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OCOM CORPORATION ANNOUNCES OPERATING RESULTS FOR FIRST QUARTER 1992

 OCOM CORPORATION ANNOUNCES OPERATING RESULTS FOR FIRST QUARTER 1992
 NEW YORK, May 15 /PRNewswire/ -- OCOM Corporation (NASDAQ: OHCO) ("OCOM") announced today its operating results for the three months ended March 31, 1992.
 OCOM CORPORATION
 (In thousands, except per share data)
 Three Months Ended March 31 1992 1991
 Revenues:
 Toll revenues $ 1,709 $ 1,034
 Transmission revenues 1,156 --
 Total 2,865 1,034
 Expenses:
 Operating 1,011 779
 SG&A 576 180
 Total 1,587 959
 Operating income 1,278 75
 Depreciation and amortization (1,169) (904)
 Interest and dividend income 396 --
 Income (loss) before income taxes 505 (829)
 Provision for income taxes 247 --
 Net income (loss) $ 258 $ (829)
 Net income (loss) per common share $.04 $(.13)
 Weighted average shares 7,021 6,625
 OCOM was formerly a wholly owned subsidiary of Cellular Communications, Inc. ("CCI"). In 1990, CCI and PacTel Corporation ("PacTel") entered into a merger and joint venture agreement ("merger agreement") whereby, on Aug. 1, 1991, CCI's and PacTel's cellular interests in Michigan and Ohio were contributed to a new joint venture equally owned by the two companies (the "joint venture").
 In connection with the merger agreement, on July 31, 1991, CCI distributed to its stockholders the stock of OCOM which consisted of CCI's long-distance and microwave operations in Ohio. CCI stockholders received one share of OCOM's common stock for every six shares of CCI stock owned. Immediately prior to the distribution, OCOM received a cash contribution of $25,000,000 from CCI. In September 1991, OCOM purchased $20,000,000 of CCI Series A preference stock.
 On July 1, 1991, OCOM began operating the private line microwave transmission service between the CCI Ohio system's cell sites and switches, and began selling interexchange long distance service to the CCI Ohio system's cellular customers. OCOM and the joint venture entered into an agreement with an initial term of two years whereby OCOM provides private line services to the joint venture.
 It is currently expected that sometime in the second half of 1992, the joint venture's cellular subscribers currently using OCOM will complete their equal access selection by ballot, and begin using their choice of long distance service provider. Since several of the long distance companies that OCOM will be competing with in the balloting process are better known and have substantially greater resources than OCOM, it is anticipated that OCOM will retain a substantially reduced percentage of its customers.
 In connection with the formation of the joint venture, PacTel applied for an MFJ (Modification of Final Judgment) waiver (the "waiver") from the U.S. District Court for the District of Columbia to allow the joint venture to provide interLATA cellular telephone service within certain Metropolitan Statistical Areas in Northern Ohio. The waiver was denied in January 1992, and an appeal of that denial is pending.
 RESULTS OF OPERATIONS
 Some of the considerations for the toll revenue increase from $1,034,000 to $1,709,000 are set forth below. The three months ended March 31, 1992 and 1991 are difficult to compare for the following reasons. The 1992 revenues include (a) approximately $574,000 for interLATA calls in the joint venture's Northern Ohio MSA's made by the joint venture's Cleveland/Akron System subscribers, and (b) approximately $88,000 for voice mail services provided to the joint venture's subscribers, which revenues are not included in 1991. The (a) and (b) amounts are offset by (c) approximately $121,000 of intraLATA toll revenues in 1991, which revenues are not included in 1992.
 Transmission revenue increased from $0 to $1,156,000 as OCOM commenced operations on July 1, 1991, and began billing CCI and then the joint venture for transmission service.
 Operating expenses increased from $779,000 to $1,011,000 due to the increase in personnel and the increase in the level of cellular subscriber activity.
 Selling, general and administrative expenses increased from $180,000 to $576,000 primarily due to the increases in personnel, marketing costs and professional fees.
 Depreciation and amortization expense increased from $904,000 to $1,169,000 because additional microwave equipment was installed to serve new cell sites and to increase transmission capacity.
 Interest and dividend income increased from $0 to $396,000 due to higher cash balances and accrued dividends on the CCI preferred stock.
 -0- 5/15/92
 /CONTACT: J. Barclay Knapp, chief operating officer, 614-325-2305, or Richard J. Lubasch, vice president - general counsel, 212-906-8470, both for OCOM Corp./
 (OHCO) CO: OCOM Corporation ST: New York IN: TLS SU: ERN


PS -- NY006 -- 0586 05/15/92 08:51 EDT
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Date:May 15, 1992
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