<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q - A
(Mark One)
X Quarterly Report pursuant to section 13 or 15(d) of the Securities
- ----------- Exchange Act of 1934
For the quarterly period ended June 30, 1995
or
Transition report pursuant to Section 13 or 15(d) of the Securities
- ----------- Exchange Act of 1934
For the Transition period from to
----------- -----------
Commission File No. 0-17909
PHOENIX NETWORK, INC.
-----------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware 84-0881154
- ------------------------------- ---------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
550 California Street, 11th Floor, San Francisco, California 94104
--------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (415) 399-3300
--------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the Registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
(1) Yes X (2) No
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
<TABLE>
<CAPTION>
Shares outstanding at
Class August 1, 1995
----------------------------- ---------------------
<S> <C>
Common Stock, $.001 par value 11,931,230
</TABLE>
The accompanying notes are an integral part of these statements.
<PAGE> 2
PART II - OTHER INFORMATION
Item 6 Exhibits and Reports on Form 8-K
(a) 11 Statement of Computation of Per Share Earnings
27 Financial Data Schedule
(b) None
<PAGE> 3
SIGNATURES
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.
PHOENIX NETWORK, INC.
---------------------------
(Registrant)
Date 10/09/95 /s/ Wallace M. Hammond
---------------------------
Wallace M. Hammond
Chief Executive Officer
Date 10/09/95 /s/ Jeffrey L. Bailey
---------------------------
Jeffrey L. Bailey
Chief Financial Officer
(Chief Accounting Officer)
<PAGE> 4
PHOENIX NETWORK, INC.
INDEX TO EXHIBITS
11 Statement of Computation of Per Share Earnings
27 Financial Data Schedule
<PAGE> 1
Exhibit 11
PHOENIX NETWORK, INC.
Statement of Computation of Per Share Earnings
<TABLE>
<CAPTION>
Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended
6/30/94 6/30/95 6/30/94 6/30/95
------- ------- ------- -------
<S> <C> <C> <C> <C>
Primary
Net income (loss) $ (434,486) $ 146,704 $ (977,257) $ 274,707
Preferred stock dividend (54,357) (63,701) (108,766) (126,891)
------------ ------------ ------------ ------------
Adjusted net income (loss) $ (488,843) $ 83,003 $ (1,086,023) $ 147,816
============ ============ ============ ============
Weighted average number
of common shares outstanding 11,056,851 11,847,360 10,979,664 11,628,181
Dilution from assumed exercise of
options and warrants using the
treasury stock method -- 1,202,094 -- 1,159,920
------------ ------------ ------------ ------------
Total weighted average shares 11,056,851 13,049,454 10,979,664 12,788,101
============ ============ ============ ============
Net income (loss) per common share $ (0.04) $ 0.01 $ (0.10) $ 0.01
============ ============ ============ ============
Fully Diluted
Net income (loss) $ (434,486) $ 146,704 $ (977,257) $ 274,707
============ ============ ============ ============
Weighted average number of
shares outstanding:
Primary 11,056,851 13,049,454 10,979,664 12,788,101
Convertible preferred stock 1,681,046 1,595,431 1,681,046 1,595,431
conversion
Dilution from assumed exercise of
options and warrants using the
treasury stock method 1,422,419 -- 1,648,162 --
------------ ------------ ------------ ------------
Total 14,160,316 14,644,885 14,308,872 14,383,532
============ ============ ============ ============
Net income (loss) per common and
common equivalent share $ (0.03) $ 0.01 $ (0.07) $ 0.02
============ ============ ============ ============
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<EXCHANGE-RATE> 1
<CASH> 960,219
<SECURITIES> 0
<RECEIVABLES> 10,182,938
<ALLOWANCES> 1,076,348
<INVENTORY> 0
<CURRENT-ASSETS> 11,567,686
<PP&E> 2,456,829
<DEPRECIATION> 957,658
<TOTAL-ASSETS> 14,224,057
<CURRENT-LIABILITIES> 10,056,226
<BONDS> 0
<COMMON> 11,872
0
1,617
<OTHER-SE> 4,154,342
<TOTAL-LIABILITY-AND-EQUITY> 14,224,057
<SALES> 27,683,463
<TOTAL-REVENUES> 27,683,463
<CGS> 0
<TOTAL-COSTS> 19,060,850
<OTHER-EXPENSES> 7,469,618
<LOSS-PROVISION> 720,107
<INTEREST-EXPENSE> 158,181
<INCOME-PRETAX> 274,707
<INCOME-TAX> 0
<INCOME-CONTINUING> 274,707
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 274,707
<EPS-PRIMARY> 0.01
<EPS-DILUTED> 0.01
</TABLE>
