The second-quarter earnings report also confirmed USOL continues to be in noncompliance with lenders, which could affect its ability to obtain loans. The company said it and the lenders are working to resolve the noncompliance while working out an acquisition.
The Austin-based company posted a loss of $2.4 million or 12 cents a share on revenue of $4 million in the second quarter. That compares with a loss of $5 million or 53 cents a share on revenue of $3.4 million in the 2001 second quarter.
US OnLine has a 12% increase in subscribers as of June 30 in comparison to June 30 2001, the company said. It also slashed operating expenses by $1 million and reduced preferred stock dividends by $678,000. US OnLine makes packages of services available to tenants in 180 apartment complexes in seven cities including Austin and San Antonio.
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