-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LDr797xeP9ZJZhRsKIfNwlAZYwTsxfCypwOHlJS3IEDc94WePtWwzxDroU/n/17t ONsHQlQATmG5+qdsUcxxNA== 0000826411-96-000007.txt : 19960319 0000826411-96-000007.hdr.sgml : 19960319 ACCESSION NUMBER: 0000826411-96-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960131 FILED AS OF DATE: 19960318 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ABLE TELCOM HOLDING CORP CENTRAL INDEX KEY: 0000826411 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRICAL WORK [1731] IRS NUMBER: 650013218 STATE OF INCORPORATION: FL FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21986 FILM NUMBER: 96535583 BUSINESS ADDRESS: STREET 1: 1601 FORUM PL STREET 2: STE 305 CITY: WEST PALM BEACH STATE: FL ZIP: 33401 BUSINESS PHONE: 4076880400 MAIL ADDRESS: STREET 1: 1601 FORUM PLACE CITY: WEST PALM BEACH STATE: FL ZIP: 33401 FORMER COMPANY: FORMER CONFORMED NAME: DELTA VENTURE FUND INC DATE OF NAME CHANGE: 19890312 10-Q 1 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ( X ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934. For the quarterly period ended January 31, 1996. ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934. For the transition period from ______________ to _____________. Commission File Number: 0-21986 ABLE TELCOM HOLDING CORP. (exact name of registrant as specified in its charter) Florida 65-0013218 (State or other jurisdiction of (IRS Employer incorporation or organization) Identification No.) 1601 Forum Place, Suite 1110, West Palm Beach, Florida 33401 (Address of principal executive offices) (Zip Code) (407) 688-0400 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO__ As of March 1, 1996, there were 8,193,212 shares, par value $.001 per share, of the Registrant's Common Stock outstanding. 2 ABLE TELCOM HOLDING CORP. AND SUBSIDIARIES INDEX --------- PART I - FINANCIAL INFORMATION Page Number ----------- Item 1. Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Balance Sheets - January 31, 1996 3 and October 31, 1995 Condensed Consolidated Statements of Operations - Three 5 months ended January 31, 1996 and 1995 Condensed Consolidated Statements of Cash Flows - Three 6 months ended January 31, 1996 and 1995 Notes to Condensed Consolidated Financial Statements - 8 January 31, 1996 Item 2. Management's Discussion and Analysis of Financial Condition 12 and Results of Operations PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K Signatures 15
3 ABLE TELCOM HOLDING CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS
January 31, 1996 October 31, 1995 Assets (unaudited) (audited) - ------ ---------------- ---------------- Current assets: Cash and equivalents $ 2,410,236 $ 2,952,239 Investments, net 546,875 571,875 Accounts receivable, net 12,557,940 10,529,124 Inventories 3,464,615 3,535,622 Prepaid expenses and other 1,460,795 831,908 Deferred income taxes 440,399 151,879 -------------- ------------- Total current assets 20,880,860 18,572,647 Property and equipment, net 8,119,063 6,119,608 Other assets: Deferred income taxes 331,739 331,739 Goodwill and contractual rights, net 7,080,532 7,203,761 Other 300,689 254,461 -------------- ------------- Total other assets 7,712,960 7,789,961 -------------- ------------- Total assets $ 36,712,883 $ 32,482,216 ============== =============
Note: The balance sheet at October 31, 1995 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. See notes to condensed consolidated financial statements. 4 ABLE TELCOM HOLDING CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
January 31, 1996 October 31, 1995 Liabilities and Shareholders' Equity (unaudited) (audited) ---------------- ---------------- Current liabilities: Current portion of long-term debt $ 1,338,436 $ 2,222,369 Lines of credit 4,638,153 3,220,000 Notes payable - other 1,715,074 --- Notes payable to shareholders/directors 1,807,976 1,557,976 Accounts payable 4,686,552 3,446,123 Accrued expenses 1,480,745 728,282 -------------- ------------- Total current liabilities 15,666,936 11,174,750 Deferred income taxes 264,800 --- Long-term debt, excluding current portion 3,326,196 3,033,000 -------------- ------------- Total liabilities 19,257,932 14,207,750 Minority interest 546,869 807,955 Shareholders' equity: Common stock, $.001 par value, authorized 25,000,000 shares; issued and outstanding 8,193,212 shares in 1996 and 1995 8,193 8,193 Additional paid-in capital 12,790,196 12,790,196 Unrealized loss on investments, net (78,125) (53,125) Retained earnings 4,187,818 4,721,247 -------------- ------------ Total shareholders' equity 16,908,082 17,466,511 -------------- ------------ Total liabilities and shareholders' equity $ 36,712,883 $ 32,482,216 ============== ============
Note: The balance sheet at October 31, 1995 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. See accompanying notes to condensed consolidated financial statements. 5 ABLE TELCOM HOLDING CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
