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[QUOTE]Originally posted by J_U_ICE: [QB] BERL .36 Berliner Reports First Quarter 2007 Financial Results and Additions to the Management Team 11/14/2006 ELMWOOD PARK, N.J., Nov 14, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Berliner Communications, Inc. (OTC Bulletin Board: BERL) today announced financial results for the quarter ended September 30, 2006. Financial Results "Berliner continues to execute on its plan to become the service provider of choice for the wireless industry," said Rich Berliner, Chairman and Chief Executive Officer. "We see more and more business in our pipeline for fiscal 2007, including the recent receipt of a significant amount of new work under an existing contract with one of our top customers. While our revenue cycled down slightly this quarter, we continue to see strong capital spending in the industry as carriers expand their capability to deliver data, music downloads and digital television to their cell phone customers. We believe we are positioned to take advantage of this push by existing wireless carriers to expand their capabilities while at the same time growing our business with new customers, such as those companies that will soon receive new wireless spectrum licenses, and will need us to design and install new wireless networks from the ground up." Revenue for the company for the first quarter was $7.8 million, as compared with $8.7 million for the first quarter of fiscal 2006. Overall revenue was down due to a decrease in revenue from the company's infrastructure construction and network services segment, which was partially offset by an increase in revenue from the company's real estate acquisition and zoning segment. Infrastructure construction and network services revenue was down primarily due to delays in initiating work on some of our most significant new projects, which were also impacted by our inability to receive materials and equipment in a timely manner. Net loss allocable to common shareholders for the quarter was ($561,700), or ($0.03) per share, compared to net income of $261,500, or $0.08 per share, for the first quarter of fiscal 2006 before the effect of the deemed dividend discussed below. On September 16, 2005, Berliner completed a recapitalization that included the conversion of its preferred equity into common equity and a one share for each 300 shares reverse stock split. This resulted in the recording of a deemed dividend of $19.9 million on the conversion of the preferred stock, making the net loss allocable to common shareholders ($19.7) million or ($5.90) per share for the three months ended September 30, 2005. The weighted average number of shares outstanding was 17,034,857 and 3,335,393 for the three months ended September 30, 2006, and 2005, respectively. We currently report our financial results on the basis of two reportable segments: (1) infrastructure construction and network services and (2) real estate acquisition and zoning. The following represents our revenues and operating income (loss) for each segment for the three months ended September 30, 2006, and 2005, respectively: Three months ended September 30, 2006 2005 (Unaudited) (Unaudited) Revenues: Infrastructure construction and network services $5,372,013 $7,956,641 Real estate acquisition and zoning 2,417,474 689,160 Other 15,678 11,564 Total $7,805,165 $8,657,365 Operating income (loss): Infrastructure construction and network services $(845,870) $422,482 Real estate acquisition and zoning 284,998 (88,250) Other 9,153 950 $(551,719) $335,182 Additions to Management Team In July, we appointed Albert E. Gencarella as our Chief Financial Officer. Mr. Gencarella was previously Chief Financial Officer of Dianet Communications, Inc., a company involved in constructing and operating distributed antenna systems for wireless telephone companies. From 2001 to 2004, Mr. Gencarella was employed by Oceanic Digital Communications, a wireless telephone company with operations in Jamaica and the Netherlands Antilles, as President, Chief Operating Officer and Director. Mr. Gencarella has over 25 years of management experience in the telecommunications and media industries. Mr. Gencarella holds an MBA from the University of Rhode Island. Patrick G. Mackey, our former Chief Financial Officer, continues to serve as Senior Vice President and Principal Accounting Officer. In November, we appointed Nicholas Day as our General Counsel. Prior to joining us, Mr. Day served as Senior Corporate Counsel for Net2Phone, Inc., a then Nasdaq-listed provider of voice over Internet protocol, or VoIP, telephony products and services. Prior to Net2Phone, Mr. Day served as Associate General Counsel for WorldGate Communications, Inc., a Nasdaq-listed provider of