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Cardinal Communications Reports $9.9 Million Third Quarter Revenue 11/20/2006
- 96% Increase in Revenue Versus Comparable Year-Ago Period -
BROOMFIELD, Colo., Nov 20, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Cardinal Communications, Inc. (OTC Bulletin Board: CDNC), a diversified provider of bundled digital communications and video-on-demand services, and a specialized developer of residential real estate, reported financial results for the third quarter ended September 30, 2006.
Cardinal Communications continues its tremendous strides with record third quarter revenue increases of 96 percent to $9.9 million versus revenue of $5.1 million in the third quarter of 2005. Loss from operations was $690 thousand versus a loss from operations of $1.84 million in the third quarter a year ago. Net loss from continuing operations was $894 thousand, or $0.002 per share, versus a net loss from continuing operations of $2.35 million, or $0.009 per share, in the comparable year-ago quarter.
Despite current real estate market trends, our sales increased significantly during the third quarter as compared to the year-ago period. In addition to the revenue increases, our overall operating expenses decreased as compared to the prior year quarter by approximately $1.8mm, representing a 55% reduction. As a percentage of revenue, our operating expense was 15% for the third quarter of 2006 as compared to 64% for the third quarter of 2005. This is a result of the cost reduction actions taken by Cardinal Communications in 2006 and by the significantly increased revenues during the quarter.
Management continues its commitment to increasing revenue, streamlining operations and achieving improved financial performance. We continue to pursue huge strides towards the goal of increasing shareholder value.
About Cardinal Communications, Inc.
Cardinal Communications operates a suite of vertically integrated businesses that provide both bundled digital communications services (voice, video, video-on-demand and high-speed Internet) and high-quality real estate to the residential marketplace. The Company's expertise in communication infrastructure and turnkey residential development allows Cardinal to capitalize on growing demand among homebuyers for modern residences that are pre-equipped with a range of digital communications options. The Company is also partnering with other developers that seek Cardinal's expertise in designing, building and operating residential communication networks that will deliver long-term revenue opportunities. Based in Broomfield, Colo., publicly traded Cardinal trades on the Bulletin Board under the symbol "CDNC." For more information, visit the Company's corporate website at www.cardinalcomms.com
SAFE HARBOR STATEMENT: Some information in this release is forward looking. These forward-looking statements may be affected by the risks and uncertainties in Cardinal Communications and its subsidiaries and divisions. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of Cardinal Communications' Securities and Exchange Commission filings. Cardinal Communications wishes to caution readers that certain important factors may have affected and could in the future affect its actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of Cardinal Communications. There are many factors that will determine whether Cardinal Communications will be successful in its endeavors, including, without limitation, access to adequate capital and consumer acceptance of its telecommunications service offerings. Cardinal Communications undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
Contact: D. Brian Karr, Chief Financial Officer Cardinal Communications, Inc. 303-285-5353
SOURCE Cardinal Communications, Inc.
D. Brian Karr, Chief Financial Officer of Cardinal Communications, Inc., +1-303-285-5353 http://www.cardinalcomms.com
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"For the Nine Months Ended September 30, 2006, we had a net loss of $5,382,365 or $0.012 per share. In the comparable period of 2005 (restated), we had a net loss of $7,432,915 or $0.031 per share. The decrease in net loss period over period is directly attributable to the reduction of operating expenses by $3,117,135 overcoming the additional expense of $1,820,824 goodwill impairment associated with discontinued operations."
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"Cardinal Communications continues its tremendous strides with record third quarter revenue increases of 96 percent to $9.9 million versus revenue of $5.1 million in the third quarter of 2005. Loss from operations was $690 thousand versus a loss from operations of $1.84 million in the third quarter a year ago. Net loss from continuing operations was $894 thousand, or $0.002 per share, versus a net loss from continuing operations of $2.35 million, or $0.009 per share, in the comparable year-ago quarter."
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