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USOL Holdings Optimistic Despite Year-to-Date, Quarterly Net Losses

AUSTIN-Depreciation, amortization and increased costs for selling, general and administrative segments puts USOL Holdings at a $13-million year-to-date net loss. On a positive note, revenues have jumped 86% for the nine-month accounting, a positive sign for the cost of doing business.

By Jackie Isaly | Updated on November 17, 2000

AUSTIN-USOL Holdings Inc., an Austin-based high-tech solutions provider for the multifamily market, is feeling the cost of doing business. The company has reported a year-to-date net loss of nearly $13 million in comparison to about $6 million for the same period last year.

USOL Holdings blames reporting deficit as of Sept. 30 on increased selling, general and administrative expenses related to a continuing expansion of vital infrastructures for US OnLine and The ResidentClub. The loss also reflects depreciation and amortization expenses. Common shareholders’ net loss totals about $16.2 million, or $2.16 per share, in comparison to nearly $6.8 million, or $1.83 per share, last year.

On a brighter note, third-quarter revenue has jumped 75% to a record $2.7 million, up from about $1.6 million for third quarter 1999. This year’s third-quarter net loss is slightly above $3.9 million versus last year’s third-quarter tally of about $1.6 million. The affect on shareholders equates to 64 cents per share for the third quarter, a 32-cent drop from last year.

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