MTEL REVENUE UP 33 PERCENT IN THIRD QUARTER
MTEL REVENUE UP 33 PERCENT IN THIRD QUARTER JACKSON, Miss., Nov. 7 /PRNewswire/ -- Mobile Telecommunication
Technologies Corp. (NASDAQ: MTEL) today reported a 33 percent increase in third-quarter revenue compared with the same quarter of a year ago.
For the quarter ended Sept. 30, 1991, revenue totaled $22,839,803 compared with $17,140,369 in the third quarter of 1990. Net loss for the third quarter was $3,665,818 or 11 cents per share vs. a net loss of $5,802,956 or 20 cents per share in the third quarter of 1990. For the nine months ended Sept. 30, 1991, revenue totaled $65,686,725 vs. $46,406,736 in the nine months ended Sept. 30, 1990. Net loss for the nine months ended Sept. 30, 1991, was $6,060,270 or 20 cents per share compared with $16,503,526 or 58 cents per share for the same period in 1990. "Mtel continues to perform well despite both a sluggish economy and new competition in the nationwide messaging business," said Robert Fugate, chief financial officer of Mtel. "The recent entry of a major new competitor further validates our concept of a nationwide messaging market and we are more confident than ever in the future success of Mtel and SkyTel." Fugate added, "Mtel's third-quarter results are in line with our expectations and are in line with the company's twin goals of proceeding along its path toward profitability while continuing to invest in growing the business and protecting its franchise." As of Sept. 30, 1991, Mtel had 167,500 paging and voice messaging units in service worldwide. This figure includes 114,600 SkyPager units and 19,300 SkyTalk units in the United States, as well as 33,600 paging units in the United Kingdom. Mtel, headquartered in Jackson, is engaged in businesses that include nationwide paging and voice messaging services (provided through SkyTel Corp.) in the United States; nationwide paging services in the United Kingdom; an investment in American Mobile Satellite Corporation (AMSC); air-to-ground and marine telecommunications systems; telephone answering service operations; and a digital microwave system serving Southern California. MOBILE TELECOMMUNICATION TECHNOLOGIES CORP. Summary of Operations (Unaudited) Periods ended Nine Months Three Months Sept. 30; 1991 1990 1991 1990 Revenues $65,686,725 $46,406,736 $22,839,803 $17,140,369 Net loss (6,060,270)(A) (16,503,526) (3,665,818) (5,802,956) Loss per share ($.20)(A) ($.58) ($.11) ($.20) (A) -- Includes a $1.3 million or 5 cents per share non-recurring gain from the sale of a Specialized Mobile Radio (SMR) property in Orange County, Calif. MOBILE TELECOMMUNICATION TECHNOLOGIES CORP. Consolidated Balance Sheets Periods ended Sept. 30, 1991 Dec. 31, 1990 (Unaudited) Assets: Total current assets $14,314,923 $16,450,264 Property & equipment-net 44,571,510 43,049,463 Certificates of authority & goodwill 42,832,510 39,774,910 Investments & other assets 12,357,755 7,133,167 Total assets 114,076,698 106,407,804 Liabilities & Stockholders' Investment: Total current liabilities $14,776,992 $14,205,371 Long-term debt 11,294,942 19,231,385 Convertible subordinated debentures 14,302,083 14,753,187 Stockholders' Investment: Common stock, par value $.01 per share; 75 million shares authorized, shares outstanding 32,429,050 in 1991 & 28,885,350 in 1990 324,290 288,853 Additional paid-in capital 118,703,753 96,502,250 Retained earnings (45,253,373) (39,193,100) Cumulative translation adjustment (71,989) 619,858 Total stockholders' investment 73,702,681 58,217,861 Total liabilities & stockholders' investment 114,076,698 106,407,804 -0- 11/7/91 /CONTACT: David Allan of Burson-Marsteller, 212-614-5163, for Mtel/ (MTEL) CO: Mobile Telecommunication Technologies Corp. ST: Mississippi IN: TLS SU: ERN CK-JT -- NY054 -- 2241 11/07/91 12:52 EST
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|Date:||Nov 7, 1991|
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