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USOL Gets Short-Term Reprieve

AUSTIN-The Austin-based high-tech provider for the multifamily industry is hanging on, but warns shareholders that it's running out of cash. Lenders, who have doled out some breaks, can pull the plug at any time.

By Tim Green | Updated on December 13, 2002

AUSTIN-USOL Holdings Inc. reported higher revenues and a lower operating loss for its fiscal third quarter, but warned that it’s running out of cash. The company said it has an agreement with lenders and preferred shareholders to meet short-term cash needs and that it will look for further funding.

Austin-based USOL Holdings, through its subsidiary USOnLine, sells telephone, cable television and high-speed Internet service to multifamily dwellings. It has about 130 customers in five markets including Dallas-Fort Worth and Houston.

Revenue rose 10% to $4.2 million as average revenue per customer rose and the number of high-speed data subscribers increased 103%. The higher revenue and reduced operating costs decreased operating earnings to $108,730 from $908,951 in the 2001 third quarter.

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