For the three months ended January 31, -------------------------------------- 1996 1995 (unaudited) (audited) --------------- --------------- Revenues $ 11,578,375 $ 7,624,773 ---------- --------- Costs and expenses: Costs of revenues (exclusive of depreciation and amortization shown separately below) 9,426,923 6,557,741 General and administrative 1,450,703 1,531,524 Depreciation and amortization 563,358 328,763 Translation/transaction losses, net 1,009,792 (15,591) Interest expense 237,705 280,178 Interest and dividend income (73,800) (126,213) ---------- ---------- Total costs and expenses 12,614,681 8,556,402 Loss before income taxes and minority interest (1,036,306) (931,629) Income tax benefit 255,553 46,258 ---------- ---------- Loss before minority interest (780,753) (885,371) Minority interest (247,360) (43,273) ---------- --------- Net loss $ (533,393) $ (842,098) ========== ========= Loss per common share and common equivalent share $ (.06) $ (.10) ========== ========= Weighted average shares outstanding: Primary and fully diluted 8,354,144 8,178,596 ========== =========
See accompanying notes to condensed consolidated financial statements. 6 ABLE TELCOM HOLDING CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the three months ended January 31, -------------------------------------- 1996 1995 (unaudited) (audited) --------------- --------------- Operating Activities: Net loss $ (533,393) $ (842,098) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 483,358 328,763 Deferred income taxes (255,820) --- Loss on disposal of property --- 4,919 Translation/transaction losses 1,009,792 (15,591) Minority interest (247,360) --- Changes in assets and liabilities, net of effects from the acquisition of H.C. Connell, Inc. (Increase) decrease in accounts receivable (107,837) 264,167 Decrease (increase) in inventories 196,086 (187,240) Increase in prepaid expenses and other (563,787) (195,546) (Increase) decrease in other assets (15,200) 111,243 Increase (decrease) in accounts payable and accrued expenses 764,577 (361,070) --------- --------- Net cash provided by (used in) operating activities 730,416 (892,453) Investing Activities: Cash acquired in acquisition 400,000 --- Business acquisition, net of cash acquired (2,392,168) --- Purchases of property and equipment (456,828) (711,975) --------- --------- Net cash used in investing activities (2,448,996) (711,975) Financing Activities: Net borrowings under lines of credit 445,000 --- Borrowings from shareholders/directors 500,000 250,000 Repayments to shareholders/directors (250,000) --- Proceeds from long-term debt --- 780,707 Payments on long-term debt (209,979) (486,473) Proceeds from notes for acquisition 1,715,074 --- Distributions to minority interests (13,726) (418,173) Foreign currency translation adjustment (793,675) 15,591 --------- -------- Net cash provided by financing activities 1,392,694 141,652 --------- --------
See accompanying notes to condensed consolidated financial statements. 7 ABLE TELCOM HOLDING CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
For the three months ended January 31, -------------------------------------- 1996 1995 (unaudited) (audited) --------------- -------------- Effect of exchange rate changes on cash and equivalents (216,117) --- --------- ---------- (Decrease) in cash and equivalents (542,003) (1,462,776) Cash and equivalents at beginning of year 2,952,239 3,432,349 Cash and equivalents at end of year $ 2,410,236 $ 1,969,573 Supplemental disclosures of cash flow information: Non-cash transactions affecting operating, investing and financing activities: Operating activities: Decrease in the value of investments, restricted net of tax effect $ --- $ (15,533) ======== ======== Investing and Financing activities: Conversion of notes payable to shareholders to common stock $ --- $ 1,500,000 ======== ========= Liabilities assumed in conjunction with acquisition: Fair value of assets acquired $ 3,996,603 Note payable issued to Sellers/ directors (2,215,074) ----------- -------- Liabilities assumed $ 1,781,529 $ --- =========== ======== Interest paid 177,700 210,525 =========== ======= Income taxes paid, net of refunds 0 0 =========== =======
See accompanying notes to condensed consolidated financial statements. 8 ABLE TELCOM HOLDING CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required for complete financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the results for the interim periods presented have been included. Such adjustments consist of normal recurring accruals and those adjustments recorded to reflect the impact of a currency devaluation on the Company's operations in Venezuela. These results have been determined on the basis of generally accepted accounting principles and practices applied consistently with those used in the preparation of the Company's Annual Report on Form 10-K for the year ended October 31, 1995. Operating results for the three months ended January 31, 1996 are not necessarily indicative of the results that may be expected for the year ended October 31, 1996. It is recommended that the accompanying condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's 1995 Annual Report on Form 10-K. Certain items in the condensed consolidated financial statements for the three month interim period ended January 31, 1995 have been reclassified to conform with the current presentation. 2. Inventories The components of inventory consist of the following:
