Printer Friendly

ICT REPORTS FISCAL 1993 SECOND QUARTER RESULTS

 LOS ANGELES, April 19 /PRNewswire/ -- International Cablecasting Technologies Inc. (ICT) (NASDAQ-NMS: TUNE) today reported results of operations for the second quarter of fiscal 1993, showing a substantial increase in revenue resulting from the continued rollout of its premium digital audio service, DMX. For the three months ended March 31, 1993, ICT reported a loss of $(0.13) per share, which includes non-cash charges of $(0.02) per share, compared to a loss per share of $(0.22), which included non-cash charges of $(0.13) per share for the three months ended March 31, 1992. For the six months ended March 31, 1993, ICT reported a loss of $(0.24) per share, which included non-cash charges of $(0.06) per share, compared to a loss of $(0.38) per share, which included non-cash charges of $(0.20) per share for the six months ended March 31, 1992.
 INTERNATIONAL CABLECASTING TECHNOLOGIES INC.
 Three months ended March 31 1993 1992
 Revenue $1,006,587 $ 69,128
 Net loss (4,025,612) (6,160,518)
 Non-cash charges (627,911) (3,686,854)
 Loss per share (0.13) (0.22)
 Non-cash charges per share (0.02) (0.13)
 Weighted average number of shares 31,586,136 28,455,182
 Six months ended March 31 1993 1992
 Revenue 1,736,946 72,268
 Net loss (7,481,587) (10,580,203)
 Non-cash charges (1,828,044) (5,534,641)
 Loss per share (0.24) (0.38)
 Non-cash charges per share (0.06) (0.20)
 Weighted average number of shares 31,586,136 27,992,229
 The company cited increased revenue due to its expanded market launches of DMX, its premium digital audio service. Operating expenses increased principally due to the growth in the sales and marketing of DMX to residential and commercial customers. However, the increase in expenses were more than offset by the increase in revenue and the company reported a narrower loss per share compared to the second quarter of fiscal 1992.
 During the quarter, the company incurred non-cash charges of approximately $1 million resulting from the issuance of stock to cable affiliates who have launched the DMX service, and a compensation expense as a result of stock issued to the chairman of the company. The company has entered into agreements with certain cable affiliates which allow them to earn equity in ICT for distributing DMX to their basic cable subscribers, and has also entered into a stock bonus agreement with the chairman.
 -0- 4/19/93
 /CONTACT: Robert Manning, vice president - finance and business development of ICT, 310-444-1744, ext. 137/
 (TUNE)


CO: International Cablecasting Technologies Inc. ST: California IN: SU: ERN

LR-OS -- NY034 -- 7217 04/19/93 09:31 EDT
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:Apr 19, 1993
Words:447
Previous Article:FIRST WESTERN BANCORP ANNOUNCES 41 PERCENT INCREASE IN FIRST QUARTER NET INCOME
Next Article:BHC FIRST QUARTER NET INCOME SOARS
Topics:


Related Articles
ICT REPORTS FISCAL 1993 FIRST QUARTER RESULTS
ICT REVISES FISCAL 1993 SECOND QUARTER RESULTS
SEATTLE FILMWORKS INC. ANNOUNCES 28-PERCENT EARNINGS GROWTH
ICT REPORTS FISCAL 1993 RESULTS
ICT REPORTS FISCAL 1994 FIRST QUARTER RESULTS
ICT REPORTS FISCAL 1994 SECOND QUARTER RESULTS
ICT REPORTS FISCAL 1994 THIRD QUARTER RESULTS
ICT REPORTS FISCAL 1994 YEAR-END RESULTS
ICT REPORTS FIRST QUARTER FISCAL 1995 RESULTS
DMX INC. REPORTS FISCAL 1995 SECOND QUARTER RESULTS

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