PAGE AMERICA GROUP REPORTS FIRST QUARTER RESULTS
PAGE AMERICA GROUP REPORTS FIRST QUARTER RESULTS HACKENSACK, N.J., May 12 /PRNewswire/ -- Page America Group, Inc.
(AMEX: PGG) announced today the results for its first quarter which ended March 31, 1992. Net revenues increased 14.6 percent over the same period a year ago to $7,710,200 from $6,729,300. EBITDA (earnings before interest, taxes, depreciation and amortization) increased by 47.7 percent, 2,701,200 compared with $1,828,600 in the prior year. The net loss decreased to $741,800 or $.36 per common share from $1,613,100 or $.60 per common share.
The net loss for the three month period, which was anticipated, is due primarily to the interest costs and non-cash charges for depreciation and amortization associated with the acquisition of NYNEX Paging Company in July of 1990. On March 12, 1992, PageAmerica filed with the Securities and Exchange Commission, a registration statement covering 3,450,000 shares of common stock including 450,000 subject to an over-allotment option. The company intends to offer these shares for sale to the public in May of 1992; however, there are no assurances that this transaction will be consummated. On May 4, 1992, PageAmerica received FCC approval to test and operate, on a developmental basis, a new two-way technology |P(asterisk)NAC~ for personal communications services in the New York metropolitan area. The P(asterisk)NAC service will provide each of its customers with a single telephone number. When this number is called, a customer will be instantly notified over the air and will have the real- time capability to direct the incoming call to any phone, including but not limited to a business phone, home phone, cellular phone, pay phone or voice mail service. Page America Group, Inc., provides radio paging service over its own networks in the New York and Chicago metropolitan markets. The company is the third largest provider of paging services in the New York market and the second in the Chicago market. It is the eight largest provider in the United States. As of March 31, 1992, the company had over 226,000 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. PAGE AMERICA GROUP INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended March 31 1992 1991 Net operating revenue $7,710,200 $6,729,300 Operating expense 5,009,000 4,900,700 EBITDA(A) 2,701,200 1,828,600 Depreciation and amortization 1,819,600 1,401,600 Operating profit 881,600 427,000 Other expense, net (1,623,400) (2,040,100) Net loss (741,800) (1,613,100) Dividends on preferred stock (614,400) (452,700) Net loss applicable to common stock (1,356,200) ($2,065,800) Loss per common share ($.36) ($.60) Average number of shares outstanding 3,717,247 3,443,967 PAGE AMERICA GROUP INC. Condensed Consolidated Balance Sheets 3/31/92 12/31/91(B) (Unaudited) Current assets $6,452,700 $5,018,400 Equipment, net 18,063,500 18,412,100 Other assets 43,769,500 44,192,800 Total assets 68,285,700 67,623,300 Current liabilities 11,807,600 15,013,900 Long-term debt 58,105,400 58,498,800 All series of preferred stock, including deferred dividends 16,759,500 10,798,900 Shareholders equity (deficit) (18,386,800) (16,688,300) Total liabilities and shareholders' equity (deficit) 68,285,700 67,623,300 (A) Earnings before interest, taxes, depreciation and amortization. (B) The balance sheet at Dec. 31, 1991, has been derived from the audited financial statement at that date. -0- 5/12/92 /CONTACT: Steven L. Sinn, president of Page America Group, 201-342-6676/ (PGG) CO: Page America Group, Inc. ST: New Jersey IN: TLS SU: ERN
KD-SM -- NY103 -- 9371 05/12/92 17:27 EDT
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|Date:||May 12, 1992|
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