Exhibit 99.1
FOR: METRO ONE TELECOMMUNICATIONS, INC. | ||
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CONTACTS: |
| Dale Wahl |
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| Chief Financial Officer |
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| Metro One Telecommunications, Inc. |
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| (503) 643-9500 |
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| Duane Fromhart |
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| Vice President, Finance |
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| Metro One Telecommunications, Inc. |
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| (503) 643-9500 |
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| FD Morgen-Walke |
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| Jim Byers (Investors) |
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| (415) 439-4504 |
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| Chris Toth (Media) |
FOR IMMEDIATE RELEASE |
| (415) 439-4503 |
METRO ONE EARNS $0.17 PER SHARE IN FIRST QUARTER
PORTLAND, Oregon — April 25, 2003 — Metro One Telecommunications, Inc. (Nasdaq: MTON), the leading provider of Enhanced Directory Assistance® and other enhanced telecom services, today reported financial results for the first quarter ended March 31, 2003.
Revenue for the first quarter 2003 was $59,336,000, compared to $61,765,000 in the preceding year’s first quarter. Metro One generated net income for the first quarter of $4,110,000, or $0.17 per share, compared to net income of $5,432,000, or $0.22 per share, in the preceding year’s first quarter.
“We are pleased to deliver strong earnings results despite a business environment that remains challenging,” commented Timothy A. Timmins, Metro One’s president and chief executive. “During the quarter, we also demonstrated our ability to successfully diversify our business model and we continue to focus on additional strategies to add to our existing business and maximize value for our shareholders.”
Metro One will host a webcast conference call on Friday, April 25, 2003 at 10:00 a.m. Pacific Time to review first quarter 2003 results, as well as discuss its operations and outlook for the future. To access the webcast, go to Metro One’s website at www.metro1.com. An archived webcast replay of the call will also be available at that website.
Metro One Telecommunications, Inc. is the leading developer and provider of Enhanced Directory Assistance and other enhanced telecom services. The Company operates a network of call centers located strategically throughout the U.S. Metro One
handled approximately 127 million requests for information in the first quarter of 2003 and approximately 544 million requests in 2002. Metro One has been included in both Fortune’s comprehensive annual list of America’s 100 Fastest-Growing Companies and Forbes’ annual list of the 200 Best Small Companies in America for the past three years, and Fortune Small Business’ inaugural list of the 100 Fastest Growing publicly held small businesses in America. For more information, visit the Metro One Telecommunications web site at www.metro1.com.
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including, but not limited to, factors detailed in the Company’s Securities and Exchange Commission filings. The forward-looking statements should be considered in light of these risks and uncertainties.
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METRO ONE TELECOMMUNICATIONS, INC
Statements of Income
(Dollars in thousands, except per share data)
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| Three Months Ended |
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| 3/31/2003 |
| 3/31/2002 |
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Revenues |
| $ | 59,336 |
| $ | 61,765 |
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Costs and expenses: |
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Direct operating |
| 33,513 |
| 35,250 |
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General and administrative |
| 19,199 |
| 18,013 |
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| 52,712 |
| 53,263 |
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Income from operations |
| 6,624 |
| 8,502 |
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Other income |
| 212 |
| 268 |
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Interest and loan fees |
| — |
| (9 | ) | ||
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| 212 |
| 259 |
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Income before income taxes |
| 6,836 |
| 8,761 |
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Income tax expense |
| 2,726 |
| 3,329 |
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Net income |
| $ | 4,110 |
| $ | 5,432 |
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Income per common share: |
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Basic |
| $ | 0.17 |
| $ | 0.22 |
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Diluted |
| $ | 0.17 |
| $ | 0.22 |
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Shares used in per share calculation: |
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Basic |
| 24,682 |
| 24,487 |
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Diluted |
| 24,709 |
| 25,195 |
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METRO ONE TELECOMMUNICATIONS, INC
Balance Sheets
(Dollars in thousands)
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| 3/31/2003 |
| 12/31/2002 |
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Cash and cash equivalents |
| $ | 86,940 |
| $ | 76,528 |
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Restricted cash |
| 3,348 |
| 3,348 |
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Accounts receivable |
| 29,784 |
| 31,321 |
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Prepaid costs and other current assets |
| 5,967 |
| 6,498 |
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Total current assets |
| 126,039 |
| 117,695 |
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Furniture, fixtures and equipment, net |
| 70,650 |
| 71,668 |
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Goodwill |
| 4,432 |
| 4,432 |
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Intangible assets |
| 4,215 |
| 4,023 |
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Other assets |
| 938 |
| 871 |
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Total assets |
| $ | 206,274 |
| $ | 198,689 |
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Accounts payable |
| $ | 1,911 |
| $ | 1,366 |
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Accrued liabilities |
| 5,604 |
| 1,054 |
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Accrued payroll and related costs |
| 11,538 |
| 11,570 |
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Total current liabilities |
| 19,053 |
| 13,990 |
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Other long-term liabilities |
| 7,722 |
| 9,310 |
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Total liabilities |
| 26,775 |
| 23,300 |
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Common Stock |
| 119,425 |
| 119,425 |
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Retained earnings |
| 60,074 |
| 55,964 |
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Shareholders’ equity |
| 179,499 |
| 175,389 |
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Total liabilities and shareholders’ equity |
| $ | 206,274 |
| $ | 198,689 |
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