Wednesday October 31, 8:01 am Eastern Time

Company Press Release

North American DataCom Reports First Quarter Results: Revenues Up and Expenses Down

IUKA, Miss.--(BUSINESS WIRE)--Oct. 31, 2001--North American DataCom, Inc. (OTC BB:NADA), the broadband data storage company, announced preliminary financial results for its first quarter ended September 30, 2001. For the three-month period, the Company reported revenues of $138,923, an increase of approximately 100% over the previous year's results of $69,432.

"We are pleased about this continued revenue growth, but recognize that significant growth from our operations will not be achieved until the planned bandwidth network is in place,'' said Jack Freeman, President, North American DataCom. "The Company is very pleased with the early success of Global PTX, our joint venture with Infusion Software Group, LLC,'' said Mr. Freeman. "Global is ahead of its business plan with revenues exceeding $45,000.''

"The Company plans to announce other strategic partnerships that should greatly strengthen Global's private trade exchange market position over the next 60 days,'' said Robert R. Crawford, CEO of North American DataCom. "Also, the combination of the Company's data storage and communications network services and Infusion's PTX software and ASP expertise provide Global customers a wide solution for global marketing and product supply requirements.''

The reported net loss for the three-month period was $312,568, compared with $869,086 for the same period a year ago. This 64% reduction in the net loss is directly attributable to expense reduction program put in place in June 2001. The program has significantly reduced consulting charges and certain network development costs.

Selling, general and administrative (SG&A) costs for the period amounted to $421,198, compared with $715,864 a year ago. Other Expenses were reduced from approximately $175,000 a year ago to a modest income level of $42. The Other Expenses last year were largely attributable to the imputed interest charge treatment of certain assets associated with the acquisition agreement for 505 miles rights-of-way and fiber conduit from New Orleans to Jacksonville, Florida. The Company will shortly file its Form 10Q, which will provide more detail.

As the Company discussed in earlier press releases, it plans to fund its $18 million capital plan for this fiscal year largely through its funding agreement with IFG Equity Funding LLC, subject to market conditions. This funding will be augmented through continued private placements of equity and debt capital. Discussions with funding sources are presently underway.

Safe Harbor Statement

Statements in this release express management's beliefs and expectations regarding future performance. These statements are forward-looking and involve risk and uncertainties. These risks include, but not limited to, the ability to negotiate venture agreements, properly identify acquisition partners, manage and integrate acquired businesses, react to quarterly fluctuation in results, raise working capital and secure other financing, respond to competition and other rapidly expanding technology, deal with market and stock price fluctuation, and other risks. These risks are and will be detailed, from time to time, in North American DataCom, Inc. Securities and Exchange Commission filings. Actual results may differ materially from management's expectations.

North American DataCom's principal executive offices are located at 751 County Road 989, Building 1000, Iuka, MS 38852. For further information, contact Investor Relations, 662-424-5030, or by e-mail at investorrelations@nadata.com.

 


2003-05-02
North American DataCom, Inc. (NADA), announced today that has halted its operations due a lack of funding.

2003-01-03
North American DataCom Reports Unaudited Fiscal Year 2002 and First Quarter Results

2002-05-21
North American DataCom Reports Nine-Month Results: Debt and Losses Reduced

2002-04-30
North American DataCom Expands Its Operation in Greater China/Shangai

2002-04-25
North American DataCom Announces Bandwidth Agreement

2002-04-23
North American DataCom Expands Board and Announces Revised Business Plan

2002-02-21
North American DataCom Reports Six-Month Results: Revenues Up and Expenses Down

2001-12-04
North American DataCom Announces Expansion of Internet and Data Services Business

2001-11-08
North American DataCom Acknowledges Equity Investment Support

2001-10-31
North American DataCom Reports First Quarter Results: Revenues Up and Expenses Down

2001-10-24
North American DataCom Announces Revised Business Plan

2001-10-16
North American DataCom Reports Fiscal Year 2001 Results: Net Revenue and Development Expenses Up

2001-08-28
North American DataCom, Inc. and Infusion Software Group, LLC Launch GLOBAL PTX

2001-08-07
North American DataCom Announces Management Changes

2001-05-15
North American DataCom Announces Third Quarter Financials: Net Revenues Increased by 113% and Development Expenses Up

2001-03-15
North American DataCom Enters Into Agreement for Up to $50 Million of Equity Financing

2001-03-07
North American DataCom Announces New Lease with State of Mississippi

2001-02-19
North American DataCom Reports Second Quarter Results: Net Revenue and Development Expenses Up

2001-02-15
North American DataCom Announces Interim Business Plan

2000-11-07
North American DataCom Receives Enterprise Data Storage Contract

2000-09-07
North American DataCom Announces Deployment of Microwave Tower and Right of Way Agreement With Local Railroad

2000-09-01
North American DataCom Subsidiary Announces Appointment of Gordon Evans

2000-08-22
North American DataCom Announces Fiber Optic Conduit Agreement

2000-05-12
North American DataCom Receives Certification as a Competitive Local Exchange Carrier -CLEC-

2000-05-11
Broadband Pioneer Makes Tracks With EMC As Core Info Infrastructure

2000-04-07
North American DataCom Changes Trading Symbol

2000-03-24
Pierce International Changes Name To North American DataCom

2000-03-07
Pierce International Names Jerry Buuck to Head Sales for Its Newly Formed Subsidiary North American InfoTech, LLC

1999-12-21
Pierce International Acquires North American Software

1999-05-20
North American Software Acquires Freedom 2000 Internet Service