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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: February 16, 1999
ABLE TELCOM HOLDING CORP.
(Exact name of registrant as specified in its charter)
Florida 0-21986 65-0013218
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1601 Forum Place, Suite 1110, West Palm Beach, Florida 33401
(Address of Principal Executive Offices)
(561) 688-0400
(Registrant's telephone number, including area code)
None
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
Able Telcom Holding Corp. (the "Company") reported today that net
income for the fourth quarter ended October 31, 1998 is $1.8 million, or $0.16
per share, based on revenues of $103.0 million. Income applicable to common
shareholders, after taking into account preferred stock dividends, is $1.6
million, or $0.15 per share. On a diluted basis, income applicable to common
shareholders is $0.16 per share.
Revenues for the Company's fiscal year ended October 31, 1998 are
$217.5 million with net income of $2.5 million. After taking into account a
non-cash charge to retained earnings of $8.0 million related to the beneficial
conversion privileges on preferred stock, other non-recurring adjustments
associated with the Company's obtaining financing for a portion of the purchase
price of MFS Network Technologies, and preferred stock dividends, the loss
applicable to common shareholders is $5.8 million, or $0.59 per share. On a
diluted basis, the loss applicable to common shareholders is $5.3 million, or
$0.51 per share. The Company is currently analyzing the effects of the year-end
adjustments on previously reported quarterly earnings.
Due to discussions regarding the above held with Arthur Andersen LLP,
the Form 10-K was unable to be filed with the Commission today. Now that the
audit is complete, the Company expects to file the 10-K by February 24, 1999.
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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 hereunto duly authorized.
ABLE TELECOM HOLDINGS CORP.
Date: February 16, 1999 By: /s/ Billy V. Ray, Jr.
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Name: Billy V. Ray, Jr.
Title: President and
Chief Executive Officer
