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AvTel Amends 1998 Net Loss; Tax Benefit Carry-back Reduces 1998 Net Loss by $1,325,000; Amended Form 10-K Filed.

SANTA BARBARA, Calif.--(BUSINESS WIRE)--July 2, 1999--

AvTel Communications Inc. (NASDAQ: AVCO), a provider of integrated voice, data and Internet services, today filed an amended 1998 Form 10-K which contains restated financial statements for the year ended December 31, 1998. The 1998 net loss has been decreased by $1,325,000 to $5,802,318 ($.61 per share) from $7,127,318 ($.74 per share) as was previously reported.

The restated financial statements recognize the tax benefit of carrying back $4,294,000 of AvTel's 1998 net operating loss to reduce prior years' taxable income. AvTel expects to receive a refund of approximately $1,325,000 of Federal taxes paid in prior years and has recorded a receivable in that amount. The 1998 income tax benefit was increased by a corresponding amount.

Included in the amended 10-K are restated 1998 quarterly results which reflect the quarterly effect of utilizing the tax carry-back. The Company's Form 10-Q for the first quarter of 1999 was also amended to recognize the income tax receivable and to adjust the prior year quarterly results.

AvTel Communications Inc. is a provider of broadband network services integrating voice, data and Internet services for individuals and business customers. The company markets and sells a broad range of telecommunications and advanced network services through independent value-added agents, resellers and affinity groups as well as through internal direct sales professionals. The company targets mid-size corporations, small-office home-office professionals and select niche-focused distributors. The company is fully certified by the FCC and registered in all 48 contiguous states and Hawaii.

In addition, the company provides Internet access through more than 600 points-of-presence (POPs) nationally and holds billing agreements with regional Bell Operating Companies, GTE and other independent telephone companies. For further information, please visit the company's Web site at: www.avtel.com.

All statements in this news release other than statements of historical fact are forward-looking statements that involve substantial risks and uncertainties. Reference is made to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 1998, and to the Company's other reports filed with the Securities and Exchange Commission for a discussion of such risks and uncertainties and other factors that may have material effect on the Company's business.
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Publication:Business Wire
Geographic Code:1USA
Date:Jul 2, 1999
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