INTERNATIONAL FIBERCOM, INC.
SUPPLEMENT TO THE PROSPECTUS DATED FEBRUARY 12, 1998
Effective September 1, 1998, the Company acquired all of the issued and
outstanding common stock of United Tech, Inc. ("United Tech") in exchange for
1,502,000 restricted shares of Common Stock of the Company. Also effective
September 1, 1998, the Company acquired all of the issued and outstanding common
stock of Diversitec, Inc. ("Diversitec") in exchange for 1,752,000 restricted
shares of Common Stock of the Company. In connection with the acquisitions, the
Company caused United Tech and Diversitec to enter into three-year employment
agreements with certain key employees. United Tech, based in Florida, and
Diversitec, based in Virginia, are telecommunications equipment resellers and
were privately owned. Each of these acquisitions is being accounted for as a
pooling of interests.
On a preliminary, unaudited basis, United Tech reported sales of
approximately $8,373,000 for the six months ended June 30, 1998 and operating
income of $2,414,000 before Subchapter S distributions of $1,390,000. In 1997,
United Tech generated sales of approximately $8,350,000 and was profitable. On a
preliminary, unaudited basis, Diversitec reported sales of approximately
$6,763,000 for the six months ended June 30, 1998 and was profitable. In 1997,
Diversitec generated sales of approximately $12,600,000 and was profitable.
For the six months ended June 30, 1998, the Company reported net income
of $3,083,948, or $.17 basic earnings per share and $.14 diluted weighted
earnings per share, on revenues of $30,928,477. These results compare to net
income of $957,088, or $.14 basic earnings per share and $.07 diluted weighted
earnings per share, on revenues of $13,096,638 for the six months ended June 30,
1997.
Dated: October 30, 1998
