COLUMBUS, Ohio, May 21 /PRNewswire/ -- AmeriLink Corporation (Nasdaq: ALNK), a leading provider of cabling services to the telecommunications industry, today announced operating results for its fourth quarter and 1999 fiscal year. FOURTH QUARTER AND FISCAL YEAR 1999 RESULTS For the three months ended March 28, 1999, the Company reported diluted earnings per share of $0.03 on revenues of $17.1 million. This compared with diluted earnings per share of $0.18 and revenues of $19.5 million during the fourth quarter of fiscal 1998. Operating income for the most recent quarter totaled $217,363 (1.3% of revenues) compared with operating income of $1,234,576 (6.3% of revenues) in the corresponding period of the previous fiscal year. Revenues derived from residential and commercial premises wiring activities approximated $16.0 million during the quarter ended March 28, 1999 compared with premises wiring revenues of $18.0 million in the prior-year period. Premises wiring revenues for the fiscal 1999 fourth quarter include approximately $1.9 million of commercial network cabling revenues from Midwest Computer Cable, Inc.("MCCI"). MCCI is a commercial cabling installation firm headquartered in Des Moines, Iowa that was acquired by AmeriLink on February 2, 1999. Premises wiring revenues from telephone companies for video communication services in the most recent quarter decreased to approximately $2.5 million, from $4.1 million in the fourth quarter of last year. Fiscal 1998 fourth quarter revenues also included approximately $1.3 million in revenues from a contract to provide voice and data premises wiring cabling services for U.S. West in Phoenix, AZ. Work under this contract was substantially completed in June, 1998. For the fiscal year ended March 28, 1999 diluted earnings per share were $0.28 on revenues of $65.2 million, compared with diluted earnings per share of $1.15 and revenues of $85.6 in fiscal 1998. Operating income for fiscal 1999 totaled $1,636,153 (2.5% of revenues) versus operating income of $7,846,201 (9.2% of revenues) in the prior year-period. Revenues derived from residential and commercial premises wiring activities for the fifty-two weeks ended March 28, 1999 approximated $59.7 million compared with premises wiring revenues of $77.0 in the previous year, a decrease of $ $17.3 million or 22%. Approximately $14.7 million or 85% of this revenue decline is attributable to a reduction in revenues from telephone companies for video services, primarily from GTE Media Ventures. GTE revenues derived from classic hardwire cable system projects for fiscal 1999 declined to $3.0 million, versus approximately $14.6 million in fiscal 1998. FINANCIAL HIGHLIGHTS 13 Weeks Ended 13 Weeks Ended March 29, 1998 March 28, 1999 (Unaudited) (Unaudited) Revenues $ 19,542,034 $ 17,133,326 Cost of Sales 11,943,014 10,208,852 Gross Profit 7,599,020 6,924,474 Selling-general & administrative 6,364,444 6,707,111 Income from operations 1,234,576 217,363 Interest income 100,489 59,308 Income before taxes $1,335,065 $276,671 Income tax provision 531,000 158,000 Net income $804,065 $118,671 Earnings per share Basic $0.19 $0.03 Diluted $0.18 $0.03 Weighted average shares Basic 4,241,248 4,317,207 Diluted 4,458,701 4,356,472 52 Weeks Ended 52 Weeks Ended March 29, 1998 March 28, 1999 Revenues $ 85,645,991 $ 65,211,040 Cost of Sales 52,615,969 39,511,832 Gross Profit 33,030,022 25,699,208 Selling-general & administrative 25,183,821 24,063,055 Income from operations 7,846,201 1,636,153 Interest (expense) income (187,633) 464,174 Income before taxes $7,658,568 $2,100,327 Income tax provision 3,073,000 877,000 Net income $4,585,568 $1,223,327 Earnings per share Basic $1.20 $0.29 Diluted $1.15 $0.28 Weighted average shares Basic 3,805,866 4,244,790 Diluted 4,002,089 4,334,465 March 29, 1998 March 28, 1999 Assets Current Assets: Cash $8,723,230 $5,958,882 Accounts Receivable, Net 13,884,731 12,084,381 Work-In-Process 5,690,546 5,322,616 Materials and Supply Inventories 1,655,809 2,100,419 Other 803,181 1,106,750 Total Current Assets 30,757,497 26,573,048 Property and Equipment, Net 7,585,118 6,366,853 Deposits and Other Assets 185,291 242,658 Goodwill-net -- 7,168,168 Total Assets $38,527,906 $40,350,727 Liabilities and Shareholders' Equity Current Liabilities: Trade Accounts Payable $2,658,091 $2,565,298 Liability to Subcontractors 1,886,173 1,610,121 Accrued Compensation and Related Expenses 1,845,507 1,643,872 Other 817,544 780,936 Total Current Liabilities 7,207,315 6,600,227 Shareholders' Equity: Common Stock 24,017,256 25,872,715 Common Stock held in treasury -- (648,877) Retained Earnings 7,303,335 8,526,662 Total Shareholders' Equity 31,320,591 33,750,500 Total Liabilities and Shareholders' Equity $38,527,906 $40,350,727 APPROXIMATE REVENUES BY PRINCIPAL CUSTOMER GROUP OR SERVICE (Dollars in millions) 52 Weeks ended 52 weeks ended March 29, 1998 March 28, 1999 (Unaudited) (Unaudited) PREMISES WIRING: Residential: MSOs $ 26.1 $27.2 Telco competitive video 25.9 11.2 DBS providers 5.2 3.4 Other 3.7 1.2 Total Residential 60.9 43.0 Commercial: 16.1 16.7 (A) Total premises wiring 77.0 59.7 OUTSIDE PLANT: 8.6 5.5 Total Company $ 85.6 $65.2 (A) - Commercial premises wiring revenues for the 52 weeks ended March 28, 1999 includes approximately $1.9 million of revenues from MCCI,a commercial cabling installation firm that was acquired on February 2, 1999. AmeriLink Corporation is headquartered in Columbus, Ohio and its common stock is traded on the Nasdaq National Market under the symbol "ALNK". -=-=- 