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DIAL PAGE INC. REPORTS FIRST QUARTER FINANCIAL RESULTS

 GREENVILLE, S.C., April 20 /PRNewswire/ -- Dial Page, Inc. (NASDAQ-NMS: DPGE) today reported double-digit percentage gains in operating cash flow, revenues and pagers in service for the first quarter ended March 31, 1993, compared with the same period a year ago.
 Operating cash flow -- or earnings before depreciation, amortization, interest and taxes -- the key performance measure in the paging industry -- in the year earlier quarter. First quarter revenues increased 13.2 percent to $13.96 million from $12.33 million in the same period a year ago.
 Dial Page, which provides paging and messaging services in nine Southeastern states, had 218,543 units in service as of March 31, a 17.9 percent gain from 185,403 a year earlier and a 6.8 percent advance from 204,586 units at the end of 1992. Of the 13,957 units added during the first quarter, 10,157 represented internal growth and 3,800 were added through an acquisition.
 "Dial Page's first quarter performance shows the continuing success of our enhanced-services strategy, which has made Dial Page the leader in several of the standards by which the industry is judged," said Jeffrey R. Hultman, Dial Page president and chief executive officer. "We enjoy high per-pager revenues, cash flow and cash flow margins relative to other public companies in this industry.
 "We are achieving our objectives for operating cash flow, which is the key performance measure in the paging industry," Hultman said. "Industry officials and analysts focus on operating cash flow rather than net income because paging companies incur heavy up-front marketing expenses to grow the business, and incur a disproportionate amount of non-cash expenses, such as depreciation on equipment, as this business grows."
 First quarter operating cash flow margins increased to 37.5 percent from 36.4 percent in the year ago quarter, while cash flow per pager rose to $8.25 from $8.22.
 After interest expense, taxes, depreciation and amortization, the first quarter net loss totaled $3.06 million, or 45 cents a share. This loss included an extraordinary charge of $1.58 million to write off loan origination fees associated with the company's prior credit agreements for its senior bank debt. This charge was a result of repaying such indebtedness from the proceeds of the sale of the company's $85 million 12.25 percent senior notes. Excluding the extraordinary item, the loss was $1.49 million, or 22 cents a share. Last year, Dial Page reported a first quarter net loss of $3.62 million, or 72 cents a share.
 During the first quarter, Dial Page also achieved continued growth in market penetration of its MessageWriter(R) alphanumeric pagers -- paging devices that store and deliver text messages on a liquid crystal display. Dial Page leads the industry in implementing alphanumeric paging services.
 The number of Dial Page alphanumeric pagers in service grew by 2,699 units during the first quarter, bringing the total to 30,663 units, or 14 percent of all units in service, as of March 31. This compares with 21,749 alphanumeric units, representing 11.7 percent of all Dial Page units in service, at the end of the first quarter last year. Alphanumeric market penetration averaged approximately 3.7 percent for the overall paging industry in 1992.
 Average monthly revenues per pager totaled $22.00, well above the industry average, but below $22.57 for the first quarter of 1992. This was due to continued emphasis on long-term contracts, the impact of acquired units, and continued industry-wide pricing competition.
 "The paging industry appears to be one of the bright spots in the U.S. economy," Hultman said. "By all accounts, this industry continues to grow at a healthy pace in terms of both units and operating cash flow."
 FINANCIAL HIGHLIGHTS
 dollars in thousands, except per-share data
 Three Months Ended March 31,
 1993 1992
 Revenues $13,963 $12,333
 Operating Expenses $ 8,726 $ 7,841
 Operating Cash Flow $ 5,237 $ 4,492
 Depreciation & Amortization $ 4,218 $ 4,371
 Operating Income $ 1,019 $ 121
 Interest expense $ 2,344 $ 2,744
 Other expenses $ 160 $ 995
 Net Loss ($3,062)(A) ($3,618)
 Net Loss Per Share ($0.45) ($0.72)
 Weighted Average Number
 of Shares Outstanding 6,771 5,000
 OTHER HIGHLIGHTS
 Pagers in Service 218,543 185,403
 Alphanumeric Pagers as
 Percent of Total Pagers
 in Service 14 11.7
 Cash Flow Per Pager $8.25 $8.22
 Operating Cash Flow Margin 37.5pct. 36.4pct.
 Average Monthly Rev. Per Pager $22.00 $22.57
 (A) Includes extraordinary charge of $1,577,000 to write off loan- origination fees associated with the company's prior credit agreements for its senior bank debt. This charge was a result of repaying such indebtedness from the proceeds of the sale of the company's $85 million 12.25 percent senior notes. Excluding the extraordinary item, the loss was $1,485,000 or 22 cents a share.
 -0- 4/20/93
 /CONTACT: Thomas A. Grina, Chief Financial Officer, Dial Page, Inc., 803-242-0234/
 (DPGE)


CO: Dial Page, Inc. ST: South Carolina IN: TLS SU: ERN

MM -- CH001 -- 7902 04/20/93 10:07 EDT
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Date:Apr 20, 1993
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