AUSTIN-USOL Holdings Inc., an Austin-based high-tech solutions provider for the multifamily market, is feeling the cost of doing business. The company has reported a year-to-date net loss of nearly $13 million in comparison to about $6 million for the same period last year.

USOL Holdings blames reporting deficit as of Sept. 30 on increased selling, general and administrative expenses related to a continuing expansion of vital infrastructures for US OnLine and The ResidentClub. The loss also reflects depreciation and amortization expenses. Common shareholders’ net loss totals about $16.2 million, or $2.16 per share, in comparison to nearly $6.8 million, or $1.83 per share, last year.

On a brighter note, third-quarter revenue has jumped 75% to a record $2.7 million, up from about $1.6 million for third quarter 1999. This year’s third-quarter net loss is slightly above $3.9 million versus last year’s third-quarter tally of about $1.6 million. The affect on shareholders equates to 64 cents per share for the third quarter, a 32-cent drop from last year.

USOL is reporting a year-to-date revenue increase of 70%, registering about $7.4 million in comparison to nearly $4.4 million for the comparable period in 1999. Quarterly and nine-month revenue increases are being attributed to continued growth in the number of residential passings being signed by the US OnLine subsidiary.

As of Sept. 30, 41,377 passings are in the portfolio, reflecting an 86% increase from last September. The company sees the increased activity for both subsidiaries as positive signs that expansion will continue in the coming year.

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