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USOL Reports 39% Revenue Hike, $5-Mil Loss

AUSTIN-Despite another loss, USOL Holdings in Austin is on track to break even operationally in first quarter 2002, says its interim CEO. The multifamily high-tech provider has taken a $5-million hit in second-quarter results.

By Tim Green | Updated on August 16, 2001

AUSTIN-USOL Holdings Inc., which provides telecommunications services to apartment buildings, reported a 39% revenue increase and a bigger loss in its second quarter ending June 30.

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.

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