CabelTel International Corporation Announces Third Quarter Results.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 ) (the "Company") today announced a net profit of $105,000 or $0.11 per share for the three months ended September September: see month. 30, 2007 compared to a loss of $128,000 or $0.13 per share for the same period in 2006. For the nine months ended September 30, 2007, the Company reported a loss of $328,000 or $0.33 per share compared to a profit of $1.1 million or $1.11 per share during the comparable periods in 2006. The Company earned $145,000 or $0.15 per share from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the during the nine months ending September 30, 2007 compared to a continuing operations profit of $880,000 or $0.90 per share during the same period in 2006. The Company recorded an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. loss of $314,000 in the quarter ended March 31, 2007. The assets and liabilities being transferred have been reflected as Assets and Liabilities Held for Sale on the Company's balance sheets for the respective periods. The Company has an agreement to transfer its ownership of the Gainesville Gainesville. 1 City (1990 pop. 84,770), seat of Alachua co., N central Fla.; inc. 1869. The Univ. of Florida is a major source of employment in the city. Agriculture and the manufacture of electronic equipment add to the economy. Outlet Mall An outlet mall (or outlet centre) is a type of shopping mall, in which manufacturers sell their products directly to the public through their own branded stores. Clothing, sporting goods, electrical products, cosmetics, and toys are among the types of items sold at outlet and approximately 40 acres of adjacent, vacant land to an independent third party and anticipates that the transaction will close in the fourth quarter of 2007. Key items for the three and nine months ended September 30, 2007 compared to the same period in 2006 were: * For the three and nine months ended September 30, 2007, the Company recorded revenues of $751,000 and $2.2 million for its real estate operations, as compared to $708,000 and $2.1 million for the three and nine months ended September 30, 2006. The increases in revenue represent rate increases at the Company's retirement community which is fully occupied and anticipated to remain so during 2007 * For the three and nine months ended September 30, 2007, real estate operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $294,000 and $924,000, as compared to $313,000 and $1.0 million for the three and nine months ended September 30, 2006. The decrease was due to an overall decrease in operating expenses * General and administrative expenses for the three and nine months ended September 30, 2007 were $225,000 and $699,000 compared to $202,000 and $765,000 for the same periods in 2006. 2007 includes $29,000 for prior year income taxes. In 2006 the Company incurred approximately $80,000 in payroll and consulting fees not incurred in 2007. In general there was an overall reduction in administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. in the latter part of 2006 which has had the effect of lower administrative costs in 2007. * For the three and nine months ended September 30, 2007, interest income was $28,000 and $84,000, as compared to $95,000 and $417,000 for the three and nine months ended September 30, 2006. During the first quarter of 2006, the Company recorded interest income of $307,000 on loans for funds that were advanced to CableTEL AD for operating expenses. The balance of the interest income is from current and former notes receivable held by the Company. * There was no interest expense for the three and nine months ended September 30, 2007, as compared to $91,000 and $486,000 for the three and nine months ended September 30, 2006. During the first quarter of 2006, the Company recorded interest expense of $307,000 on loans it made to acquire funds which were provided to CableTEL AD for operating expenses. The interest expense equaled the interest income. * Other income was $77,000 and $142,000 for the three and nine months ended September 30, 2007, compared to $101,000 and $1.6 million for the three and nine month periods ended September 30, 2006. The income in 2006 was due almost entirely to the Company's rescinding its acquisition of CableTEL AD for which it received and recorded a break up fee of $1.5 million net of expenses. The balance of the income represents cash received from receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed that were previously fully reserved. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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