January 31, October 31, 1996 1995 ----------- ----------- Raw materials $ 1,464,667 $ 1,719,338 Committed inventory 1,999,948 1,816,284 ----------- ----------- $ 3,464,615 $ 3,535,622 =========== ===========
3. Acquisition On December 8, 1995, the Company, through a wholly owned subsidiary, acquired all of the outstanding Common Stock of H.C. Connell, Inc. ("Connell"). Connell provides outside plant telecommunication services to local telephone operators and also provides power and other utility services to major electric and water companies as well as various government municipalities. The purchase price of approximately $2,300,000 was paid by issuing promissory notes totaling $1,715,074 to the seller and with loan proceeds of $500,000 from directors of the Company. The acquisition was accounted for using the purchase method of accounting. 9 ABLE TELCOM HOLDING CORP. AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The proforma unaudited results of operations for the three months ended January 31, 1996 and 1995, assuming consummation of the purchase at the beginning of the respective periods, are as follows:
Three months ended -------------------------- January 31, ---------- 1996 1995 ------------ ------------ (000's omitted, except per share data) Net revenues $ 12,721,353 $ 10,969,158 Net loss (430,210) (726,613) Net loss per common share and common equivalent share $ (.05) $ (.09)
4. Borrowings Effective November 29, 1995, the Company entered into a Term Loan and Revolving Line of Credit Facility with a new lender (the "Lender") totaling $12,500,000 (the "Credit Facility"). The Credit Facility is comprised of the following components: (i) a $6,000,000 revolving line of credit (the "Line of Credit"), (ii) a $2,500,000 equipment loan facility (the "Equipment Loan Facility"), (iii) a 60-month Term A loan in the amount of $2,750,000 (the "Term A Loan"), and (iv) a 36-month Term B loan in the amount of $1,250,000 (the "Term B Loan"). The Line of Credit, the Term A Loan and the Term B Loan are each evidenced by separate promissory notes with varying maturities and are secured by certain accounts receivable, inventory and equipment. Each loan accrues interest at either the Lender's prime rate or, at the Company's election, the one (1) month LIBOR rate plus two and seven tenths (2 7/10%) percent. Proceeds from the Term A, Term B and a portion of the proceeds from the credit line were used to refinance certain existing debt of the Company. The balance of the Line of Credit will be used by the Company for its working capital needs. The Credit Facility contains covenants, which require, among other conditions, that the Company maintain certain tangible net worth, funded debt, and debt service amounts. In addition to the Credit Facility, the Company incurred and assumed additional debt in connection with the acquisition of Connell. At January 31, 1996, the Company's borrowings consist of the following: January 31, 1996 ---------------- LINES OF CREDIT: Bank line of credit ($6,000,000 maximum limit), due February 28, 1997; interest payable monthly at prime (81/2% at January 31, 1996); secured by certain accounts receivable, inventory and equipment $ 4,486,153 Bank line of credit ($200,000 maximum limit); due June 8, 1996; interest payable monthly at prime (81/2% at January 31, 1996) plus 1/2%; secured by certain accounts receivable 152,000 --------- $ 4,638,153 ========= NOTES PAYABLE: January 31, 1996 ---------------- Note payable issued in connection with acquisition; principal and accrued interest at 6% per annum due June 8, 1996; collateralized by capital stock of the subsidiary acquired 1,465,074
10 ABLE TELCOM HOLDING CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note payable issued in connection with acquisition; principal and accrued interest at prime (81/2% at January 31, 1996) plus 1% due December 8, 1996; collateralized by capital stock of the subsidiary acquired 250,000 --------- $ 1,715,074 ========= NOTES PAYABLE TO SHAREHOLDERS/DIRECTORS: Notes payable to shareholders; personally guaranteed by a shareholder/director of the Company $ 1,307,976 Notes payable to directors; principal and accrued interest at prime (81/2% at January 31, 1996) plus 1% due June 8, 1996; secured by certain accounts receivable 500,000 --------- $ 1,807,976 ========= LONG-TERM DEBT: Term loan payable to bank; payable in monthly installments of $45,833 plus interest at prime (81/2% on January 31, 1996) through December 1, 