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Affordable outlines third-quarter numbers

February 21, 2002

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HOUSTON - Affordable Telecommunications Technology Corp. (OTCBB:ATTP), which announced its acquisition of Internet kiosk deployer Kiosk Web Access in September, recorded a net loss of $582,712 on revenue of $661,133 during the third quarter ending Sept. 30.

Last year, the company lost $372,027 on revenue of $545,088 during the third quarter. For the first nine months of fiscal year 2001, the company absorbed a net loss of $1,511,046 on revenue of $1,870,853. During the same period last year, the company lost $869,763 on revenue of $925,061.

Kiosk Web Access's financial information was not included in Affordable's third-quarter report. The company announced the acquisition of Kiosk Web Access, which operates 20 Internet terminals in Arizona, California, and Utah, on Sept. 25 (See story: Affordable, Kiosk Web Access deal closes).

In April, the company purchased Internet public access provider Zmail Media Inc., which has deployed 24 Internet terminals at locations in Florida, Georgia, Texas, and Utah.

In the third-quarter report, Affordable officials said the company had suffered significant losses and negative cash flows since going into business. But Steve Bethke, Affordable president and chief executive officer, predicted growth on the horizon.

"We should begin to feel the positive impact of our Zmail and Kiosk Web acquisitions beginning in the fourth quarter," Bethke said in a news release. "These new distribution channels should ramp up our annualized revenues going forward."