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OCOM CORPORATION ANNOUNCES OPERATING RESULTS FOR SECOND QUARTER 1992

 OCOM CORPORATION ANNOUNCES OPERATING RESULTS FOR SECOND QUARTER 1992
 NEW YORK, Aug. 14 /PRNewswire/ -- OCOM Corporation (NASDAQ: OHCO) (OCOM) announced today its operating results for the three and six months ended June 30, 1992.
 OCOM CORPORATION
 (In thousands, except per share data)
 Three Months Ended June 30 1992 1991
 Revenues:
 Toll revenues $1,977 $1,266
 Transmission revenues 1,271 --
 Total 3,248 1,266
 Expenses:
 Operating 1,089 821
 SG&A 696 218
 Total 1,785 1,039
 Operating income 1,463 227
 Depreciation and amortization (1,116) (996)
 Interest and dividend income 399 --
 Income (loss) before income taxes 746 (769)
 Provision for income taxes (133) --
 Net income (loss) $ 613 $ (769)
 Net income (loss) per common share $.09 $(.12)
 Weighted average shares 7,040 6,625
 Six Months Ended June 30 1992 1992
 Revenues:
 Toll revenues $3,686 $2,300
 Transmission revenues 2,427 --
 Total 6,113 2,300
 Expenses:
 Operating 2,100 1,600
 SG&A 1,272 398
 Total 3,372 1,998
 Operating income 2,741 302
 Depreciation and amortization (2,285) (1,900)
 Interest and dividend income 795 --
 Income (loss) before income taxes 1,251 (1,598)
 Provision for income taxes (380) --
 Net income (loss) $ 871 $(1,598)
 Net income (loss) per common share $ .12 $ (.24)
 Weighted average shares 7,060 6,625
 OCOM was formerly a wholly owned subsidiary of Cellular Communications, Inc. (CCI). In 1990, CCI and PacTel Corporation ("PacTel") entered into a merger and joint venture agreement whereby, on Aug. 1, 1991, CCI's and PacTel's cellular interests in Michigan and Ohio were contributed to a new joint venture equally owned by the two companies (the joint venture).
 In connection with the merger agreement, on July 31, 1991, CCI distributed to its stockholders the stock of OCOM which consisted of CCI's long-distance and microwave operations in Ohio. CCI stockholders received one share of OCOM's common stock for every six shares of CCI stock owned. Immediately prior to the distribution, OCOM received a cash contribution of $25,000,000 from CCI. In Sept. 1991, OCOM purchased $20,000,000 of CCI Series A preference stock.
 On July 1, 1991, OCOM began operating the private line microwave transmission service between the CCI Ohio system's cell sites and switches, and began selling interexchange long distance service to the CCI Ohio system's cellular customers. OCOM and the joint venture entered into an agreement with an initial term of two years whereby OCOM provides private line services to the joint venture.
 It is currently expected that sometime in the fourth quarter of 1992, the joint venture's cellular subscribers currently using OCOM will complete their equal access selection by ballot, and begin using, their choice of long distance service provider. Since several of the long distance companies that OCOM will be competing with in the balloting process are better known and have substantially greater resources than OCOM, it is anticipated that OCOM will retain a substantially reduced percentage of its customers.
 In connection with the formation of the joint venture, PacTel applied for an MFJ (Modification of Final Judgment) waiver from the U.S. District Court for the District of Columbia to allow the joint venture to provide interLATA cellular telephone service within certain Metropolitan Statistical Areas in Northern Ohio. The waiver was denied in Jan. 1992, and an appeal of that denial is pending. Currently, OCOM provides the long distance service to the joint venture's customers in these Northern Ohio areas, which accounted for $668,000 in toll revenues in the second quarter of 1992. If the waiver is issued, it is expected that these revenues will terminate.
 RESULTS OF SECOND QUARTER OPERATIONS
 Some of the considerations for the toll revenue increase from $1,266,000 to $1,977,000 are set forth below. The three months ended June 30, 1992 and 1991 are difficult to compare for the following reasons. The 1992 revenues include (a) approximately $668,000 for interLATA calls in the joint venture's Northern Ohio MSA's made by the joint venture's Cleveland/Akron System subscribers, and (b) approximately $97,000 for voice mail services provided to the joint venture's subscribers, which revenues are not included in 1991. The (a) and (b) amounts are offset by (c) approximately $140,000 of intraLATA toll revenues in 1991, which revenues are not included in 1992.
 Transmission revenue increased from $0 to $1,271,000 as OCOM commenced operations on July 1, 1991 and began billing CCI and then the joint venture for transmission service.
 Operating expenses increased from $821,000 to $1,089,000 due to the increase in personnel and the increase in the level of cellular subscriber activity.
 Selling, general and administrative expenses increased from $218,000 to $696,000 primarily due to the increases in personnel, marketing costs and professional fees.
 Depreciation and amortization expense increased from $996,000 to $1,116,000 because additional microwave equipment was installed to serve new cell sites and to increase transmission capacity.
 Interest and dividend income increased from $0 to $399,000 due to higher cash balances and accrued dividends on the CCI preferred stock.
 -0- 8/14/92
 /CONTACT: J. Barclay Knapp, chief operating officer, 614-325-2305, for OCOM Corporation/
 (OCOM) CO: OCOM Corporation ST: New York IN: TLS SU: ERN


TS-LD -- NY006 -- 9879 08/14/92 08:54 EDT
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Date:Aug 14, 1992
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