Thursday February 21, 9:55 am Eastern Time

Company Press Release

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

IUKA, Miss.--(BUSINESS WIRE)--Feb. 21, 2002--North American DataCom, Inc. (OTCBB:NADA - news), the broadband data storage company, announced financial results for its second quarter ended December 31, 2001. For the six-month period, the Company reported revenues of $244,859, an increase of 57% over the previous year's results of $156,373.

``The revenue growth is planned to continue, but we recognize that significant growth from our operations will not be achieved until the planned bandwidth network is in place,'' said Robert Crawford, Chief Executive Officer, North American DataCom. ``In addition, while the Global PTX, LLC revenues of approximately $100,000 are not included in our consolidated results we are pleased with the start up success of Global PTX, our joint venture with Infusion Software Group, LLC,'' said Mr. Crawford.

``The Company is currently negotiating the formation of other strategic partnerships that should greatly strengthen Global's private trade exchange market position,'' said Mr. Crawford. ``These ventures are building on the combination of the Company's data storage and communications network services to provide PTX software and ASP expertise to customers needing solutions for global marketing and product supply requirements.''

The reported net loss for the six -month period was $874,692, compared with $1,802,870 for the same period a year ago. This 51% reduction would have been greater but it includes approximately $200,000 in one time charges. The reduction is directly attributable to expense reduction program put in place in June 2001.

Selling, general and administrative (SG&A) costs for the period amounted to $995,669 compared with $1,513,954 a year ago. Other Expenses were reduced from approximately $350,000 a year ago to $51,808. This year includes the Company's allocation of the Global PTX startup loss of $51,896. The Other Expenses last year were largely attributable to the imputed interest charge treatment of the 505 miles rights-of-way and fiber conduit from New Orleans to Jacksonville, Florida acquired in March 2000.

The Company has reduced its capital budget for the balance of this fiscal year to approximately $3 million. It is planned that this budget will be partially funded 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 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 capitol 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, and 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