ICOA Reports Q2 '05 Earnings, 357% Increase in Recurring Revenue and 20% Expansion of Footprint
WARWICK, R.I., Aug. 23 /PRNewswire-FirstCall/ -- ICOA, Inc. (OTC Bulletin Board: ICOA), a national provider of neutral-host wireless broadband Internet networks and managed services in high-traffic public locations, today reported its full financial results for the second quarter ended June 30, 2005. For the first six months of 2005 the company's revenue was $928,664, a 94% increase compared to $478,429 for the same period in 2004. The company's revenue in the second quarter of 2005 was $478,749, a 41.5% increase compared to $338,389 for the same period in 2004. Recurring revenue increased in the second quarter by 357% over Q1 '05 and 298% over the first six months of 2004. Gross margin for the first quarter of 2005 was ($75,896) compared to $17,458 in 2004. However, for the first six months of 2005, gross margin was $25,168 compared to ($29,085) in 2004. During the second quarter of 2005, the company had a net loss of ($1,717,128) compared to a net loss of ($711,142) in 2004, and for the six months of 2005 the net loss was ($3,613,210) compared to ($1,232,080) for the first six months of 2004. ICOA CEO Rick Schiffmann said, "We are very pleased to report last quarter's results, the closing and integration of acquisitions and, specifically, the shifting of emphasis from one-time to recurring revenue across all of our business lines. As well, we continued to see substantial usage growth across our same-location footprint and a 20% expansion of our total national footprint from the previous quarter." About ICOA, Inc. ICOA, Inc. (OTC Bulletin Board: ICOA) is a national provider of neutral- host wireless and wired broadband Internet networks in high-traffic public locations. ICOA provides design, installation, operations, maintenance and management of neutral, common-use 802.11x standard WLAN Wi-Fi hot spot and hot zone infrastructure throughout airport facilities, quick-service restaurants, universities, travel plazas, RV/campgrounds and marinas, and hospitality and hot zone locations. ICOA owns or operates over 1,300 broadband access installations in high-traffic locations across 45 states. For additional information, visit http://www.icoacorp.com . An investment profile about ICOA may be found at http://www.hawkassociates.com/icoa/profile.htm . For more information, contact ICOA VP of Corporate Development John Balbach at (401) 352-2368, e-mail: email@example.com . For investor relations, contact Frank Hawkins or Julie Marshall, Hawk Associates, (305) 451-1888, e-mail: firstname.lastname@example.org . An online investor relations kit containing ICOA press releases, SEC filings, current Level II price quotes, interactive Java stock charts and other useful information for investors can be found at http://www.hawkassociates.com and http://www.americanmicrocaps.com . The foregoing contains "forward-looking statements," which are based on management's beliefs, as well as on a number of assumptions concerning future events and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside ICOA's control, that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see ICOA's filings with the Securities and Exchange Commission. ICOA disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of ICOA.
SOURCE ICOA, Inc.
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