MERCOM REPORTS FIRST QUARTER RESULTS
MERCOM REPORTS FIRST QUARTER RESULTS WILKES-BARRE, Pa., May 15 /PRNewswire/ -- Mercom, Inc.
(OTC Bulletin Board: MEROC) today reported a loss before income tax benefits of $518,000 for the first quarter of 1992 as compared to $860,000 for the first quarter of 1991.
This improvement was due to increased sales and improved operating cost control. Mercom had sales of $2,876,000 and a loss from continuing operations of $518,000 for the first quarter of 1992, compared to sales of $2,686,000 and a loss from continuing operations of $577,000 for the same period in 1991. Earnings per average common share from continuing operations reflect a loss of $.22 for the first quarter of 1992, compared to a loss of $.24 for the same period last year. The company's liabilities exceed the book value of its assets by $11,676,000 at March 31, 1992. The company is presently reviewing options to restructure the company's debt and equity. Mercom provides cable television services to subscribers in southern Michigan and Port St. Lucie, Fla. Since December 1991, the company has been operating under the management of C-TEC Corporation (NASDAQ: CTEX), a diversified telecommunications company headquartered in Wilkes-Barre. Mercom is traded on NASD's Electronic Over-the-Counter Bulletin Board under the symbol MEROC. MERCOM, Inc. Consolidated Financial Data (Unaudited) Three months ended March 31 1992 1991 Revenues $2,876,000 $2,686,000 (Benefit) for income taxes --- (283,000) Net (loss) (518,000) (577,000) Earnings per average common share: Net (loss) $(.22) $(.24) Average common shares outstanding 2,393,530 2,393,530 /delval/ -0- 5/15/92 /CONTACT: Carrie Thorpe, 717-825-1177, or Ralph Hromisin (finance), 717-825-1175, both of Mercom/ (MEROC CTEX) CO: Mercom, Inc.; C-TEC Corporation ST: Michigan, Florida, Pennsylvania IN: ENT SU: ERN
LJ-KA -- PH037 -- 0926 05/15/92 16:28 EDT
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|Date:||May 15, 1992|
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