TIE/COMMUNICATIONS RETURNS TO PROFITABILITY DURING THE THIRD QUARTER 1991
TIE/COMMUNICATIONS RETURNS TO PROFITABILITY
DURING THE THIRD QUARTER 1991
SEYMOUR, Conn., Nov. 14 /PRNewswire/ -- TIE/communications, Inc. (AMEX: TIE), a major telecommunications equipment sales and service company with its corporate headquarters in Seymour, today reported its results for the quarter ending Sept. 30, 1991.
The figures below show a return to profitability during the quarter reported. September 1991 was the first profitable month since December 1984 except for the month (during 1990) when the company sold its European operations.
(In 000s except per share amount)
July August September Quarter ended
1991 1991 1991 9/30/91
Net revenue $8,808 $9,333 $9,391 $27,532
Operating inc./(loss) (462) (127) 123 (466)
Net income/(loss) $ (501) $ (75) $ 235 $ (341)
Aver. shares outstanding 3,988,392
Per share amount $(0.09)
The restructuring and reorganization of the company that has taken place during 1991 -- and which has been reported upon in earlier releases and disclosures -- invalidates comparisons to prior quarters. Accordingly, in this release only, a month-to-month comparison has been included as noted above.
The company now has a strong balance sheet with more than $13,000,000 in cash and a debt-to-equity ratio of only 0.237 to 1. The company has reduced operating expenses, divested itself of unprofitable operations, and is now focused on the direct sales and service business which has been historically profitable.
Additionally, the company benefits from the financial and management support of The Marmon Group. On Aug. 1, 1991, TIE became a member of The Marmon Group of companies -- a $3.85 billion international complex of more than 60 autonomous member companies -- headquartered in Chicago.
Coincident with this release, TIE/telecommunications Canada Limited announced its results for the quarter and the nine month period ending Sept. 30, 1991. These results show three consecutive quarters of after-tax profitability. TIE/communications, Inc. owns approximately 63 percent of the shares of TIE/telecommunications Canada Limited.
/CONTACT: M. Amatrudo of TIE/communications, 203-888-8004/
(TIE) CO: TIE/communications, Inc. ST: Connecticut IN: TLS SU: ERN GK-SH -- NY019 -- 4307 11/14/91 09:47 EST