DALLAS- Paging Network Inc. reported a first quarter net loss of $39.9 million, or 39 cents per share, compared with a $12.1 million net loss, or 12 cents per share, for the same quarter of 1996.
However, the company’s core domestic paging operation achieved record-setting net revenues and operating cash flow during the three month period ended Mar. 31, said the Dallas-based company. Net revenue from PageNet’s core domestic paging operation totaled $192.7 million, an 18.2 percent increase from the corresponding quarter of 1996, said the company.
PageNet said consolidated results were impacted by the initiation of its VoiceNow InFLEXion-based voice paging service, which is expected to have a $30 to $40 million negative impact on consolidated operating cash flow.
“Our main goals for the year are to continue to strengthen the financial performance in our core domestic paging business and to successfully introduce our VoiceNow service,” stated Glenn Marschel, president and chief executive officer. “We made very good progress in both areas during the quarter.”.
