Printer Friendly


 BISMARCK, N.D., Dec. 31 /PRNewswire/ -- Fronteer Directory Co. Inc. (NASDAQ: FDIR) today announced the financial results for the fiscal year ended Sept. 30, 1993. Fronteer posted year-end revenues of $8,390,919, down from $8,971,360 in 1992. The company showed a net loss for the year of $205,018, compared to a loss of $223,989 for the previous year. This resulted in a loss per share of $0.04 for the year, an improvement on the loss of $0.06 in 1992.
 Fronteer Directory Chief Executive Officer and President Dennis Olson said that the company recognized a year-end loss for several reasons. First, amortization and depreciation, non-cash expense items, were $515,650 in 1993, however, the company anticipates this amount to drop to approximately $405,000 in 1994. Another contributing factor in the decrease in revenues for 1993 was due to the sale of the Aberdeen/Watertown, S.D., directory. While the company recognized a one-time gain on the sale, no revenues from that directory were posted in 1993, thereby negatively affecting the company's net operations for the year.
 In addition, Fronteer Directory's new employee leasing subsidiary, Fronteer Personnel Services (FPS), also showed a net loss in its first year of operation. The company anticipates, however, that FPS will be profitable by year-end 1994.
 "The single biggest drain on the company's operating profits over the last several years has been our Arizona operation. To remedy this situation, we have sold our Arizona directories at a net profit to the company. The gain on this sale will be reflected in the first quarter of 1994," explains Olson. "Our management team will now be able to focus and grow our core directories which continue to be our strongest performers, and by selling off the Arizona division, we plan to utilize those proceeds to expand into the Montana and Wyoming markets, where we are confident that we can be successful," Olson added.
 Fronteer is an independent Yellow Pages publishing and advertising company with over 20 directories in seven states. Fronteer is the only publicly held independent directory company in the United States.
 Financial Highlights
 Year Ended Three Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenues $8,390,919 $8,971,360 $1,515,413 $1,972,859
 Net income (loss) ($205,018) ($223,989) ($391,689) ($165,827)
 Earnings (loss)
 per share ($0.04) ($0.06) ($0.08) ($0.03)
 Weighted average
 shares outstanding 5,133,579 3,970,679 5,142,590 5,124,438
 -0- 12/31/93
 /CONTACT: Max Ramras or Marilou Snider of Registered Communications Group, 602-998-7555; or Dennis Olson of Fronteer Directory, 701-258-4970/

CO: Fronteer Directory Co. Inc. ST: North Dakota IN: PUB SU: ERN

EH-JB -- LA002 -- 8268 12/31/93 09:00 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:Dec 31, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters