El Paso-based South Creek Housing Ltd. owns the 168-unit Red Hills Villas. Prior to that contract signing, USOL and its subsidiary US OnLine had 53,659 passings in its multifamily portfolio.
According to a company statement, USOL had a 44% increase in its first quarter revenue, coming in at more than $3.3 million in comparison to about $2.3 million in Q1 2000. Cost-cutting measures have resulted in lowering net loss by 26% or 54 cents per diluted share. For the same period a year ago, the net loss had been 86 cents per diluted share, the company says. The net loss reduction is being attributed to revenue increases and the impact of a one-time charge of nearly $1.9 million, recorded in Q1 2000, for capitalized software.
USOL has been steadily signing multifamily properties in its target cities of Houston, Dallas-Ft. Worth, San Antonio and Austin. The company says it has executed new pacts for 26 properties, of which 12 are owned by existing customers, and amendments for 10 other multifamily complexes.
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