Xfone Inc. (XFN) reported a net loss attributable to shareholders of $1.05 million or $0.056 per share for the first quarter, compared to net income of $2.32 million or $0.126 per share in the year-ago quarter. Total revenues decreased 7% to $14.6 million from $15.7 million in the prior year quarter.
Further, the company said it has agreed to sell its Israel-based subsidiary, Xfone 018 Ltd. to Marathon Telecom Ltd. for about $7.85 million.
The financial debt of Xfone 018, excluding debt due to the company, is about $1.10 million. In connection with this transaction, the company will be repaid its debt, and will receive 69% of the net proceeds after all other financial debt of Xfone 018 has been paid.
The closing of this transaction is subject to certain conditions and approvals, including receipt of the approval of the Minister of Communications in Israel.
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