Printer Friendly

MERCOM REPORTS SECOND QUARTER RESULTS

 MERCOM REPORTS SECOND QUARTER RESULTS
 WILKES-BARRE, Pa., July 21 /PRNewswire/ -- Mercom, Inc.


(OTC Bulletin Board: MEROC) today reported a loss before income tax benefits of $601,000 for the second quarter of 1992 as compared to a loss of $811,000 for the same period in 1991.
 This improvement was due to increased subscribers, improved operating cost control, and lower interest rates. Mercom had sales of $2,917,000 and a loss from continuing operations of $601,000 for the three months ended June 30, 1992, as compared to sales of $2,732,000 and a loss from continuing operations of $586,000 for the three months ended June 30, 1991. The company recorded income tax benefits of $225,000 during the second quarter of 1991; however, similar benefits have not been recorded in 1992 due to uncertainty of realization. Earnings per average common share from continuing operations reflect a loss of $.25 for both the second quarter of 1992, and the second quarter of 1991.
 The company's liabilities exceed the book value of its assets by approximately $12,277,000 at June 30, 1992.
 During June 1992, the company was reincorporated in Delaware in accordance with the plan approved by its shareholders at the last annual meeting, to enable it to take advantage of the flexibility and predictability afforded by Delaware General Corporation Law with respect to its corporate legal affairs. The company said it believes that, as a result, it will gain flexibility in its ability to obtain and raise the capital necessary to improve the company's financial position.
 Mercom provides cable television services to subscribers in southern Michigan and Port St. Lucie, Fla. Since December 1991, the company has been operating under the management of C-TEC Corporation (NASDAQ: CTEX), a diversified telecommunications company headquartered in Wilkes-Barre. Mercom is traded on NASD's Electronic Over-the-Counter Bulletin Board under the symbol MEROC.
 MERCOM, INC.
 Consolidated Financial Data
 (Unaudited)
 Three months ended June 30 1992 1991
 Sales $2,917,000 $2,732,000
 (Benefit) for income taxes --- 225,000
 Net (loss) (601,000) (586,000)
 Net loss per average common share
 outstanding $(.25) $(.25)
 Average common shares outstanding 2,393,530 2,393,530
 Six months ended June 30 1992 1991
 Sales $5,793,000 $5,410,000
 (Benefit) for income taxes --- 508,000
 Net (loss) (1,119,000) (1,163,000)
 Net loss per average common share
 outstanding $(.47) $(.49)
 Average common shares outstanding 2,393,530 2,393,530
 -0- 7/21/92
 /CONTACT: Ralph Hromisin (finance), 717-825-1175, or Carrie Thorpe, 717-825-1177, both of Mercom/
 (MEROC CTEX) CO: Mercom, Inc.; C-TEC Corporation ST: Michigan, Florida, Pennsylvania IN: ENT SU: ERN


JS-MK -- PH037 -- 1472 07/21/92 15:45 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:Jul 21, 1992
Words:450
Previous Article:LACK OF FOCUS, ACCOUNTABILITY UNDERMINES COMMUNICATION PROGRAMS
Next Article:CERADYNE ANNOUNCES RESULTS
Topics:


Related Articles
MERCOM REPORTS FIRST QUARTER RESULTS
MERCOM REPORTS SECOND QUARTER RESULTS
MERCOM REPORTS SECOND QUARTER 1995 NET INCOME OF $0.03 PER SHARE VS. NET LOSS OF $0.01 PER SHARE
MERCOM REPORTS THIRD QUARTER 1995 NET INCOME OF $0.04 PER SHARE VS. NET LOSS OF $0.01 PER SHARE
MERCOM REPORTS YEAR-END AND FOURTH QUARTER RESULTS; INCREASES IN NET INCOME, AND SALES ON INCREASED SHARES OUTSTANDING
C-TEC REPORTS SIGNIFICANT GROWTH IN FIRST QUARTER OPERATING RESULTS; INCREASES ATTRIBUTED TO CORE CABLE TELEVISION AND TELEPHONE SEGMENTS
MERCOM REPORTS FIRST QUARTER 1996 EARNINGS
C O R R E C T I O N -- MERCOM, INC.
C-TEC Announces Record Second Quarter Results; EBITDA Increased 23%
Mercom Reports Strong Second Quarter Results; Revenues and Operating Income Post Gains

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