2000; collateralized by certain accounts receivable, inventory and equipment $ 2,704,167 Term loan payable to bank; payable in monthly installments of $34,722 plus interest at prime (81/2% at January 31, 1996) through December 1, 1998; collateralized by certain accounts receivable, inventory and equipment 1,215,278 Term loans payable to bank; payable in monthly installments totaling $39,917 plus interest at prime (81/2% at January 31, 1996) plus 1/2%; through June 30, 1997; collateralized by certain equipment 440,395 Mortgage note payable to bank; payable in monthly installments totaling $1,604 plus interest at prime (81/2% at January 31, 1996) plus 1/2%; collateralized by land and building with a carrying value of approximately $440,000 as of January 31, 1996; personally guaranteed by shareholders/directors 304,792 --------- Total long-term debt 4,664,632 Less current portion (1,338,436) --------- Long-term debt, excluding current portion $ 3,326,196 =========
The Company is negotiating an agreement relating to the notes payable to shareholders/directors totaling $1,307,976, issued in connection with the acquisition of Transportation Safety Contractors, Inc. in June 1994. Said notes are classified as "current" in the accompanying consolidated balance sheets at January 31, 1996 and October 31, 1995. 5. Litigation The Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company's consolidated financial position. 11 ABLE TELCOM HOLDING CORP. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATMENTS 6. Currency Devaluation In December 1995, the Venezuelan government implemented a major currency devaluation reestablishing the controlled exchange rate at 290 bolivars = 1 U.S. dollar. As a result, the Company recorded a translation loss net of applicable income taxes, of approximately $327,000 during the three months ended January 31, 1996. At January 31, 1996, the Company had approximately $1,111,697 of bolivar denominated net working capital assets, comprised primarily of cash and accounts receivable, which are subject to currency control restrictions and the risk associated with a further currency devaluation. The impact of a further currency devaluation on the results of the Company's operations in Venezuela cannot be determined at this time. 12 ABLE TELCOM HOLDING CORP AND SUBSIDIARIES Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis relates to the Company's financial condition and results of operations for the three months ended January 31, 1996 and 1995. This information should be read in conjunction with the Company's Condensed Consolidated Financial Statements appearing elsewhere in this document. Results of Operations - ---------------------
Three months ended January 31, ------------------------------ 1996 1995 ------------ ------------ Revenues 100.0% 100.0% ------ ------ Cost of Revenues 81.4% 86.0% General and administrative 12.5 20.1 Depreciation and amortization 4.9 4.3 Translation/transaction losses 8.7 (0.2) Interest expense 2.0 3.7 Interest and dividend income 0.6 1.6 Income tax benefit 2.2 0.6 Minority interest 2.1 0.6 Net loss 4.6 11.0
Overview - -------- Net loss for the first quarter of fiscal 1996 was ($533,393) or ($.06) per share compared to ($842,098) or ($.10) per share for the first three months of 1995. The first quarter 1996 reflects normal seasonality of the Company's business which was compounded by severe blizzards and flooding in certain operating areas. Such weather conditions are expected to result in a deferral of the Company's planned business during the first quarter to subsequent periods. In addition, during the first quarter of 1996, the Company incurred a pre-tax charge to earnings of $504,896 associated with the aforementioned currency devaluation in Venezuela. Three Months Ended January 31, 1996 and 1995 - -------------------------------------------- Revenues for the three month period ended January 31, 1996 were $11,578,375, representing an increase of $3,953,602 or 52% compared to revenues of $7,624,773 for the three month period ended January 31, 1995. Approximately 49% of the 1996 revenue increase is due to the acquisition of H.C. Connell, Inc.("Connell"). The remaining increase was primarily due to an overall increase in domestic telecommunication service business; however, revenues were lower than expected, primarily due to previously mentioned weather conditions. Cost of revenues for the first quarter improved significantly compared to the same period for the prior year. This is primarily due to increased productivity resulting from organizational changes and emphasis on an equipment maintenance program. 