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BELL TECHNOLOGY GROUP LTD. ANNOUNCES
FIRST QUARTER RESULTS
– Revenues Increase 28% and Company Records Positive EBITDA
Quarter –
New York, February 2, 1998 Bell Technology Group Ltd. (Nasdaq:
BELT, BELTW; BSE: BTG, BTGW) today announced results for the first
quarter ended December 31, 1997.
For the first quarter ended December 31, 1997, revenues increased
28.2% to $4,739,567 compared with $3,696,399 for the quarter ended
December 31, 1996. The revenue increase was attributable to increased
sales levels from all aspects of the Company’s business. Additionally,
the Company experienced increased gross profit margins for the quarter,
primarily due to the increase in sales from Internet-related services.
The net loss for the quarter ended December 31, 1997 was $281,614
(after a deduction of $241,860 for depreciation and $55,984 for interest)
or $0.08 per share as compared to a loss of $680,806 or $0.22 per
share for the quarter ended December 31, 1996.
Marc H. Bell, President and CEO, stated, We are pleased with
the strong revenue growth recorded in the first quarter. The increased
sales level was a direct result of the Company’s increased sales and
marketing efforts. Additionally, continued demand for the Company’s
Internet Access services and increased high-end equipment sales resulted
in improved gross margins.
Mr. Bell concluded, The Company’s improved financial performance
and positive EBITDA reaffirms our unique business strategy of offering
complete turn-key Internet services to the Fortune 1000 companies
headquartered in the New York metropolitan area.
Bell Technology Group Ltd. provides complete Internet solutions for
businesses in the New York region and is a premier provider for businesses
seeking to effectively exploit the Internet by offering high-speed
connections, web services, programming, design and integration. Bell
Technology Group also provides training and development to corporate
and academic clients at its state-of-the-art computer and Internet
training center and provides development of ìcutting edge multimedia
technology.
Except for those statements that report the Company’s historical
results, the statements being made are forward looking statements.
Actual results could differ materially from those projected in the
forward looking statement. Additional information concerning factors
that could cause actual results to differ materially from those in
the forward looking statements is contained under the heading Risk
Factors listed from time to time in the Company’s filings with the
Securities and Exchange Commission.
Bell Technology Group Ltd. and Subsidiaries Consolidated Statements
of Operations (Unaudited)
Three Months Ended December 31,
Revenues
Costs and expenses:
Cost of revenues
Selling, general and administrative
Depreciation and amortization
Total costs and expenses
Loss from operations
Interest income (expense), net
Net loss
Net loss per share
Weighted average shares outstanding
|
1997
$4,739,567
3,113,899
1,609,438
241,860
4,965,197
(225,630)
(55,984)
$(281,614)
$(0.08)
3,448,450
|
1999
$3,696,399
2,790,300
1,444,795
156,466
4,391,561
(695,162)
14,356
$(680,806)
$(0.22)
3,084,339
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