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USOL Edges Closer to Break-Even Point with Q3 Tally

AUSTIN-Multifamily provider US OnLine helps boost its parent company's revenue by 43%. USOL Holdings hasn't turned the corner on profitability, but it is definitely edging closer, says the CEO. US OnLine subscribers spiked 42% in the third quarter.

By Tim Green | Updated on November 15, 2001

AUSTIN-A 42% increase in subscribers helped USOL Holdings Inc. post a 43% increase in revenue for its third quarter ending Sept. 30. Austin-based USOL provides telecommunications services to multifamily housing communities through its subsidiary US OnLine Inc.

Revenue reached $3.8 million, up from $2.7 million in the 2000 third quarter. USOL has yet to make a profit, but CEO Jim Livingston said its expanding revenue stream and “relatively fixed cost structure” are moving it to closer to operating profitability.

The company reported its bottom line in three ways. First, its operating loss, before items such as interest, taxes and debt are accounted for, was $908,951, down from a loss of $1.9 million in the 2000 third quarter. Second, the company reported net income of $538,102, compared to net loss of $3.9 million. The profit resulted from several one-time adjustments totaling $3 million. Third, net loss attributable to common shareholders, which is net income minus preferred stock dividends, was $538,102, 5 cents a share, compared to a loss of $5 million, 64 cents a share, in 2000.

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