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U.S. LONG DISTANCE CONFIRMS SHARPLY HIGHER YEAR END REVENUES AND NET INCOME

 U.S. LONG DISTANCE CONFIRMS SHARPLY HIGHER YEAR END
 REVENUES AND NET INCOME
 SAN ANTONIO, Dec. 19 /PRNewswire/ -- U.S. Long Distance Corp. (NASDAQ: USLD) today reported record revenues and net income for its year ended Sept. 30, 1991, confirming its previously disclosed estimates.
 For the year, revenues rose to $36.7 million, a 90-percent increase from the prior year's $19.3 million. Income before extraordinary items amounted to $707,000, or 8 cents a share, versus last year's loss of $543,000, or 10 cents a share. After accounting for tax loss carryforwards net income equalled $1.2 million, or 14 cents a share. With preferred stock dividends totalling $199,000, the recent year's net income applicable to common stock amounted to $1.0 million, or 12 cents a share. Last year's provision for preferred stock dividends resulted in a net loss applicable to common stock equal to $620,000, or 10 cents a share. The improvement in net income applicable to common stock represents a positive swing of more than $1.5 million. The company reports future earnings will not be burdened with preferred dividends as this issue was converted to common stock in the fourth quarter.
 For the fourth quarter, revenues more than doubled to $14.5 million from $6.6 million in the prior year's fourth quarter. Net income before extraordinary items was $224,000, or nil cents a share, compared to $376,800, or 4 cents a share, in the 1990 quarter. Tax loss carryforwards totaled $202,000 resulting in net income for the recent quarter of $426,000, or four cents a share, a 13-percent increase from 1990's fourth quarter.
 "Strong gains in revenues were led by substantial growth in our billing and collection services," Parris H. Holmes Jr., chairman and chief executive officer, reported. "For the year, these revenues more than doubled to $16.3 million from $7.4 million in 1990 as this subsidiary expanded its market share to 35 percent from 20 percent.
 "Operator services posted an impressive 45 percent increase over 1990, to $17.2 million from $11.9 million. This growth was largely due to USLD's aggressive marketing of the private pay telephone market which has grown from 1,400 pay telephones at the end of 1990 to more than 7,500 units at the end of 1991. Pay telephone traffic today accounts for about one-half of the company's operator services revenue," Holmes continued.
 "The one-plus long distance services subsidiary, NTX, became a new contributor to revenues in August 1991, when the acquisition of this Texas-based carrier, and its affiliates, was consummated. For the final two months of USLD's fiscal year, NTX revenues totaled $3.1 million. It is possible for NTX's revenue contribution for fiscal 1992 to exceed $25 million.
 "Improved net income resulted from management's commitment to control costs on higher revenues, most notably the decline of SG&A expenses as a percent of revenues. During 1991, SG&A amounted to about 23 percent of revenues, down from the prior year's 28 percent," Holmes noted.
 "The first annual income in the company's history resulted in our first provision for income taxes. For the year, we accrued $590,000. However, management believes its $6 million in tax loss carryforwards will shelter this tax obligation into 1993.
 "Growth has not been achieved at the expense of fiscal responsibility. At year end, total assets had grown 158 percent to nearly $62 million from $24 million a year ago. In addition, shareholders' equity doubled, to $5.4 million from $2.7 million," Holmes continued.
 "We have completed one month of our first quarter, which is seasonally our slowest, and business is still growing at double-digit rates. Previously, we forecasted first quarter revenues exceeding $16 million, with net income between $500,000 and $600,000. We are confident USLD will achieve this record breaking pace. First quarter a year ago, we posted revenues of $6.7 million with net income of $113,000," Homes concluded.
 USLD provides a full range of telecommunication services including one-plus, operator as well as billing and collection services to the commercial, residential and interexchange carrier markets.
 U.S. LONG DISTANCE CORP.
 (Audited)
 Year ended Sept. 30 1991 1990
 Revenues $ 36,705,000 $ 19,345,000
 Income before
 Extraordinary Items 707,000 (543,000)
 Extraordinary Item 518,000 ---
 Net Income (Loss) 1,225,000 (543,000)
 Pfd Stock Dividend (199,000) (77,000)
 Net Income (Loss) Applicable
 to Common Stock 1,026,000 (620,000)
 EPS .12 (.10)
 Shs outstanding 8,848,000 6,458,000
 FOURTH QUARTER ENDED SEPT. 30
 1991 1990
 Revenues $ 14,503,000 $ 6,600,000
 Income before
 Extraordinary Items 224,000 377,000
 Extraordinary Item 202,000 ----
 Net Income 426,000 377,000
 Pfd Stock Dividend (12,000) (63,000)
 Net Income Applicable
 to Common Stock 414,000 314,000
 EPS .04 .04
 Shs outstanding 11,109,000 6,618,000
 -0- 12/19/91
 /CONTACT: Parris Holmes Jr. of U.S. Long Distance, 9311 San Pedro, Suite 300, San Antonio, TX 78216; or Gale Strenger, 708-564-5610, Bruce Marcus, 212-580-0703, Largent Parks, 214-387-4520, Earle Brown, 813-796-1452, or Tim King, 213-541-4415, all of the Investor Relations Company, for U.S. Long Distance Corp./
 (USLD) CO: U.S. Long Distance Corp. ST: Texas IN: TLS SU: ERN


DH -- DE001 -- 3728 12/19/91 09:06 EST
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Date:Dec 19, 1991
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