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PAGENET ANNOUNCES THIRD QUARTER RESULTS; REVENUES INCREASE 42 PERCENT, OPERATING CASH FLOW UP 44 PERCENT ON 40 PERCENT INCREASE IN PAGERS

PAGENET ANNOUNCES THIRD QUARTER RESULTS; REVENUES INCREASE 42 PERCENT,
 OPERATING CASH FLOW UP 44 PERCENT ON 40 PERCENT INCREASE IN PAGERS
 PLANO, Texas, Nov. 4 /PRNewswire/ -- Paging Network, Inc. announced third quarter and nine-month results for the period ending Sept. 30, 1991. The number of pagers in service with PageNet's subscribers at Sept. 30, 1991, was 1,153,264 compared to 821,155 at Sept. 30, 1990, representing a 40.4 percent increase.
 PAGING NETWORK, INC.
 (in $ millions except per share data)
 Three Months Nine Months
 Ended Ended
 September 30, September 30,
 1991 1990 1991 1990
 Net revenues $ 43.7 $ 30.7 $117.3 $ 84.8
 Operating cash flow (A) 15.1 10.5 40.4 28.1
 Net income (loss) (2.4) (4.5) (9.7) 4.2
 Net income (loss) per share (0.09) (0.17) (0.36) 0.15
 (A) Earnings before interest, taxes, depreciation and amortization.
 For the third quarter of 1991, net revenues increased 42.3 percent to $43.7 million, compared to $30.7 million for the third quarter ending September 30, 1990. Operating cash flow increased 43.8 percent to $15.1 million for the third quarter, compared to $10.5 million for the corresponding period in 1990. For the nine months ended Sept. 30, 1991, net revenues increased 38.3 percent to $117.3 million compared to $84.8 million for the nine-months ended Sept. 30, 1990 and operating cash flow increased 44.1 percent to $40.4 million, compared to $28.1 million for the corresponding period in 1990.
 Net loss was $2.4 million for the three months ended Sept. 30, 1991. For the nine months ended Sept. 30, 1991, net loss was $9.7 million, compared to net income of $4.2 million, for the corresponding nine-month period in 1990. Net income reported for the nine months in the prior year period included a gain of $17.7 million on the sale of the company's Alabama paging operations, without which its net loss would have been $13.5 million for the nine-month period ended Sept. 30, 1990.
 Commenting on the third quarter and nine-month results, George M. Perrin, chief executive officer of PageNet, stated, "We are very pleased to continue our annual growth in subscribers, revenues and operating cash flow. Operating cash flow is the key performance parameter within our industry, and we are encouraged that our service income cash flow margins, which exclude the impact of gross margins from product sales, improved from 34.0 percent in the corresponding period last year to 34.8 percent in the third quarter of this year. Our success in enhancing our margins while sustaining significant growth reflects operating improvements in recently established startup markets, benefits of greater economies of scale, and the achievement of lower costs to serve our subscriber base."
 With more than 1.2 million pagers in service nationwide, PageNet has more pagers in service than any other paging company in the United States. PageNet currently provides local, regional and nationwide paging services in 21 states and the District of Columbia through 33 local offices.
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 /CONTACT: Suzanne Seifert of Michael & Partners, 214-520-1200; or Terry Scott of PageNet, 214-985-4100/ CO: Paging Network, Inc. ST: Texas IN: TLS SU: ERN KD -- NY092 -- 0969 11/04/91 18:12 EST
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Publication:PR Newswire
Date:Nov 4, 1991
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