GTS Announces First Quarter Results.Business Editors/Hi-Tech Writers NEW YORK--(BUSINESS WIRE)--May 16, 2000 Global Telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. Solutions, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: GTST GTST Goede Tijden, Slechte Tijden (Good Times, Bad Times; Dutch TV soap opera) GTST Grimsby Town Supporters Trust (Grimsby, UK) GTST Global Traffic Safety Trust ) today reported results for its first quarter ended March 31, 2000. After giving effect to the previously announced decision to exit the prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. phone card business, which is now treated as discontinued
operation discontinued operationA segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. for financial reporting purposes, the Company's loss 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 was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $226,000 compared to an approximately $403,000 loss for the quarter ended March 31, 1999. After giving effect to, in the quarter ended March 31, 2000, the loss from its discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. and the gain on the sales of the discontinued operations, the net income for the quarter was approximately $366,000 or $0.03 per share. In the quarter ended March 31, 1999 after giving effect to a loss on the conversion of debt of approximately $1.4 million (the difference between the market value of the shares on the conversion date as compared to the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the debt), the Company reported a net loss of approximately $3 million or $0.22 per share. Except for any historical information contained herein, the matters discussed in this press release contain 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 which are described in the Company's SEC reports, including the Company's Form 10-KSB for the year ended December December: see month. 31, 1999 and the Company's Prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. dated July July: see month. 9, 1997.
GLOBAL TELECOMMUNICATION SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
-----------------------
2000 1999
---------- ---------
General and administrative expenses $ 199,528 $ 398,990
Depreciation and amortization - 4,287
----------- -----------
Operating loss (199,528) (403,277)
Equity in net loss from affiliate (26,029) -
----------- -----------
Loss from continuing operations (225,557) (403,277)
----------- -----------
Discontinued operations:
Loss from discontinued operations (1,017,745) (1,182,556)
Gain on disposal of
discontinued operations 1,608,806 -
----------- ------------
----------- ------------
591,061 (1,182,556)
----------- ------------
Income (loss) before
extraordinary item 365,504 (1,585,833)
Extraordinary loss on
conversion of debt - (1,420,172)
----------- ------------
Net income (loss) $ 365,504 $ (3,006,005)
=========== ============
Primary income (loss) per share:
Loss from continuing operations $ (0.01) $ (0.03)
Income (loss) from
discontinued operations 0.04 (0.09)
Extraordinary loss on conversion of debt - (0.10)
------------ ------------
Primary income (loss) per share $ 0.03 $ (0.22)
============ ============
Weighted average shares
outstanding - basic 14,440,946 13,903,091
============= ============
GLOBAL TELECOMMUNICATION SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2000 1999
(unaudited) -----------
-----------
Current assets $ 99,566 $ 346,702
Other assets 179,390 167,142
Assets of liquidating subsidiaries 1,221,918 3,705,832
------------- -------------
Total assets $ 1,500,874 $ 4,219,676
============= =============
Accounts payable and
accrued expenses $ 3,564,009 $ 3,577,617
Other current liabilities 1,200,000 1,200,000
Liquidating subsidiaries' liabilities
subject to compromise 20,646,190 23,716,888
Other liabilities - 628,815
------------- -------------
Total liabilities 25,410,199 29,123,320
Total shareholders' equity (deficit) (23,909,325) (24,903,644)
------------- -------------
Total liabilities and
shareholders' equity (deficit) $ 1,500,874 $ 4,219,676
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