Printer Friendly

IDB COMMUNICATIONS GROUP REPORTS RECORD FIRST-QUARTER RESULTS

 LOS ANGELES, May 11 /PRNewswire/ -- IDB Communications Group Inc. (NASDAQ: IDBX) today reported record results for the first quarter ended March 31, 1993. Revenue for the quarter was $64,421,000, up 121 percent over the $29,084,000 reported for the same period in 1992. First- quarter 1993 net income before preferred stock dividend rose 237 percent to $4,444,000, or 25 cents per share, from $1,318,000, or 13 cents per share, in the same quarter a year ago. Fully diluted weighted average shares outstanding for the quarter were 17,980,000 versus 10,468,000 shares in the first quarter of 1992.
 "We are very pleased with the first quarter results in all four business units," stated Jeffrey Sudikoff, chairman and chief executive officer. "Of particular note, IDB WORLDCOM continues to increase its international long distance business. Since Jan. 1, 1993, we have signed nine new operating agreements with the following foreign governments to provide international private line and public switched long distance service: Azerbaijan, Kazakhstan, Venezuela, Argentina, Hong Kong, Mexico, Colombia, India and Spain."
 Edward Cheramy, president, noted, "This was our first quarter consolidating the financial results of our 1992 WORLDCOM acquisition. The 237-percent increase in net income before preferred stock dividend is in large part due to the successful integration of WORLDCOM's operations into IDB.
 Cheramy added, "In January, we continued our acquisition activity by reaching a definitive agreement with Pacific Telecom Inc. (NASDAQ: PTCM), a subsidiary of PacifiCorp (NYSE: PPW), to acquire TRT Communications Inc., for 4.5 million shares of IDB common stock. In addition, the companies signed operational assistance and related agreements which became effective March 1, 1993, and are expected to generate at least $1 million per month in additional revenue for IDB until the transaction closes, which is expected in the third quarter."
 IDB Communications Group Inc. operates a domestic and international communications network which provides its customers with radio and television transmission services, international private-line and public- switched long distance telephone service, facsimile and data connections and mobile satellite communications capabilities.
 IDB COMMUNICATIONS GROUP INC.
 OPERATING RESULTS
 Three months ended March 31, 1993 1992
 Revenues
 Transmission services $56,689,000 $26,603,000
 Systems integration and
 other income 5,932,000 1,981,000
 Fees Earned from TRT and WORLDCOM 1,800,000 500,000
 Total revenues 64,421,000 29,084,000
 Costs and expenses:
 Costs of sales 41,755,000 18,418,000
 Selling, general & administrative 7,680,000 4,358,000
 Depreciation 4,539,000 2,105,000
 Amortization 1,059,000 714,000
 Total costs & expenses 55,033,000 25,595,000
 Operating income 9,388,000 3,489,000
 Net interest expense 1,889,000 1,317,000
 Income before minority interest
 and income taxes 7,499,000 2,172,000
 Minority interest (30,000) 48,000
 Income before income taxes 7,469,000 2,220,000
 Provision for income taxes 3,025,000 902,000
 Net income before preferred
 stock dividend 4,444,000 1,318,000
 Preferred stock dividend 378,000 ---
 Net income available to
 common shareholders $ 4,066,000 $ 1,318,000
 Earnings per share $ 0.25 $ 0.13
 Weighted average common
 shares outstanding:
 Primary 15,970,000 10,393,000
 Fully diluted 17,980,000 10,468,000
 -0- 5/11/93
 /CONTACT: Doug Sherk or Ken Dennard, 415-296-7383, or David Walke or Miriam Adler, 212-986-5900, all of Morgen Walke, for IDB/
 (IDBX PTCM PPW)


CO: IDB Communications Group Inc. ST: California IN: TLS SU: ERN

LH-LM -- SF001 -- 6759 05/11/93 06:31 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 11, 1993
Words:597
Previous Article:ADVANCED POLYMER SYSTEMS ANNOUNCES FIRST-QUARTER 1993 RESULTS
Next Article:APPLE SHIPS QUICKDRAW GX BETA SOFTWARE TO 15,000 DEVELOPERS
Topics:


Related Articles
IDB COMMUNICATIONS REPORTS RECORD THIRD QUARTER RESULTS
IDB COMMUNICATIONS GROUP REPORTS RECORD REVENUE AND EARNINGS FOR 1992
IDB COMMUNICATIONS REPORTS MAY INCREASES IN INTERNATIONAL LONG DISTANCE MINUTES
IDB COMMUNICATIONS GROUP REPORTS RECORD SECOND QUARTER AND SIX MONTH RESULTS
PACIFIC TELECOM REPORTS EARNINGS
IDB COMMUNICATIONS GROUP REPORTS RECORD THIRD-QUARTER AND NINE-MONTH RESULTS
PACIFIC TELECOM ANNOUNCES RECORD NET INCOME
IDB COMMUNICATIONS GROUP REPORTS RECORD REVENUES AND EARNINGS FOR 1993

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters