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WETHERSFIELD, Conn.-Shared Technologies Cellular Inc. said the 305-percent expansion of its prepaid cellular business helped increase revenue 16 percent, from $20.9 million in 1996 to $24.2 million for the year ended Dec. 31.
The company also cut its losses by more than half, reporting a net loss of $3.7 million, or 63 cents per share, in 1997, compared with $8.9 million, or $2.18 cents per share, during the previous year. Shared Technologies attributed the reduction in net loss to a change in the revenue mix to more profitable lines of business and a reduction in operating expenses.
Gross margin for 1997 increased by 46 percent compared with the prior year, from $7.3 million to $10.7 million.
