earnings per share
assume such exchange has occurred.
Pro forma earnings per share - basic and diluted
Net income (loss) $(0.05) $(0.06)
Diluted weighted average common shares 9,766 9,766
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion