Printer Friendly

INTELLICALL, INC. ENTERS INTO AMENDED LOAN AGREEMENTS

 INTELLICALL, INC. ENTERS INTO AMENDED LOAN AGREEMENTS
 DALLAS, Aug. 6 /PRNewswire/ -- Intellicall, Inc. (NYSE: ICL) today announced that it has entered into amended loan agreements that eliminate all previous covenant defaults, establish new loan covenants and revise payment terms. The company also announced that it has completed its Annual Report on Form 10-K for the year ended December 31, 1991. The report will be filed August 7, 1992, and is available upon request.
 The amended loan agreements provide for seven quarterly principal payments of $2 million beginning Oct. 31, 1992, with the remaining balance due June 30, 1994. The agreements call for certain scheduled prepayments, with penalties for failure to prepay. At June 30, 1992, the loans had an outstanding principal balance of $40 million ($32 million under a bank loan and $8 million under a senior note).
 The company agreed to pay fees of $333,500 to its banks, and $200,000 to its senior note holder, and issued a warrant to its senior note holder for the purchase of 93,023 shares of the company's common stock at an exercise price of $.01 per share.
 As reported in its Form 10-K, the company had a net loss of $4.7 million, or $.70 per share, on sales and revenues of $220 million for the year ended Dec. 31, 1991, as compared to net income of $7.6 million, or $1.10 per share, on sales and revenues of $207.3 million for the year ended Dec. 31, 1990.
 Intellicall reported a net loss of $6 million, or $.90 per share, on sales and revenues of $51.7 million for the fourth quarter of 1991. During the comparable period in 1990, the company earned $2 million, or $.30 per share, on sales and revenues of $58.1 million.
 Fourth quarter results include charges of approximately $8.1 million against the company's IntelliMax call processing operations. The charges result primarily from increasing competition in 1991, which affected the income producing capacity of the company's call processing assets and the collectibility of certain receivables.
 The company also announces that it expects to file its quarterly reports on Form 10-Q for the first and second quarters of 1992 within the next few weeks. The company said it expects to report losses in both quarters.
 Intellicall, Inc. is a diversified telecommunications company providing innovative technology and services to private pay telephone networks throughout the United States, and is the nation's leading manufacturer of privately owned pay telephones, automated operator systems and call processing systems.
 -0- 8/6/92
 /CONTACT: Jody Kendrick or Larry Meltzer of Meltzer & Martin Public Relations, 214-953-0808, for Intellicall/
 (ICL) CO: Intellicall Inc. ST: Texas IN: TLS SU: FNC


TM -- NY111 -- 7821 08/06/92 18:40 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 6, 1992
Words:458
Previous Article:AVECOR CARDIOVASCULAR REPORTS SECOND QUARTER RESULTS
Next Article:COVINGTON DEVELOPMENT GROUP REPORTS 1992 SECOND QUARTER LOSS
Topics:


Related Articles
INTELLICALL REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER AND YEAR-END 1991
INTELLICALL, INC. ANNOUNCES VIOLATION OF FINANCIAL RATIO COVENANTS
INTELLICALL, INC. REPORTS FIRST QUARTER RESULTS
INTELLICALL, INC. REPORTS SECOND QUARTER RESULTS
INTELLICALL REPORTS FIRST QUARTER RESULTS
INTELLICALL ANNOUNCES CONTRACT TO SELL PAY TELEPHONES AND NETWORK EQUIPMENT IN INDONESIA
INTELLICALL ANNOUNCES SALE OF CALL PROCESSING UNIT
INTELLICALL CLASS ACTION SUIT SETTLED
INTELLICALL ANNOUNCES THIRD QUARTER EARNINGS AND RESULTS FOR NINE MONTHS ENDED SEPT. 30, 1993
INTELLICALL ANNOUNCES INDONESIAN SHIPMENT STATUS, LICENSING AGREEMENT AND ADLER RESIGNATION

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