Glentel announces 2000 year end results

TSE Stock Symbol: GLN



Apr 03, 2001, 01:00 ET from Glentel Inc.

    VANCOUVER, April 3 /PRNewswire/ - Glentel Inc. today reported results for
 the fourth quarter and the year ended December 31, 2000. Financial highlights,
 in thousands of Canadian dollars (except per share data), are as follows:
 
     -------------------------------------------------------------------------
                   3 months        3 months       Year            Year
                   ended           ended          Ended           Ended
                   Dec 31, 2000    Dec 31, 1999   Dec 31, 2000    Dec 31, 1999
 
 
     Sales              $12,138         $11,505        $42,944         $37,328
     -------------------------------------------------------------------------
     Earnings before
      interest, taxes,
      and amortization
      (EBITA)          ($303)           $596           $37             $1,587
     -------------------------------------------------------------------------
     EBITA Margin
      (% of Sales)     (2.5%)            5.2%          0.1%            4.3%
     -------------------------------------------------------------------------
     Amortization      ($5,078)        ($1,002)       ($8,121)        ($3,870)
     -------------------------------------------------------------------------
     Pre-tax (loss)
      gain from
      investments      ($4,519)         $258          ($2,630)         $2,145
     -------------------------------------------------------------------------
     Net loss          ($10,368)       ($442)         ($10,628)       ($229)
     -------------------------------------------------------------------------
     -------------------------------------------------------------------------
      Net loss per
       share           ($1.30)         ($0.06)        ($1.34)         ($0.03)
     -------------------------------------------------------------------------
 
     Sales for the Consumer Services division of PCS/cellular and paging
 products and services were $5,386,000 for the fourth quarter and $14,384,000
 for the year 2000 compared to $2,692,000 and $7,310,000 in the comparative
 periods of 1999. EBITA for the Consumer Services division was $541,000 in the
 fourth quarter and $1,148,000 for the year compared to $242,000 and $105,000
 in the comparable periods of 1999. Same store sales were up 9% for the fourth
 quarter and 15% for the year over the comparative periods of 1999.
     Sales for the Business Services division of two-way radio, paging,
 satellite, airtime and other business communications products and services
 were $6,752,000 for the fourth quarter and $28,560,000 for the year 2000
 compared to $8,813,000 and $30,018,000 in the comparative periods of 1999.
 EBITA for the Business Services division was ($996,000) in the fourth quarter
 and ($1,676,000) for the year compared to $177,000 and $846,000 in the
 comparable periods of 1999.
     While these results are disappointing, during the year 2000, the Company
 focused on growing its Consumer Services division, by adding 17 new
 WirelessWave retail stores (8 in the fourth quarter), bringing the total
 number to 32 locations. During the fourth quarter the Company's Business
 Services division reduced its staff by 20%, implemented a plan to discontinue
 its paging network service, and re-valued certain intangible and capital
 assets to reflect their current market value. As a result of these changes
 amortization expense was $5,078,000 for the fourth quarter and $8,121,000 for
 the year 2000 compared to $1,002,000 and $3,870,000 in the comparative periods
 of 1999.
     At December 31, 2000, a charge of $3,345,000 was also taken to write down
 the value of the company's investment in marketable securities to market value
 at that date.
     The annual meeting for the Company has been set for 9:30 a.m. on
 Wednesday, May 30, 2001 and is to be held at the Hilton Vancouver Metrotown in
 Burnaby, British Columbia.
 
     Established in 1963, Glentel is an international wireless service
 provider. Operating its fixed and mobile satellite communication, two-way
 dispatch and paging networks, Glentel provides its customers with North
 America-wide wireless data and voice solutions. Glentel's customers include
 prominent oil and gas, mining, transportation, public safety, municipal,
 provincial and federal entities. It operates 45 corporate locations (including
 11 Glentel Wireless Business Centres and 34 WirelessWave stores), a networks
 engineering group, and a network of authorized dealers, integrating products
 and services utilizing mobile two-way radio, dispatch, data, satellite,
 paging, cellular and PCS to meet the needs of a broad range of customer
 applications. Glentel is an authorized dealer for WiLan, Rogers AT&T, Fido
 (Microcell), Bell Mobility, Telus /Clearnet PCS, Telus/Clearnet MIKE network,
 Pagenet, Motorola, Globalstar Canada, Globalstar USA, TMI (MSAT), and Telesat.
 
     NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY
 HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
 
 

SOURCE Glentel Inc.
    VANCOUVER, April 3 /PRNewswire/ - Glentel Inc. today reported results for
 the fourth quarter and the year ended December 31, 2000. Financial highlights,
 in thousands of Canadian dollars (except per share data), are as follows:
 
     -------------------------------------------------------------------------
                   3 months        3 months       Year            Year
                   ended           ended          Ended           Ended
                   Dec 31, 2000    Dec 31, 1999   Dec 31, 2000    Dec 31, 1999
 
 
     Sales              $12,138         $11,505        $42,944         $37,328
     -------------------------------------------------------------------------
     Earnings before
      interest, taxes,
      and amortization
      (EBITA)          ($303)           $596           $37             $1,587
     -------------------------------------------------------------------------
     EBITA Margin
      (% of Sales)     (2.5%)            5.2%          0.1%            4.3%
     -------------------------------------------------------------------------
     Amortization      ($5,078)        ($1,002)       ($8,121)        ($3,870)
     -------------------------------------------------------------------------
     Pre-tax (loss)
      gain from
      investments      ($4,519)         $258          ($2,630)         $2,145
     -------------------------------------------------------------------------
     Net loss          ($10,368)       ($442)         ($10,628)       ($229)
     -------------------------------------------------------------------------
     -------------------------------------------------------------------------
      Net loss per
       share           ($1.30)         ($0.06)        ($1.34)         ($0.03)
     -------------------------------------------------------------------------
 
     Sales for the Consumer Services division of PCS/cellular and paging
 products and services were $5,386,000 for the fourth quarter and $14,384,000
 for the year 2000 compared to $2,692,000 and $7,310,000 in the comparative
 periods of 1999. EBITA for the Consumer Services division was $541,000 in the
 fourth quarter and $1,148,000 for the year compared to $242,000 and $105,000
 in the comparable periods of 1999. Same store sales were up 9% for the fourth
 quarter and 15% for the year over the comparative periods of 1999.
     Sales for the Business Services division of two-way radio, paging,
 satellite, airtime and other business communications products and services
 were $6,752,000 for the fourth quarter and $28,560,000 for the year 2000
 compared to $8,813,000 and $30,018,000 in the comparative periods of 1999.
 EBITA for the Business Services division was ($996,000) in the fourth quarter
 and ($1,676,000) for the year compared to $177,000 and $846,000 in the
 comparable periods of 1999.
     While these results are disappointing, during the year 2000, the Company
 focused on growing its Consumer Services division, by adding 17 new
 WirelessWave retail stores (8 in the fourth quarter), bringing the total
 number to 32 locations. During the fourth quarter the Company's Business
 Services division reduced its staff by 20%, implemented a plan to discontinue
 its paging network service, and re-valued certain intangible and capital
 assets to reflect their current market value. As a result of these changes
 amortization expense was $5,078,000 for the fourth quarter and $8,121,000 for
 the year 2000 compared to $1,002,000 and $3,870,000 in the comparative periods
 of 1999.
     At December 31, 2000, a charge of $3,345,000 was also taken to write down
 the value of the company's investment in marketable securities to market value
 at that date.
     The annual meeting for the Company has been set for 9:30 a.m. on
 Wednesday, May 30, 2001 and is to be held at the Hilton Vancouver Metrotown in
 Burnaby, British Columbia.
 
     Established in 1963, Glentel is an international wireless service
 provider. Operating its fixed and mobile satellite communication, two-way
 dispatch and paging networks, Glentel provides its customers with North
 America-wide wireless data and voice solutions. Glentel's customers include
 prominent oil and gas, mining, transportation, public safety, municipal,
 provincial and federal entities. It operates 45 corporate locations (including
 11 Glentel Wireless Business Centres and 34 WirelessWave stores), a networks
 engineering group, and a network of authorized dealers, integrating products
 and services utilizing mobile two-way radio, dispatch, data, satellite,
 paging, cellular and PCS to meet the needs of a broad range of customer
 applications. Glentel is an authorized dealer for WiLan, Rogers AT&T, Fido
 (Microcell), Bell Mobility, Telus /Clearnet PCS, Telus/Clearnet MIKE network,
 Pagenet, Motorola, Globalstar Canada, Globalstar USA, TMI (MSAT), and Telesat.
 
     NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY
 HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
 
 SOURCE Glentel Inc.