HECTOR COMMUNICATIONS ANNOUNCES SECOND QUARTER RESULTS
HECTOR COMMUNICATIONS ANNOUNCES SECOND QUARTER RESULTS HECTOR, Minn., July 28 /PRNewswire/ -- Hector Communications Corp.
(HCC) (NASDAQ: HCCO) today announced revenues and net income for the second quarter and six months ended June 30, 1992.
Revenues for the second quarter and six months ended June 30, 1992, were $1,149,000 and $2,217,000 respectively, up 14 percent from the same periods in 1991. Net income for the second quarter and six months was $163,000 and $274,000 respectively, up 51 percent and 31 percent from the same periods in 1991. Per-share earnings for the second quarter and six months were $.07 and $.12 compared to $.05 and $.09 for the similar periods in 1991. The company also announced that the planned stock rights offering related to the launching of a cable television venture, North American Communications Corporation (NACC), is being reconsidered. NACC is a wholly owned subsidiary of the company and is currently activating its first cable television system. Another franchise is in the preconstruction phase and potential acquisitions of other systems are in various stages of negotiation. HCC, headquartered in Hector, operates five independent telephone companies serving nine rural communities in Minnesota and Wisconsin, and is involved in cellular telephone and cable television ventures. HECTOR COMMUNICATIONS CORPORATION CONSOLIDATED SUMMARY OF EARNINGS Three Months Ended Percent 6/30/92 6/30/91 Increase (Decrease) Revenues $1,148,853 $1,009,139 14 Income before income taxes 257,850 173,135 49 Income taxes 95,000 65,000 46 Net income 162,850 108,135 51 Net income per share $.07 $.05 40 Average shares outstanding 2,256,000 2,254,000 -- Six Months Ended Percent 6/30/92 6/30/91 Increase (Decrease) Revenues $2,216,546 $1,946,767 14 Income before income taxes 439,310 334,275 31 Income taxes 165,000 125,000 32 Net income 274,310 209,275 31 Net income per share $.12 $.09 33 Average shares outstanding 2,256,000 2,254,000 -- -0- 7/28/92 /CONTACT: Steven H. Sjogren, Paul N. Hanson or Avis J. Johnson, all of Hector Communications, 612-848-6611/ (HCCO) CO: Hector Communications Corp. ST: Minnesota IN: TLS SU: ERN
KH -- MN007 -- 4040 07/28/92 11:19 EDT
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|Date:||Jul 28, 1992|
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