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PAGE AMERICA GROUP, INC. REPORTS SECOND QUARTER RESULTS

 HACKENSACK, N.J., Aug. 17 /PRNewswire/ -- Page America Group, Inc. (AMEX: PGG) announced today the results of its second quarter which ended June 30, 1993. Revenues for the second quarter were $7,758,600 compared to $8,190,700 reported for the same quarter last year. EBITDA (Earnings before interest, taxes, depreciation and amortization) in the quarter was $2,583,600 compared to $2,708,700 for the corresponding quarter last year. Net loss applicable to common stock was $1,523,600 or $.40 per share, compared to a loss of $1,961,300, or $.52 per share, reported in the second quarter of 1992.
 For the six months ended June 30, 1993, revenues decreased to $15,602,900 as compared with $16,392,500 reported for the same period last year. EBITDA decreased to $5,236,600 from $5,595,500 for the corresponding six months last year. Net loss applicable to common stock for the first half of fiscal 1993 was $(2,892,400) or $(0.75) per share, as compared with a loss of $(7,435,100) or $(1.99) per share, reported in the same six month period last year. The loss in 1992 includes a charge of approximately $4.0 million or $1.06 per share for the cumulative effect of changes in accounting principles.
 Page America Group, Inc. provides radio paging services over its own networks in the New York and Chicago metropolitan markets. As of June 30, 1993, the company had over 227,000 pagers in service. Among the various wireless communications services, paging is recognized as offering the lowest cost and the greatest portability while being the most unobtrusive.
 PageAmerica recently announced a preliminary agreement to purchase the assets and business of Crico Communications, a radio paging carrier serving 83,000 pagers in Florida and California.
 PAGE AMERICA GROUP, INC. AND SUBSIDIARIES
 Condensed Consolidated States of Operations
 (Unaudited)
 Periods ended Three months Six months
 June 30, 1993 1992 1993 1992
 (restated)(C) (restated)(C)
 Operating revenues $7,758,600 $8,190,700 $15,602,900 $16,392,500
 Operating expenses 5,175,000 5,482,000 10,366,300 10,797,000
 EBITDA (D) 2,583,600 2,708,700 5,236,600 5,595,500
 Depreciation and
 amortization 2,232,900 1,998,200 4,476,500 4,161,400
 Operating profit 350,700 710,500 760,100 1,434,100
 Other expenses, net (1,099,800) (1,970,000) (3,593,400) (3,593,400)
 Loss before changes in
 accounting
 principles (749,100) (1,259,500) (1,317,200) (2,159,300)
 Cumulative effect of
 changes in accounting
 principles -- -- -- (3,959,600)
 Net loss (749,100) (1,259,500) (1,317,200) (6,118,900)
 Dividends on
 preferred stock (744,500) (701,800) (1,575,200) (1,316,200)
 Net loss applicable
 to common stock (1,523,600) (1,961,300) (2,892,400) (7,435,100)
 Per share amounts:
 Loss before changes
 in accounting
 principles (0.19) (0.34) (0.34) (0.58)
 Cumulative effect of
 changes in accounting
 principles -- -- -- (1.06)
 Net loss applicable
 to common stock (0.40) (0.52) (0.75) (1.99)
 Average number of
 shares outstanding 3,843,434 3,755,930 3,839,042 3,736,589
 PAGE AMERICA GROUP, INC. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 6/30/93 (A) 12/31/92
 (unaudited)
 Current assets $ 4,458,500 $ 4,583,200
 Equipment, net 10,220,200 11,949,400
 Other assets 41,105,100 42,222,400
 Total assets 55,783,800 58,755,000
 Current liabilities 11,222,500 14,825,500
 Long-term debt 50,981,600 48,268,600
 All series of preferred stock,
 including deferred dividends 17,716,800 17,062,900
 Shareholders' equity (deficit) (24,137,100) (21,401,000)
 Total liabilities and shareholders
 equity (deficit) $(55,783,800) $(58,755,000)
 (A) On June 30, 1993, the company executed an amendment to its term loan agreement. Under the amendment approximately $2.4 million of scheduled principal repayments are postponed until Sept. 30, 1994.
 (B) The balance sheet are Dec. 31, 1992 has been derived from the audited financial statements at that date.
 (C) 1992 results have been restated to give effect to the change in accounting methods for depreciation and commissions made retroactively in the fourth quarter of 1992.
 (D) Earning before interest, taxes, depreciation and amortization.
 -0- 8/17/93
 /CONTACT: Sanford M. Kimmel, vice president - finance of Page America Group, Inc., 201-342-6676/
 (PGG)


CO: Page America Group, Inc. ST: New Jersey IN: TLS SU: ERN

LD-WB -- NY077 -- 3765 08/17/93 17:42 EDT
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Date:Aug 17, 1993
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