Spantel Announces EPS of $0.02 for First Quarter 2004
May 21 2004 - 5:00PM
PR Newswire (US)
Spantel Announces EPS of $0.02 for First Quarter 2004 FUENGIROLA,
Spain, May 21 /PRNewswire-FirstCall/ -- Spantel Communications,
Inc. (BULLETIN BOARD: SPAL) , a provider of telecommunications
services in Spain, filed an extension of time in order to file the
10-QSB for the first quarter ended March 31, 2004. According to the
Company, the extension of time was necessary in order for the
Company's new auditor, Staley Okada and Partners, to review the
financial statements as required. The Company's president, Jose
Ramon Basterra, said, "We are extremely pleased with our new
auditors and feel this slight delay will ensure an accurate filing.
As with any major change such as this, it is imperative that our
exchange of information and communications are verified so our
shareholders receive the proper information in our upcoming
unaudited filing." Basterra continued, "We have undergone a
thorough review of our quarterly financial statements and related
accounting policies with our new auditors, Staley Okada and
Partners. As part of this review, we have determined to adopt
certain revisions to the accounting treatment of our relationships
involving the acquisition and accounting of minutes with our
recently announced acquisition agreements. We have adjusted our
previously announced earnings to reflect the impact of the adjusted
items as determined in consultation with our new auditors. The
adjustment associated with these matters as well as the refinement
of our amortization of deferred subscriber acquisition costs
resulted in adjustments to conform to US GAAP. We have reduced
first quarter 2004 net income to $461,045 from $661,681 resulting
in first quarter EPS of approximately $0.02. These changes are not
expected to have any significant impact on our future results of
operations." Commenting further, Basterra added, "These matters
relate to accounting for complex agreements, which after
consultation with our auditors, we agreed that the adjustments were
necessary to clarify the financials in our previous press release.
Our earnings over the comparable period have grown by a rate of 380
percent, well ahead of our expectations. We are pleased with our
record results for the period and continue our focus on improving
our financial position to enhance shareholder value." Spantel
Communications, Inc. is a provider of telecommunications services
throughout Spain. To learn more about Spantel, visit the Company's
website at http://www.spantel.es/. Except for historical
information contained herein, the statements in this release are
forward-looking and made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties, which may cause the Company's actual results in
future periods to differ materially from forecasted results. Those
risks include, among other things, the competitive environment in
the telecommunications industry in general and in the Company's
specific market areas, inflation, changes in costs of goods and
services and economic conditions in general. Those and other risks
are more fully described in the Company's filings with the
Securities and Exchange Commission. Contact: Spantel
Communications, Inc. Mr. Robert Carlin +34.607.514.906 or
+34.952.66.93.29 This release was issued through eReleases(TM). For
more information, visit http://www.ereleases.com/. DATASOURCE:
Spantel Communications, Inc. CONTACT: Mr. Robert Carlin, Spantel
Communications, Inc., +34-607-514-906 or +34-952-66-93-29, Web
site: http://www.spantel.es/
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