MIAMI-Let’s Talk Cellular & Wireless Inc. announced its operating results for the second quarter and six months ended Jan. 31, reporting increased revenues and static net income for the quarter, on a pro forma basis.
The pro-forma financial data reflects the effects of the company’s acquisition of Telephone Warehouse and the sale of the company’s common stock in a recent public offering.
Net revenues for the second quarter totaled $32.7 million, compared with pro-forma net revenues of $20.9 million during the same period of 1997, representing a 56.4-percent increase. On an as reported basis, the company’s second quarter revenues increased 308.5 percent.
On a pro-forma basis, the company would have reported second-quarter net income of $1.1 million, or 14 cents per share, vs. net income of $1.1 million, or 13 cents per share, for the same period of the previous year.
On an as reported basis and excluding the 1998 second-quarter one-time extraordinary charge in connection with debt retirement, Let’s Talk Cellular said it would have reported net income of $896,000, or 12 cents per share, vs. net income of $627,000, or 29 cents per share, for the same quarter of 1997.
Including the one-time charge, the company reported net income of $505,000, or 7 cents per share, for the second quarter. Pro forma earnings exclude various charges that will not continue after the initial public offering, which was completed Nov. 24, added the company.
