USV Telemanagement Inc. Reports 60% Increase in Quarterly Gross Profit.MILL VALLEY, Calif.--(BUSINESS WIRE)--May 10, 1999-- USV Telemanagement Inc. ("UVT")(VSE See DOS/VSE. VSE - Virtual Storage Extended :UVT) announces gross profit of U.S. $406,508 on revenues of U.S. $1,286,475 for the first quarter ending March 31, 1999. This represents an increase of 60% over gross profit of U.S. $253,460 achieved on revenue of U.S. $1,203,924 during the same period ended March 31, 1998. Net loss for the quarter was US$1,800 as compared to a net loss of US $77,198 during the prior year quarter. "Our renegotiation of carrier contracts and the stream lining of our operations is producing the kind of results we expected to see in our gross margin and overall level of profitability", said UVT CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. J. Erik Mustad, "In December, 1998 the Company renegotiated the pricing terms contained in its agreements with MCI/WorldCom and IXC Communications, both effective January 1, 1999. These revisions have resulted in higher gross margins", he continues, "If it were not for certain non-recurring charges during the quarter, the Company would have shown a profit." The Company incurred an aggregate US$150,000 in non-recurring charges during the first quarter. Inclusive of non-recurring charges, general and administrative costs were US$410,516. Excluding non-recurring charges, general and administrative costs for the quarter were US$260,516, as compared to U.S.$347,901 in the first quarter of 1998. ABOUT U.S.V TELEMANAGEMENT INC.: UVT, through its wholly-owned subsidiaries, U.S.V Telemanagement, Inc. and U.S.VT.Com, Inc., sells telecommunications, Internet and other related services to commercial cU.S.tomers. U.S.V primarily sells through telephone equipment sales or "interconnect" companies. Interconnect companies are unique among telephony distributors as they maintain long term ties to their telephone equipment cU.S.tomers. UVT sells services under agreements with Alliance Group Services, Inc. an AT&T (NYSE NYSE See: New York Stock Exchange :T) reseller, IXC Communications, Inc. (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 :IIXC), MCI/WorldCom (NASDAQ:WCOM), and UUNET (UUNET Technologies, Inc., Fairfax, VA, www.uunet.net) Founded in 1987, UUNET was the first commercial Internet service provider. Originally offering e-mail and news, it became a full Internet service organization providing dial-up and leased line accounts as well as archive space for an MCI/Worldcom company. For further information, call U.S. toll-free at 877/687-4500 or visit our website @ www.U.S.vt.com. On behalf of the Board of Directors of U.S.V TELEMANAGEMENT INC. "STUART Stuart, British royal family Stuart or Stewart, royal family that ruled Scotland and England. The Stuart lineage began in a family of hereditary stewards of Scotland, the earliest of whom was Walter (d. W. ROGERS" ------------------- Stuart W. Rogers Director The contents of this news release have neither been approved nor disapproved by the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). . |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion