Printer Friendly

INDE ANNOUNCES FIRST QUARTER RESULTS

 INDE ANNOUNCES FIRST QUARTER RESULTS
 LOS ANGELES, May 14 /PRNewswire/ -- Independent Entertainment Group


Inc. (INDE) (NASDAQ: INDE) announced today results for its first quarter ended March 31, 1992.
 Operating income excluding the company's ConnectCard Inc. subsidiary loss increased 82 percent over the fourth quarter of 1991 and 151 percent over the prior year's first quarter. Net income for the quarter decreased, however, primarily the result of the ConnectCard Inc. loss and non-recurring "other items," including a lawsuit settlement in fourth quarter 1991. The ConnectCard Inc. subsidiary loss was reduced 38 percent for the first quarter from the fourth quarter.
 Revenue for the first quarter of 1992 remained relatively consistent with the fourth quarter. The decrease in reported revenues from the prior year's first quarter is primarily the result of a change in billing and accounting policy whereby long distance carrier charges are currently billed directly to INDE's customers and are not passed through as revenue and expense to INDE. Correspondingly, operating income excluding the company's ConnectCard Inc. subsidiary loss increased in the first quarter to 25 percent of revenue from 5 percent of revenue in the prior year's first quarter.
 INDE FINANCIAL SUMMARY
 First Fourth First
 quarter quarter quarter
 1992 1991 1991
 Revenue $1,078,704 $1,070,746 $2,179,319
 Operating income
 excluding subsidiary
 loss 273,589 150,035 109,113
 ConnectCard Inc.
 subsidiary loss (263,806) (425,779) ---
 Other items and
 income taxes 11,989 458,977 (32,500)
 Net income $21,772 $183,233 $76,613
 Operating income
 per share 0.01 0.01 0.00
 ConnectCard Inc.
 subsidiary loss
 per share (0.01) (0.02) ---
 Net income per share 0.00 0.00 0.00
 During first quarter 1992, the company increased working capital by 11 percent and reports an ending cash position of $1,000,276. Total shareholders' equity was $2,463,515 and the company has no long-term debt.
 The company's operational strategy is to eliminate the loss of its ConnectCard Inc. subsidiary in future periods and increase revenues and profits by developing new pay-per-call and pay-per-view service applications. Robert Lautz, INDE's chief executive officer, stated that, "We are putting a real effort toward marketing and substantially increasing revenues this year. While 1991 was a year of positioning and restructuring for us, our plan for 1992 is to focus on market share to accomplish vertical growth and aggressively participate in the consolidation of this industry. ConnectCard has turned the corner and we are now well-positioned to move forward with an agenda to increase profits and shareholders' equity."
 The company also announced the creation of a three-person compensation committee comprised of two outside advisers who are not executive officers or employees of the company to administer INDE's executive compensation and stock option plans. To provide proper incentive for management, all currently granted executive stock options have been modified to allow for vesting and exercise only if INDE achieves $0.07 per share in net income and a 20 percent return in shareholders' equity during 1992.
 For the year ended Dec. 31, 1991, INDE earned $1,662,228 before income taxes and $894,228 ($0.05 per share) in net income in comparison to 1990 during which the company earned $434,287 ($0.03 per share) in net income. Total shareholders' equity was $2,432,993 at Dec. 31, 1991.
 -0- 5/14/92
 /CONTACT: Fran Daniels of Financial Services of America, 310-278-4413, for INDE; or Lew Eisaguirre, CFO of INDE, 310-288-2100/
 (INDE) CO: Independent Entertainment Group Inc. ST: California IN: ENT SU: ERN


JL-EH -- LA017 -- 0047 05/14/92 09:03 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 14, 1992
Words:598
Previous Article:MEDICAL PROPERTIES INC. REPORTS RESULTS
Next Article:PIC 'N' SAVE CHANGES NAME IN DENVER TO MAC FRUGAL'S BARGAINS - CLOSE-OUTS
Topics:


Related Articles
INDE GETS $1.2 MILLION FOR SETTLEMENT OF LENDER LIABILITY SUIT
INDEPENDENT ENTERTAINMENT GROUP INC. REPORTS THIRD QUARTER AND NINE MONTHS RESULTS ENDED SEPT. 30, 1991
INDE BUYS BACK 2.7 MILLION SHARES
INDE SIGNS INVESTMENT BANKING AGREEMENT; NO REVERSE SPLIT IN EFFECT
INDE'S CONNECTCARD JOINS FORCES WITH CHARTER PACIFIC BANK
INDE ANNOUNCES YEAR-END RESULTS
INDE ACQUIRES DURANGO (900) FACILITIES
INDE TO ACQUIRE ICOM SERVICE BUREAU
INDE TO ACQUIRE H & R ENTERPRISES SERVICE BUREAU
INDE ANNOUNCES SECOND QUARTER RESULTS AND PROJECTED EARNINGS

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