Cabletel Communications Reports Sharp First Quarter Revenue & Gross Profit Increases.Business Editors MARKHAM, ONTARIO--(BUSINESS WIRE)--May 9, 2000 51% First Quarter Revenue Gain, Record $ 10.9 Million Backlog & Stirling Connectors' Two Back-to-Back Million Dollar Months Point to Further Growth in 2000 Cabletel Communications' (AMEX AMEX See: American Stock Exchange : TTV TTV Transfusion Transmitted Virus TTV Total Thickness Variation (semiconductor wafer planarity) TTV TechTV TTV Total Transaction Value TTV Tapping the Vein (band) TTV Target Test Vehicle , TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : TTV), the leading distributor of broadband equipment to the Canadian television Canadian television may refer to:
Cabletel's net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the first quarter ended March 31, 2000 rose to $15,439,971 from the $10,201,301 recorded for the first quarter of 1999 (all figures are in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents ). Net income for the quarter amounted to $112,935, or $0.02 per share, compared to $100,435 or $0.02 per share, for the same period last year. The Company noted that the 2000 first quarter earnings included non-recurring moving and relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. costs of approximately $125,000, while the 1999 first quarter included total gains of $195,000 on sale of building and insurance proceeds. Normalized pre-tax income for the 1999 first quarter would have been $28,000. Cabletel further noted that increased SGA SGA abbr. small for gestational age Small-for-gestational-age (SGA) A term used to describe newborns who are below the 10th percentile in height or weight for their estimated gestational age. costs to service higher levels of sales included $487,000 in international marketing costs that were recovered in increased international billings. Cabletel pointed out that its aggressive growth focus is expected to continue to show benefits going forward. The Company will target high margin products, product diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. and customer-based expansion into new markets. Further efficiencies are expected to result from the recent consolidation of operations into new and larger quarters. Greg Walling, Cabletel's President and Chief Executive Officer, commented, "Management is pleased with our Company's accelerating sales growth. Increased international billings comprised a good portion of that growth and validated val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. our decision to incur greater international marketing costs. Stirling Connectors' two back-to-back million dollar revenue months are particularly gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. . Our dual focus over the balance of the year will be to sustain growth on both the top and bottom lines, thereby enhancing shareholder value. With a strong backlog and sales to date surpassing expectations, we look forward to an exciting year. " Cabletel Communications offers a wide variety of products to the Canadian television and telecommunications industries required to construct, build, maintain and upgrade systems. The Company's engineering division offers technical advice and integration support to customers. Stirling Connectors, Cabletel's manufacturing division supplies national and international clients with proprietary products for deployment in cable, DBS (Direct Broadcast Satellite) A one-way TV broadcast service from a communications satellite to a small round or oval dish antenna no larger than 20" in diameter. and other wireless distribution systems. More information about Cabletel can be found at www.cabletelgroup.com. Except for the historical information in this document, it includes 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 involve risks and uncertainties including, but not limited to, quarterly fluctuations in results, the management of growth, and other risks detailed from time to time in the Company's Securities and Exchange Commission filings Actual results may differ materially from management expectations.
Cabletel Communications Corporation
Consolidated Statement of Operations
(Canadian $)
(Unaudited)
Three Months Ended
March 31
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2000 1999
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Net Sales $15,439,971 $10,201,301
Cost of Sales 12,626,681 8,380,106
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Gross Profit 2,813,289 1,821,195
Selling, General &
Administrative Expenses 2,664,283 1,651,566
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Income (Loss) From Operations 149,006 169,629
Other:
Depreciation and Amortization 53,580 72,508
Interest Expense -- Bank Loan 114,092 68,701
Interest Expense -- Term Loan 5,000 0
(Gain) on Sale of Building 0 (122,070)
(Gain) on Life Insurance 0 (72,570)
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Income (Loss) Before Income Taxes (23,665) 223,060
Income Taxes Provision (136,600) 122,625
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Net Income (Loss) $112,935 $100,435
Net Income (Loss) Per Share
Basic $0.02 $0.02
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Diluted $0.02 $0.01
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Weighted average No. of shares
Basic 6,821,522 6,545,112
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Diluted 7,140,281 6,879,650
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