International FiberCom Inc. announces record-operating results for its second quarter ended June 30. Revenues for the quarter were $75.6 million, compared to $44.9 million in the second quarter of 1999, a 69-percent increase and new quarterly record. Net income for the quarter, before nonrecurring acquisition-related expenses, was $4.8 million, compared to $2.4 million for the second quarter of 1999. Net income, after nonrecurring acquisition-related expenses, for the second quarter was $3.4 million. For the six months ended June 30, revenues were $139.7 million, compared to $76.6 million for the same period in 1999, an increase of 82 percent. During the second quarter of 2000, the company completed a merger with Premier Cable Communications Inc. in a business combination accounted for as a pooling of interests.
International FiberCom Chairman and CEO Joseph Kealy states, “This second quarter was important for three reasons. First, revenues of our core Infrastructure Development and Services group grew more than 77 percent, and its gross margin increased to 29 percent, compared to 21 percent in last year’s second quarter. Second, we generated more than $103 million in new contracts during the quarter, which exceeded the quarter’s revenues. Finally, the company generated cash flow from operations of $2.8 million for the second quarter of 2000 and decreased its overall days sales outstanding (DSO), its first decrease since the second quarter of 1998.” International FiberCom is an end-to-end solutions provider for the telecommunications industry.
