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THRIFTY TEL INC. REPORTS FINANCIAL RESULTS FOR THE YEAR ENDED MAY 31, 1993

    LOS ANGELES, Sept. 15 /PRNewswire/ -- Thrifty Tel Inc. (OTC Symbol: THRF), a long distance telephone service company, today announced the company's financial results for its fiscal year ended May 31, 1993.
    Revenue for the year ended May 31, 1993, reached $14,270,449, an increase of $2,065,624, compared to revenue of $12,204,825 reported for the prior year.  For the year ended May 31, 1993, the company realized net after tax income of $883,929 or $.04 per share compared to net after tax income of $964,599 or $.05 per share for the prior year, a decrease of $80,670.
    The company reported a weighted average of 22,925,099 shares outstanding for the current year ended May 31, 1993.
    Gross profit improved to $6,111,298 for the year compared to $5,099,188 for the prior year ended May 31, 1992, an increase of $1,012,110.  The increase in gross profit was primarily the result of the company's continued ability to decrease its cost to transmit its telephone traffic.
    The company's financial position at May 31, 1993, shows a $1,460,045 improvement in its total current assets of $4,718,669 compared to $3,258,624 at May 31, 1992.  At May 31, 1993, the company had a deficit in working capital of $1,631,779 compared to a deficit of $1,806,855 at the company's comparable prior year; however, the company's total current liabilities at May 31, 1993, of $6,350,448 include approximately $2.5 in currently maturing notes.
    At May 31, 1993, the company achieved stockholders equity of $5,688,638 compared to stockholders equity of $1,581,182 at May 31, 1992, a $4,107,456 improvement in its financial position over its position at the year ended May 31, 1992.  Of the $4,107,456 improvement, $3,120,000 resulted from the acquisition of substantially all of the assets of Call USA Inc., a long distance telephone service company Thrifty acquired during the current year.
    During the year ended May 31, 1993, the company successfully increased its monthly subscriber base to approximately 23,000 by the period end.  The increase is attributed to the company's continued sales and marketing efforts, improved services and expanded geographic territories.
    Management stated that it is pleased to welcome Call USA and its subscribers to the company, and management expects to complete the transition of Call USA by Oct. 1, 1993.  Furthermore, management stated that it believes the additional increase in revenue and income from the acquisition of Call USA will be realized during the next year period ended May 1994.
    Thrifty Tel Inc. is a long distance telephone service company headquartered in Garden Grove, Calif., with additional sales and marketing facilities located in Los Angeles, Orange, San Bernardino and San Diego counties, Calif.  The company offers digital fiber optic quality service at extremely competitive rates and is certified by the California Public Utilities Commission.
    -0-             09/15/93
    CONTACT:  Rebecca J. Bigley, 714-740-2880
    (THRF) CO:  THRIFTY TEL INC. IN:  TLS SU:  ERN ST:  CA


-- LA031 -- X270 09/15/93
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Publication:PR Newswire
Date:Sep 15, 1993
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