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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/