This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Teletouch Reports Second Quarter 2013 Fiscal Year Results

Teletouch Communications, Inc. (OTCBB: TLLE), a leading U.S. cellular services provider and consumer electronics distributor, reported audited consolidated results on Form 10-Q and announced financial results for its second fiscal quarter ended November 30, 2012.

2 nd Quarter Results – Financial

  • Total operating revenues of $5.00 million
  • Income from continuing operations of $0.06 million
  • EBITDA from continuing operations of $0.28 million
  • Net loss from continuing operations of $0.38 million

Year-to-Date Highlights – Financial (as reported)

  • Total operating revenues of $10.22 million
  • Income from continuing operations of $0.43 million
  • EBITDA from continuing operations of $0.88 million
  • Net loss from continuing operations of $0.49 million
  • Reduced total liabilities by $2.47 million

Material Subsequent Event - Settlement of Texas Sales Tax Obligation

  • On January 7, 2013, the Company entered into a settlement agreement with the State of Texas (“State”) related to the prior reported sales tax obligation of its wholly owned subsidiary, Progressive Concepts, Inc. (”PCI”), assessed following an audit of tax periods from January 2006 through October 2009;
  • The settlement reduced PCI’s total sales tax obligation from approximately $1.91 million to $1.41 million as of the settlement date, i.e., approximately $0.50 million in penalties and interest will be waived by the State once the tax obligation is paid pursuant to the terms of the settlement, as further described below;
  • Terms of settlement:
    • Settlement obligation to State - $1,413,888 (actual tax assessed from audit);
    • $625,000 down payment ($150,000 was prior paid voluntarily through December 1, 2012, with the remaining $475,000 paid January 10, 2013);
    • Beginning February 15, 2013, PCI shall make 35 payments of $22,000 each month, with a final payment of $18,888 due January 15, 2016 (total of $788,888);
    • Total settlement obligation amount due is interest free;
    • All penalties and interest will be waived by the State after the settlement obligation is paid in full;
  • As the settlement and related current obligation was agreed to (and financed at zero interest) by the State prior to the Company’s 2 nd quarter financials being released, $1.1 million of the total obligation has been reclassified as a long term obligation on the Consolidated Balance Sheet as of November 30, 2012.

“This year’s quarter is not easily compared to last year’s same period, as we settled the AT&T litigation in late November 2011,” stated T. A. "Kip" Hyde, Jr., President, Chief Operating Officer and Director of Teletouch. “For a more comparable view, adjusted EBITDA for the second quarter was $0.29 million versus an adjusted EBITDA of $0.36 million for the same period last year. Adjusted Operating Income increased to $0.07 million from an adjusted Operating Income of $0.03 million last year. Our adjusted net loss from continuing operations decreased to $0.37 million from $0.59 million in the prior year’s quarter. While all-in-all, we maintained a reasonably comparable quarter, we are still not where we need to be to drive solid top and bottom-line growth.”

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,959.44 +154.64 0.87%
S&P 500 2,078.54 +7.89 0.38%
NASDAQ 4,781.4240 +16.0440 0.34%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs