Bell Technology Group Ltd. Announces First Quarter Results
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, RevenuesCosts and expenses:Cost of revenuesSelling, general and administrativeDepreciation and amortizationTotal costs and expensesLoss from operationsInterest income (expense), netNet lossNet loss per shareWeighted 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
2,790,300 1,444,795 156,466 4,391,561 (695,162) 14,356 $(680,806) $(0.22) 3,084,339 Back to Top
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