personal video telephony products. Mr. Day began his career as a business attorney with the law firm of Saul Ewing, LLP. Mr. Day received his A.B. degree from Duke University and his J.D. degree, with honors, from Villanova University School of Law. "These additions to management have enhanced an already strong management team at Berliner Communications, Inc.," noted Mr. Berliner. "As we grow and strive to execute our ambitious business plans, we need a fully committed, focused and high quality team at the top, and I believe this is precisely what we now have in place." Berliner Communications, Inc. and its wholly owned operating subsidiary, BCI Communications, Inc., are headquartered in Elmwood Park, New Jersey. BCI is an end-to-end provider of outsourced services for the wireless communications industry, including planning, deployment and management of network build-outs. BCI provides wireless carriers with comprehensive real estate site acquisition and zoning services, radio frequency and network design and engineering, infrastructure equipment construction and installation, radio transmission base station modification and project management services. For more information about Berliner's services, please visit http://www.bcisites.com . The statements in this press release, which are not historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, without limitation, statements regarding our future prospects, the ability to achieve our sales and profitability goals, our perception of future industry trends and the potential positive impact our business prospects, and other such statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from ours expectations. Such risks and uncertainties include, without limitation, risks detailed in our filings with the United States Securities and Exchange Commission, the risk that future trends we have identified do not materialize or if they materialize that they do not have the beneficial effect we anticipate, as well as the risk that we will not be able to achieve our sales and profitability goals. All forward- looking statements in this document are made as of the date hereof, based on information available to us on the date hereof, and we disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events or otherwise. (table follows) BERLINER COMMUNICATIONS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS Three months ended September 30, 2006 2005 (Unaudited) (Unaudited) Revenues $7,805,165 $8,657,365 Costs of revenues 5,716,580 6,217,550 Gross margin 2,088,585 2,439,815 Selling, general and administrative expenses 2,580,908 2,043,747 Depreciation 56,879 61,136 (Gain) loss on sale of fixed assets 2,517 (250) Income (loss) from operations (551,719) 335,182 Other (income) expense Interest expense 29,073 9,571 Interest income (4,610) (2,846) Loss in equity of investments --- 65,747 Other (14,488) 400 Income (loss) before income taxes (561,694) 262,310 Income tax expense --- 800 Net income (loss) (561,694) 261,510 Deemed Series B and D preferred dividends --- 19,935,779 Net loss allocable to common shareholders $(561,694) $(19,674,269) Net loss per share - basic and diluted $(0.03) $(5.90) Weighted average number of shares outstanding - basic and diluted 17,034,857 3,335,393 BERLINER COMMUNICATIONS, INC. CONSOLIDATED BALANCE SHEETS September 30, June 30, 2006 2006 (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $413,428 $534,350 Accounts receivable, net of allowance for doubtful accounts of $199,525 at September 30, 2006 and $179,535 at June 30, 2006 9,197,607 12,333,892 Inventories 315,785 322,029 Prepaid expenses and other current assets 418,890 331,546 10,345,710 13,521,817 LONG-TERM ASSETS Property and equipment, net 522,467 565,592 Other assets 95,729 168,210 $10,963,906 $14,255,619 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Line of credit $633,904 $1,110,803 Current portion of long-term debt 213,152 373,856 Current portion of capital lease obligations 30,213 33,105 Accounts payable 4,012,160 5,355,827 Accrued liabilities 3,181,836 3,908,803 Accrued income taxes 8,817 127,927 8,080,082 10,910,321 LONG-TERM LIABILITIES Long-term debt, net of current portion 148,854 162,769 Long-term capital lease obligations, net of current portion 17,324 24,081 166,178 186,850 COMMITMENTS AND CONTINGENCIES --- --- STOCKHOLDERS' EQUITY Preferred stock --- --- Common stock 341 341 Additional paid-in capital 13,139,133 13,018,241 Accumulated deficit (10,421,828) (9,860,134) 2,717,646 3,158,448 $10,963,906 $14,255,619 SOURCE Berliner Communications, Inc. Patrick G. Mackey of Berliner Communications, Inc., +1-214-777-4100, or pmackey*bcisites.com http://www.bcisites.com Copyright (C) 2006 PR Newswire. All rights reserved [/QB][/QUOTE]
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