Shared Technologies Cellular reports third quarter financial results and finalizes PTC Cellular acquisition.Technologies Cellular Inc. ("STC STC Supplemental Type Certificate (FAA) STC Society for Technical Communication STC Subject to Change STC Surf the Channel (website) STC Sound Transmission Class STC Singapore Turf Club ") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :STCL STCL School of Teaching and Curriculum Leadership STCL Source Term Control Loop ) today announced that it has completed the acquisition of certain assets of PTC (PTC, Needham, MA, www.ptc.com) Long a world leader in mechanical computer-aided design, manufacturing and engineering software, PTC, through acquisitions and reorganization, has transformed itself into a leading provider of Internet-based B2B solutions for discrete manufacturers. Cellular Inc. (PTCC PTCC Peterborough Town Cricket Club (UK) PTCC Physical Therapy Clinical Center PTCC Passenger Tariff Coordinating Conference PTCC Priorities and Tasking Control Committee PTCC Performance, Time to Market, Product Cost, Project Cost ), a wireless reseller An organization that sells wireless services under its own name, but uses the networks of other service providers. For example, before it exited the business in 2002, WorldCom sold cellular services under the WorldCom Wireless brand, using the actual networks of Verizon, AT&T and others. that provides in-car cellular telephone service to travelers in the U.S. car rental marketplace. PTCC currently operates under exclusive contracts with Avis Rent a Car System Avis Rent A Car System, LLC is a car rental company headquartered in Parsippany, New Jersey USA. Avis, Budget Rent a Car and Budget Truck Rental are all units of Avis Budget Group. Inc. and Budget Rent a Car to provide in-car cellular phones. The purchase price, valued at approximately $6.0 million consists of a combination of cash, debt, securities and royalty payments. Under terms of the agreement, STC will purchase 15,000 in-car phones, patents pending and a highly advanced computer operating system. STC today also announced financial results for the third quarter and nine months ended Sept. 30, 1995. Revenues for the third quarter ended Sept. 30, 1995 increased 5% to $3,870,000, an increase of $171,000 for the same period a year ago. This growth is significant considering the company did not have a major event like the World Cup which generated over $1.0 million for the same period a year ago. The company reported a loss for the quarter of $314,000, or ($0.10) per common share, based on 3,038,640 weighted average shares outstanding, compared to a net income of $325,000, or 16 cents per common share, based on 2,070,570 weighted average shares outstanding, for the third quarter ended Sept. 30, 1994. This loss was due in part to expenses incurred from the acquisition of Cellular Hotline, the consolidation of administration and operations and enhancements to the MIS systems. Revenues for the nine month period ended Sept. 30, 1995 increased 20% to $9,160,000, compared to $7,620,000, reported for the same period a year ago. The net loss for the nine month period was $625,000, or ($0.24) per common share, based on 2,640,827 weighted average shares outstanding. "Revenue performance for the third quarter was the best ever and we are looking forward to the exciting opportunities the PTCC acquisition will bring us," commented Sean P. Hayes, executive vice president of Shared Technologies Cellular. "The synergies of the two businesses will result in increased profitability and operating efficiencies as STC brings a total cellular solution to the cellular phone rental market," Hayes stated. "STC is also looking forward to an exciting 1996 as we introduce our Debit Phone services and continue to dominate the short-term cellular rental marketplace," Hayes concluded. STC, headquartered in Wethersfield, is the largest and fastest growing provider of cellular phone rental services in the United States. Also, STC operates a cellular resale and agency business, which provides cellular equipment sales, service and installations, and nationwide activation services through its Cellular Hotline subsidiary. STC also has national contracts with Hertz, National and Budget car rental companies, the Delta Shuttle, major hotel chains and a toll-free reservations system. STC has cellular rental operations in more than 60 cities including cellular franchise locations. CONTACT: Shared Technologies Cellular, Wethersfield Sean P. Hayes, 203/258-2476 or W.T. Blase bla·sé adj. 1. Uninterested because of frequent exposure or indulgence. 2. Unconcerned; nonchalant: had a blasé attitude about housecleaning. 3. Very sophisticated. & Associates Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Bill Blase or Ellen Foley, 212/371-5219 |
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