COSTA MESA, Calif. -- GTC Telecom Corp. (OTCBB:GTCC) today announced its unaudited results for the first quarter ended Sept. 30, 2002. The company earned $108,924, or $0.01 per share (including a one-time credit of $69,924 associated with the settlement of a legal matter) vs. a loss of ($496,305), or a loss of $0.02 per share, for the same quarter last year. Net revenues for the quarter ending Sept. 30, 2002, were $4,312,048, compared with $4,378,183 for the prior-year period. The weighted average number of common shares outstanding, on a fully diluted basis, at Sept. 30, 2002, was 20,666,283, compared with 20,377,057 for the prior-year period. The following information can also be viewed in the company's Form 10-KSB filing on www.freeedgar.com. Eric Clemons, GTC's president, stated: "We are extremely pleased with having achieved GTC's first profitable quarter since inception. Although we have not realized the revenue growth that we had expected, our continuing focus on streamlining operations and increasing efficiency has allowed us to finally achieve our goal of profitability." GTC Telecom Corp.