13 ABLE TELCOM HOLDING CORP. AND SUBSIDIARIES General and administrative expenses for the quarter ended January 31, 1996 were $1,450,703 or 12% of revenues compared to $1,531,524 or 20% of revenues for the quarter ended January 31, 1995. $300,000 of costs incurred to pursue the development of certain telecommunication equipment in Latin America are included in general and administrative expenses for first quarter of fiscal 1995. Excluding these costs, general and administrative expenses were 16% of revenues for the three months ended January 31, 1995. This improvement reflects enhanced financial controls and implementation of a cost containment program. Translation/transaction losses during the first quarter of 1996 reflect primarily the impact of a major currency devaluation on the Company's operations in Venezuela. At January 31, 1996 the Company had bolivar denominated working capital assets of approximately $1,111,697. This working capital is comprised primarily of cash and accounts receivable, which are subject to currency control restrictions and the risk of further currency devaluation. The impact of a further currency devaluation on the results of the Company's operations in Venezuela cannot be determined at this time. The company is currently evaluating its operations in Latin America in an effort to minimize the impact of severe economic volatility on the Company's operations in the region. Liquidity and Capital Resources - ------------------------------- Cash flows from operations were $730,416 for the three-months period ended January 31, 1996, as compared with cash used in operations of $892,453 for the corresponding period in 1995. Funds from operations were sufficient to pay for capital expenditures other than the acquisition of Connell, such acquisition being funded by the issuance of $1,715,074 in Seller Notes and by loan proceeds of $500,000 from directors of the Company. As discussed in Note 4 in the Notes to the Condensed Consolidated Financial Statements, on November 29, 1995, the Company entered into a $12.5 million credit facility (the "Credit Facility") comprised of a $6,000,000 revolving line of credit; a $2,500,000 equipment loan facility to be secured by new or used equipment purchased; a 60-month Term A loan in the amount of $2,750,000; and a 36-month Term B loan in the amount of $1,250,000. Proceeds from the term loans and a portion of the credit line were used to refinance existing debt of the Company, excluding loans from shareholders/directors, and the balance of the line of credit will be used for working capital needs. The Company is negotiating an agreement as to the due date and other terms relating to the notes payable to shareholders totaling $1,307,976, issued in connection with the acquisition of Transportation Safety Contractors, Inc. in June 1994. Said notes are classified as "current" in the accompanying consolidated balance sheets at January 31, 1996 and October 31, 1995. The Company anticipates it will need to refinance a portion of the $3,600,000 debt incurred in connection with the acquisitions of Connell and TSCI, thereby requiring the Company to seek financing alternatives in 1996. No assurance can be given that the Company will achieve refinancing of the acquisition debt on terms acceptable to the Company. The Company expects that available cash and existing short-term lines of credit will be sufficient to meet its next term operating requirements. 14 ABLE TELCOM HOLDING CORP. AND SUBSIDIARIES In December 1995, the Venezuelan government implemented a major currency devaluation reestablishing the controlled exchange rate at 290 bolivars - 1 U.S. dollar. At January 31, 1996, the Company had approximately $1,111,697 of bolivar denominated net working capital assets comprised primarily of cash and accounts receivable, which are subject to said controls, and this risk of a further currency devaluation. Part II - Other Information Items 1 - 5. Not applicable Item 6. Exhibits and Reports on Form 8-K (a) Exhibits - none applicable (b) Reports on Form 8-K A report filed on Form 8-K dated December 22, 1995 was filed under Item 2 for the acquisition of H. C. Connell, Inc. and Item 5 for the refinancing loan consolidating the Company's debt. 15 ABLE TELCOM HOLDING CORP. AND SUBSIDIARIES SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant hasduly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Able Telcom Holding Corp. (Registrant) By: /s/ William J. Mercurio March 15, 1996 ------------------------ -------------- William J. Mercurio, President and CEO Date By: /s/ Daniel L. Osborne March 15, 1996 ------------------------ -------------- Daniel L. Osborne, Chief Financial and Date Accounting Officer, Secretary (Principal Financial Officer and Principal Accounting Officer) EX-27 2 FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS OF ABLE TELCOM FOR THE QUARTER ENDED JANUARY 31, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERNCE TO SUCH FINANCIAL STATEMENTS. YEAR OCT-31-1995 NOV-01-1995 JAN-31-1996 2,410,236 546,875 12,557,940 0 3,464,615 20,880,860 8,119,063 0 36,712,883 15,666,936 0 0 0 8,193 16,899,889 36,712,883 0 11,578,375 0 9,426,923 3,187,758 0 237,785 (1,036,306) (255,553) (533,393) 0 0 0 (533,393) (.06) (.06)
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