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Tuesday February 26, 6:29 am Eastern Time
Press Release
SOURCE: FutureOne Inc.
FutureOne Reports Revenues and Results for Quarter Ended Dec. 31, 2001
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Feb. 26, 2002--FutureOne Inc. (OTC BB: FUTO - news), www.futureone.net, Tuesday reported first quarter revenues and results in its 10-QSB filed with the U.S. Securities and Exchange Commission, www.sec.gov.
Ralph R. Zanck, vice president of finance stated, ``We were very pleased to see the results that efforts to reduce operating expenses were successful. The company reported net income for the first time in its history. Operating income for the quarter was $304,000 compared to an operating loss of $300,000 for the same quarter last year.''
For the quarter ended Dec. 31, 2001, the company reported revenues from continuing operations of $2,312,000 compared to $3,259,000 for the corresponding period of fiscal year 2000. Recent economic slowdown in the telecommunications industry has negatively impacted revenue. The company anticipates additional revenue reductions in the quarter ending March 31, 2002.
Considering current economic conditions in the telecommunications industry, the company can not predict when revenues will recover. The company is attempting to identify new revenue sources and more aggressively pursuing additional projects.
President and chief executive officer, Donald D. Cannella, commented, ``Although our revenues decreased 29 percent compared to the first quarter of fiscal 2001, I am very pleased with our cost controls and continued reductions in administrative expenses. Direct labor, overtime, equipment rental, construction related travel and contractor expenses were significantly reduced.
``Due to these cost controls, gross margin increased from 20.1 percent for the three months ended Dec. 31, 2000, to 42.4 percent for the three months ended Dec. 31, 2001.''
The company again reported positive EBITDA (earnings before interest, income taxes, and depreciation and amortization). The company's EBITDA from continuing operations for the first quarter was $451,000. Net income for the quarter was $.01 per share compared to a net loss of $.01 per share for the same quarter of fiscal year 2001.
About the Company
On March 29, 2001, FutureOne Inc. filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code. The company has divested its unprofitable operations and consolidated and down-sized its corporate overhead to allow it to focus on providing telecommunications infrastructure installation, and related services, through its wholly owned subsidiary OPEC CORP., www.opeccorp.com.
OPEC has not sought protection from its creditors under Chapter 11 and continues to operate unaffected by the bankruptcy filing.
OPEC provides a comprehensive range of telecommunications services, which include the design, engineering, placement and maintenance of aerial and underground fiber-optic, coaxial and copper cable systems for major communications companies, utility providers, and real estate developers in the western United States.
OPEC also provides auxiliary services such as copper and fiber splicing, horizontal drilling and boring, network repair and maintenance, commercial and residential installations, testing, line conditioning and construction management services.
This press release contains express or implied forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect the company's current views with respect to future events and financial performance or operations and speak only as of the date the statements are made.
Such forward-looking statements involve risks and uncertainties and readers are cautioned not to place undue reliance on forward-looking statements. The company's actual results may differ materially from such statements.
Although the company believes that the assumptions underlying its forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in such forward-looking statements will be realized.
The inclusion of such forward-looking information should not be regarded as a representation by the company or any other person that the future events, plans or expectations contemplated by the company will be achieved.
Readers are encouraged to review the SEC reports of the company, particularly its Annual Report on Form 10-KSB for the year ended Sept. 30, 2001 for meaningful cautionary language disclosing why operating results may vary materially from those anticipated by management.
The company undertakes no obligation to publicly update, review or revise any forward-looking statements to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
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