ALEXANDRIA, Va.-Metrocall Inc. released its fourth-quarter earnings report, in which the company announced a net loss of $16.9 million, or 58 cents per share, about equal to losses reported in the same quarter of 1996.
Net revenues reached $68.7 million, a 52-percent increase over the fourth quarter of 1996. On a pro forma basis for its merger with ProNet Inc.-completed Dec. 30-fourth-quarter net revenues were about $95.6 million.
Metrocall said it added 111,007 net subscribers during the quarter, not including those gained in the merger, to a total of 2.7 million. This is a 28-percent increase over the corresponding quarter of the previous year. Following the completed merger, Metrocall now claims 4 million subscribers.
“Metrocall stands on the threshold of becoming a net free cash flow company,” said William Collins, Metrocall president and chief executive officer. “Metrocall is committed to drive the business toward generating sustained free cash flow in 1998 through a combination of profitable growth, reduced leased subscriber additions, pricing discipline and controlled capital expenditures.”
The company also said it expects to realize a minimum of $7.8 million in annualized savings as a result of its integration plan with ProNet, $6 million of which is targeted for this year.
