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GlobeTel Announces Third Quarter 2005 Results
FORT LAUDERDALE, Fla., Nov 14, 2005 (BUSINESS WIRE) -- GlobeTel Communications Corp. (AMEX:GTE) today reported in its filing of SEC Form 10Q for the third quarter ended September 30, 2005, that the company had revenues of $22,299,516 during the quarter then ended, compared to $7,509,206 during the same period in 2004, an increase of 197%. Total revenues for the nine months then ended were $60,010,691, compared to $14,509,624 during the same period in 2004, an increase of 314%. The total losses for the third quarter were $4,635,244, excluding non-cash transactions of $1,330,000. The company also provided the following quarterly comparison:
Operationally, the Company reported that margins remain lower as it begins full operations at its network operations center in Los Angeles. However, the projected run rate is expected to be over $80 million, and that with the revamping of its operations, it expects to make a significant turn-around during the last quarter of 2005. The Company also reported that:
-- The launch of its VoIP product in Las Vegas in early November was well received and that it expects to enter into agreements with several potential customers and partners.
-- It has allied itself with a major financial processor in India, which is also an ATM/POS provider that will enable the Company to market its Stored Value Cards and Payment Solutions in India
-- The military prototype of Stratellite(TM) will be tested this week.
-- The marketing and deployment of its wireless product, through its subsidiary, GlobeTel Wireless, Inc., is well on its way in several countries.
Timothy Huff, CEO of GlobeTel, stated, "We are pleased to report that we are making significant progress on all fronts and that our goals are now coming into fruition. We continue to emphasize that our losses have been expected as we grow and expand our operations, and we expect to begin our turn-around and have our losses diminished. We expect that as the Company makes it turn-around that there will be full-speed acceleration into profitability."
About GlobeTel Communications Corporation:
GlobeTel Communications Corporation is a diversified Telecommunications and Financial Services Company. GlobeTel Communications Corporation operates business units in Stored Value debit cards, as a certified MasterCard processor, the sale of Carrier grade VOIP of Long Distance to major Long Distance re-sellers, VOIP Technology and development, and high altitude airship research and development. These self contained business units were developed to operate independently of each other. The symbiotic relationship however, provides value to each of the other business units. This strategy offers GlobeTel financial diversity and risk mitigation while striving toward its operating objectives.
Operating on a global basis, GlobeTel has, historically, focused its business development on markets outside of the United States. Current operations and business relationships exist in Asia, Europe, South America, Mexico and the Caribbean.
A Stratellite(TM) is similar to a satellite, but is stationed in the stratosphere rather than in orbit. At an altitude of 10 to 13 miles above the Earth, each Stratellite(TM) will have clear line-of-sight communications capability to an entire major metropolitan area as well as being able to provide coverage across major rural areas. Several Stratellites(TM) linked together could cover many hundreds of thousands of square miles. The Stratellite(TM) will allow subscribers to easily communicate in "both directions" using readily available wireless devices. In addition to voice and data, proposed telecommunications uses include cellular, 3G/4G mobile, MMDS, paging, fixed wireless telephony, HDTV, real-time surveillance and others.
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Placement Act of 1995. The words "forecast", "project", "intend", "expect", "should", "would", and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements. The above are more fully discussed in the Company's SEC filings.
KEYWORD: United States North America Florida INDUSTRY KEYWORD: Technology Internet Telecommunications Other Technology Professional Services Banking SUBJECT CODE: Earnings
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