http://biz.yahoo.com/bw/031120/205536_1.html
GTEL Announces Third Quarter 2003 Results
Thursday November 20, 1:16 pm ET
MIAMI--(BUSINESS WIRE)--Nov. 20, 2003--GlobeTel Communications Corp. (OTCBB:GTEL - News), with the filing of its 10-QSB for the third quarter ended September 30, 2003, announced today that for the nine months ended September 30, 2003, the company had total revenues of $8,095,232 resulting in an operating income of $614,839, while for the third quarter, the company reported revenues of $2,812,121, resulting in an operating loss of $204,190.
The network revenues continue to improve from the prior periods. The third quarter revenues of $2,812,121 were all from network operations, compared to $2,230,911 network operations revenue over the same period last year, or an increase of 26%. For the nine months ended September 30, 2003, revenues of $8,905,232 were from network operations, compared to $2,967,604 over last year's network operations revenue.
The company also announced that it has written off $4,834,878 in receivables from and stock ownership in IP World Limited (IPW), the Australian-based company that GlobeTel has been providing services for and being compensated in stock. As a result, the company incurred net losses of $4,967,486 and $4,190,137 for the three months and nine months ended September 30, 2003, respectively.
Timothy Huff, CEO of GlobeTel, stated, "Overall, we are pleased that we continue to have a significant operating income for the year 2003 and expect to continue being profitable in our current operations. We elected to write-off the IPW shares now mainly because IPW has not relisted in a year as previously agreed upon and because it is officially under liquidation proceedings. We believe that it is prudent to take this action."
Mr. Huff continued, "However, as part of the current administrative process, negotiations continue with the appointed liquidator, IPW management, its creditors and investors to get the company out of liquidation. We have been advised by IPW management that a creditor agreement has been reached and the liquidator is moving to bring IPW out of liquidation in December. Shortly thereafter, a shareholders' meeting will be called to ratify the agreements, and IPW should be relisted on the Australian Exchange in January 2004. When IPW is in fact relisted, we will then take appropriate actions to recognize the transaction."
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.
وتقرير 10q
http://finance.yahoo.com/q/h?s=GTEL.OB
http://biz.yahoo.com/pz/031202/49029.html
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