Glentel Inc. Announces Third Quarter Results

TSE Stock Symbol: GLN



Nov 15, 2000, 00:00 ET from Glentel Inc.

    BURNABY, BC, Nov. 15 /PRNewswire/ - Glentel Inc. (the "Company") today
 reported its operating results for the third quarter ending September 30,
 2000. Financial highlights, in thousands of Canadian dollars (except per share
 data), are as follows:
 
     -------------------------------------------------------------------------
                                    Three months ended   Nine months ended
                                     September 30         September 30
 
     -------------------------------------------------------------------------
                                    2000       1999      2000       1999
 
     -------------------------------------------------------------------------
     Sales                          $10,991    $9,076    $30,806    $25,823
 
     -------------------------------------------------------------------------
     Earnings before interest,
      taxes, depreciation and
      amortization                  140        429       340        991
      (EBITDA)
     -------------------------------------------------------------------------
     EBITDA Margin                  1.3%       4.7%      1.1%       3.8%
      (% of Sales)
     -------------------------------------------------------------------------
     Pre-tax gain on sale           (1,454)    18        1,889      1,887
      of investments
     -------------------------------------------------------------------------
     Net (loss) income              (1,509)    (276)     (260)      213
 
     -------------------------------------------------------------------------
     Loss (income) per share        (0.19)     (0.04)    (0.03)     0.03
     -------------------------------------------------------------------------
 
     Note: Certain comparative figures have been restated to conform to 2000
 presentation.
 
     Sales for the Consumer Services Group, which includes sales of
 PCS/cellular/paging products and services were $3,656,000 for the third
 quarter and $8,998,000 for the nine months ended September 30, 2000 compared
 to $1,844,000 and $4,618,000 for the comparable periods of 1999. EBITDA for
 the Consumer Services Group was $98,000 for the third quarter and $608,000 for
 the nine months compared to $140,000 and a loss of $137,000 for the comparable
 period of 1999. Same store sales increased 2% for the third quarter and 15%
 for the nine-month period over the comparable periods of 1999.
     The Business Services Group sales of two-way radio, paging, satellite,
 MIKE/PCS and high speed wireless data communication products and airtime were
 $7,335,000 for the third quarter and $21,808,000 for the nine months ended
 September 30, 2000 compared to $7,232,000 and $21,205,000 for the comparable
 periods of 1999. EBITDA for the Business Services Group was a loss of $104,000
 for the third quarter and a loss of $701,000 for the nine months ended
 September 30, 2000 compared to EBITDA of $143,000 and $659,000 for the
 comparable periods of 1999.
     As at November 14, 2000, the Company held marketable securities having a
 cost of $3,825,000 and a market value of $4,197,000, restricted securities
 having a cost $4,987,000 and a market value of $6,036,000. During the third
 quarter, the Company wrote off its investment in Freei Networks, Inc., a US-
 based internet service provider since that company sought bankruptcy
 protection and has sold its assets.
     In this third quarter, Glentel entered into a joint venture with Dixon
 Cable Laying Company Ltd. to establish c2c NetWorks Canada Ltd. c2c will be an
 integrated fibre and fixed wireless-based data network provider. It will
 build, lease, operate and maintain data networks for its existing and future
 customers in Canada. In September, c2c entered into an agreement with a wholly-
 owned subsidiary of EPCOR Utilities Inc. providing c2c with access to EPCOR's
 duct system, existing fibre infrastructure and its rights of way in the City
 of Edmonton, Alberta.
     Also in the third quarter 2000, Glentel opened 3 new stores bringing the
 total number of WirelessWave locations in British Columbia, Alberta and
 Ontario to 25. In Ontario, 5 WirelessWave stores will be opened in the Greater
 Toronto area in the fourth quarter.
 
     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 over 240 antenna sites in Canada,
 36 corporate locations (including 11 Glentel Wireless Business Centres and 25
 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), Clearnet PCS, Clearnet MIKE network,
 Motorola, Globalstar Canada, Globalstar USA, MSAT, and Telesat.
 
     NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY
 HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
 
 

SOURCE Glentel Inc.
    BURNABY, BC, Nov. 15 /PRNewswire/ - Glentel Inc. (the "Company") today
 reported its operating results for the third quarter ending September 30,
 2000. Financial highlights, in thousands of Canadian dollars (except per share
 data), are as follows:
 
     -------------------------------------------------------------------------
                                    Three months ended   Nine months ended
                                     September 30         September 30
 
     -------------------------------------------------------------------------
                                    2000       1999      2000       1999
 
     -------------------------------------------------------------------------
     Sales                          $10,991    $9,076    $30,806    $25,823
 
     -------------------------------------------------------------------------
     Earnings before interest,
      taxes, depreciation and
      amortization                  140        429       340        991
      (EBITDA)
     -------------------------------------------------------------------------
     EBITDA Margin                  1.3%       4.7%      1.1%       3.8%
      (% of Sales)
     -------------------------------------------------------------------------
     Pre-tax gain on sale           (1,454)    18        1,889      1,887
      of investments
     -------------------------------------------------------------------------
     Net (loss) income              (1,509)    (276)     (260)      213
 
     -------------------------------------------------------------------------
     Loss (income) per share        (0.19)     (0.04)    (0.03)     0.03
     -------------------------------------------------------------------------
 
     Note: Certain comparative figures have been restated to conform to 2000
 presentation.
 
     Sales for the Consumer Services Group, which includes sales of
 PCS/cellular/paging products and services were $3,656,000 for the third
 quarter and $8,998,000 for the nine months ended September 30, 2000 compared
 to $1,844,000 and $4,618,000 for the comparable periods of 1999. EBITDA for
 the Consumer Services Group was $98,000 for the third quarter and $608,000 for
 the nine months compared to $140,000 and a loss of $137,000 for the comparable
 period of 1999. Same store sales increased 2% for the third quarter and 15%
 for the nine-month period over the comparable periods of 1999.
     The Business Services Group sales of two-way radio, paging, satellite,
 MIKE/PCS and high speed wireless data communication products and airtime were
 $7,335,000 for the third quarter and $21,808,000 for the nine months ended
 September 30, 2000 compared to $7,232,000 and $21,205,000 for the comparable
 periods of 1999. EBITDA for the Business Services Group was a loss of $104,000
 for the third quarter and a loss of $701,000 for the nine months ended
 September 30, 2000 compared to EBITDA of $143,000 and $659,000 for the
 comparable periods of 1999.
     As at November 14, 2000, the Company held marketable securities having a
 cost of $3,825,000 and a market value of $4,197,000, restricted securities
 having a cost $4,987,000 and a market value of $6,036,000. During the third
 quarter, the Company wrote off its investment in Freei Networks, Inc., a US-
 based internet service provider since that company sought bankruptcy
 protection and has sold its assets.
     In this third quarter, Glentel entered into a joint venture with Dixon
 Cable Laying Company Ltd. to establish c2c NetWorks Canada Ltd. c2c will be an
 integrated fibre and fixed wireless-based data network provider. It will
 build, lease, operate and maintain data networks for its existing and future
 customers in Canada. In September, c2c entered into an agreement with a wholly-
 owned subsidiary of EPCOR Utilities Inc. providing c2c with access to EPCOR's
 duct system, existing fibre infrastructure and its rights of way in the City
 of Edmonton, Alberta.
     Also in the third quarter 2000, Glentel opened 3 new stores bringing the
 total number of WirelessWave locations in British Columbia, Alberta and
 Ontario to 25. In Ontario, 5 WirelessWave stores will be opened in the Greater
 Toronto area in the fourth quarter.
 
     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 over 240 antenna sites in Canada,
 36 corporate locations (including 11 Glentel Wireless Business Centres and 25
 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), Clearnet PCS, Clearnet MIKE network,
 Motorola, Globalstar Canada, Globalstar USA, MSAT, and Telesat.
 
     NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY
 HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
 
 SOURCE Glentel Inc.