PAGE AMERICA GROUP REPORTS SECOND QUARTER RESULTS
PAGE AMERICA GROUP REPORTS SECOND QUARTER RESULTS HACKENSACK, N.J., Nov. 15 /PRNewswire/ -- Page America Group, Inc.
(AMEX: PGG) announced today the results for its second quarter which ended Sept. 30, 1991.
Revenues increased 29 percent over the same period a year ago to $8,652,300 from $6,707,000. The company reported an operating profit of $959,300 compared with $890,200 in the second quarter of last year. Operating cash flow (operating profit before depreciation and amortization) was $2,765,000 compared with $2,415,500 of the prior year. The net loss decreased to $970,900 or 41 cents per common share from $1,137,900 or 47 cents per common share. The net loss for the current quarter, which was anticipated, is due primarily to the financing cost and non-cash charges for depreciation and amortization associated with the acquisition of NYNEX Paging Company in July of 1990. During the quarter, 6,839 net pagers were added to the subscriber base, as compared to 4,997 the prior year (excluding the NYNEX acquisition). Page America Group, Inc. provides radio paging services over its own networks in the New York and Chicago metropolitan markets. The company is the second largest provider of paging services in these two markets and the eighth largest provider in the United States. As of Sept. 30, 1991, the company has a subscriber base of over 223,108. 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 Consolidated Statement of Operations (Unaudited) Three months ended Sept. 30; 1991 1990 Operating revenue $8,652,300 $6,707,000 Operating expense 5,887,300 4,291,500 Operating cash flow(A) 2,765,000 2,415,500 Depreciating and amortization 1,805,700 1,525,300 Operating profit (loss) 959,300 890,200 Other income (expense), net (1,930,200) (2,028,100) Net loss (970,900) (1,137,900) Loss per common share $(.41) $(.47) Average no. of shares outstanding 3,586,101 3,251,438 Consolidated Balance Sheet (Unaudited) 9/30/91 3/31/91(B) Current assets $5,241,000 $4,297,000 Equipment, net 19,145,700 17,500,900 Other assets 44,897,400 43,984,300 Total assets $69,284,100 $65,782,200 Current liabilities 14,053,400 11,589,300 Long-term debt 59,216,000 55,496,400 Series A preferred stock, including deferred dividends 10,625,200 10,325,400 Stockholders' equity (deficit) (14,610,500) (11,628,900) Total liabilities and stockholders' equity (deficit) $69,284,100 $65,782,200 (A) -- Operating profit before depreciation and amortization. (B) -- The balance sheet at March 31, 1991, has been derived from the audited financial statements at that date. -0- 11/15/91 /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 CK-FC -- NY086 -- 1713 11/15/91 16:32 EST
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|Date:||Nov 15, 1991|
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