The Austin-based company lost $5 million, 53 cents a share, on revenue of $3.4 million in the second quarter. In the 2000 second quarter, it lost $4.9 million, 65 cents a share, on $2.4 million in revenue. The company attributed the bigger loss to more borrowing from its credit facility, which raised its interest expenses.
Subsidiary US OnLine offers cable television, telephone and Internet service to residents of apartment complexes. It added more than 20,000 paying customers through acquisitions and also signed several right-of-entry agreements with apartment owners in the second quarter. Jim Livingston, USOL Holdings' president and interim CEO, says the company is on track to break even on an operational basis during the 2002 first quarter.
The company is shutting down subsidiary, TheResidentClub Inc. It announced the shut down in July and has agreed to accept $6.6 million from the GMAC Mortgage Corp. related to the termination of a contract reached in August 2000.
Shares of USOL, which trade on Nasdaq, opened today at $1.05. Over the past year, the per share price has ranged from a high of $11.25 in September to a low of 69 cents in April.
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