SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 16, 1999
GROUP LONG DISTANCE, INC.
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(Exact name of Registrant as Specified in Charter)
Florida 0-21913 65-0213198
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
organization)
1451 West Cypress Creek Road
Suite 200
Fort Lauderdale, Florida 33309
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (954) 771-9696
Not Applicable
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(Former Name or Former Address if Changed Since Last Report)
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Item 1. Other Events
The Company's Annual Report on Form 10-KSB was due on July 29,
1999. The Company filed for a 15 day extension on July 30, 1999
pursuant to Rule 12b-25 and on Form 12b-25. The Company sought
relief because due to unavoidable delays in obtaining
information from a third party, the Company's financial
statements were not finalized in time for the Company's
independent public accountants to complete their review of the
financial statements. In the Form 12b-25, the Company disclosed
that it is anticipated that a significant change in the results
of operations from the last fiscal year would be reflected in
the Company's financial statements. On August 16, 1999, the
Company issued a press release announcing an anticipated net
loss of approximately $15.5 million or $4.44 per share on sales
of approximately $25.8 million for the fiscal year ended April
30, 1999. The loss was primarily due to a volume shortfall
charge of approximately $25 million anticipated to be recorded
at April 30, 1999. This shortfall charge relates to the
Company's failure to satisfy volume purchase commitments from
its carrier. The Company expected to file its 10-KSB before the
end of August 1999, but continues to negotiate with its carrier
and now expects to file its Annual Report before the end of
September 1999.
Item 2. Financial Statements, Pro Forma Financial Information and
Exhibits
1. Press Release issued by the Company dated August 16, 1999.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GROUP LONG DISTANCE, INC.
By:/s/Gerald M. Dunne, Jr.
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Gerald M. Dunne, Jr.
President
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Exhibit 99.1
EXHIBIT INDEX
Exhibit
99.1 Press Release issued by the Company dated August 16, 1999.
<PAGE>
Exhibit
99.1 Press Release issued by the Company dated August 16, 1999.
(FL-GROUP-LONG-DISTANCE) (GLDI) Group Long Distance Reports Anticipating Net
Loss of $15.5 Million
FORT LAUDERDALE, Fla. - Aug. 16, 1999 - Group Long Distance Inc., "Group
Long Distance" or the "company") (OTC BB: GLDI) (OTC BB: GLDIW), announced
Friday an anticipated net loss of approximately $15.5 million or $4.44 per
share on sales of approximately $25.8 million for the fiscal year ended April
30, 1999.
The loss was primarily due to a volume shortfall charge of approximately
$25 million anticipated to be recorded at April 30, 1999. This shortfall charge
relates to the company's failure to satisfy volume purchase commitments from its
carrier. The company is currently negotiating with its carrier to settle the
shortfall charge. There can be no assurance, however, that the shortfall charge
will be reduced.
Due to such uncertainties regarding the amount of the volume shortfall
charge, the filing of the 10-KSB for the year ended April 30, 1999 will be
delayed. It is anticipated that the 10-KSB will be filed before the end of
August, 1999.
Group Long Distance is a long distance telecommunications provider. The
company utilizes special network service contracts to provide customers with
products and services through major telecommunications carriers.
Certain of the statements contained in this press release may be deemed
forward-looking statements. Such statements, and other matters addressed in this
press release involve a number of risks and uncertainties. Among the factors
that could cause actual results to differ materially from these statements and
other matters, are the risks and other factors, detailed from time to time in
the company's reports filed with the United States Securities and Exchange
Commission.
Contact: Group Long Distance Inc., Fort Lauderdale
Peter Russo, Chief Financial Officer
954/771-9696
