Printer Friendly

ACS ENTERPRISES EXECUTES NEW $25 MILLION CREDIT AGREEMENT AND ANNOUNCES THIRD QUARTER RESULTS

 TREVOSE, Pa., Nov. 11 /PRNewswire/ -- ACS Enterprises, Inc. (NASDAQ: ACSE; Boston: ENT) has executed a $25 million credit agreement with Banque Paribas, it was announced today by Alan Sonnenberg, chairman and CEO of ACS.
 The first $8 million of the loan was used to repay the existing debt and other financing costs. The remaining funds available under the credit agreement will be used to continue expansion of ACS' Philadelphia area wireless cable system. Future draws under the credit agreement require compliance with certain performance covenants. The loan will bear interest at 1 to 3 points over prime, depending on the company's performance. In addition, Banque Paribas received warrants to purchase approximately 7.5 percent of the fully diluted common shares of the company, at an average price of $10.40 per share.
 ACS also announced its operating results for the three- and nine- month periods ending Sept. 30, 1993:
 ACS ENTERPRISES, INC.
 (Unaudited; in thousands except per-share data)
 Periods ended Three months Nine months
 Sept. 30 1993 1992 1993 1992
 Revenues $1,711 $1,170 $4,468 $3,361
 Net loss (691) (523(?1,567) (1,422)
 Net loss per common share $(.12) $(.23) $(.28) $(.65)
 Weighted average common
 shares outstanding 5,724 2,229 5,654 2,171
 The increase in revenues reflects continued growth in ACS' Philadelphia area wireless cable system. As of Sept. 30, 1993, ACS had 19,500 equivalent basic subscribers in its Philadelphia area wireless cable system, up 20 percent from 16,300 on June 30, 1993.
 Subscriber growth during the quarter was held back by disruptions in moving ACS' headquarters to a new facility in July, particularly stormy weather in September and a technical signal problem affecting a newly targeted market area which was resolved in early November.
 /delval/
 -0- 11/11/93
 /CONTACT: Alan Sonnenberg, chairman and CEO of ACS Enterprises, 215-396-9400/
 (ACSE)


CO: ACS Enterprises, Inc. ST: Pennsylvania IN: ENT SU: ERN

MK-LJ -- PH012 -- 3217 11/11/93 12:13 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 11, 1993
Words:329
Previous Article:MOTTS REPORTS 1993 THIRD QUARTER AND FIRST NINE MONTHS OPERATIONS
Next Article:ALCO STANDARD ACQUIRES CALIFORNIA COPY INCORPORATED
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters