Advanced Radio Telecom Reports 1999 Fourth Quarter, Year End Results.Business/High Tech Editors BELLEVUE Bellevue (bĕl`vy  ).1 City (1990 pop. 30,982), Sarpy co., E Nebr., a suburb of Omaha, on the Missouri River; inc. 1855. , Wash.--(BUSINESS WIRE)--Feb. 16, 2000 Advanced Radio Telecom, Nasdaq:ARTT-- Recent Developments: -- Announced plans to build high-speed, Internet Protocol (IP) metro networks in 10 markets (plus San Jose, Calif.) in 2000. -- Selected Point of Presence (POP) sites in Washington, D.C., Houston, Los Angeles and Seattle to launch four regional centers in the first half of 2000. -- Completed two-year Broadband Services Agreement to provide multi-megabit IP metropolitan network services to Qwest Communications International Inc. -- Completed $175 million vendor financing agreement with Cisco Systems Capital Corporation. -- Completed contract with Wireless Facilities, Inc., (WFI) for network deployment services. -- Completed equipment supply contract to purchase Triton Network Systems Inc.'s Invisible Fiber(TM) Internet and Invisible Fiber SONET OC-3/SDH STM-1 radios. -- Announced Richard T. Liebhaber joined ART's Board of Directors. -- Appointed Robert S. McCambridge as president and chief operating officer. -- Increased building access to approximately 4,400 buildings nationwide by completing agreements with U.S. RealTel and The RREEF Funds. Advanced Radio Telecom Corp. (ART) (Nasdaq:ARTT ARTT, n.pr See asymmetry/range of motion alteration/tissue texture alteration/tenderness. ), the first broadband wireless See wireless broadband. Internet Protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. Service Provider (IPSP IPSP inhibitory postsynaptic potential. ), today announced 1999 fourth quarter and year end financial results. Total revenues for the fourth quarter ended December 31, 1999, were $417,000 compared with $211,000 for the same period last year. Total revenues for the 12 months ended December 31, 1999, were $1,341,000 compared to $841,000 last year. Operating costs operating costs npl → gastos mpl operacionales and expenses for the fourth quarter of 1999 were $32,956,000 compared with $11,856,000 for the same period last year. Operating costs and expenses for 1999 were $76,161,000 compared to $36,977,000 in 1998. Loss from operations for the fourth quarter of 1999 was $32,539,000 compared to $11,645,000 for the same period last year. Included in operating costs and expenses are charges relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc non-cash provisions for equipment impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of $20,043,000 for 1999, including $13,667,000 for the fourth quarter. Operating costs and expenses also includes $4,500,000 of severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when expenses for 1999, including $3,750,000 for the fourth quarter. Before impairment provisions and severance expenses, the loss from operations was $15,122,000 for the fourth quarter as compared to $11,138,000 for the same period in 1998. Loss from operations for 1999 was $74,820,000 compared to $36,136,000 last year. The net loss for the fourth quarter of 1999 was $35,643,000 or $1.40 loss per share, compared to $14,603,000 or $0.57 loss per share for the fourth quarter of 1998. Net loss for 1999 was $96,698,000 or $7.65 loss per share, compared to $46,983,000 or $1.89 loss per share loss per share in 1998. The loss per share for 1999 periods includes $0.10 and $4.10 loss per share for the three months and year ended December 31, 1999, respectively, representing deemed preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends relating to the beneficial conversion feature of the company's preferred stock. "Our focus in the fourth quarter was execution of our growth plan," said Robert McCambridge, ART president and COO (Cell Of Origin) See mobile positioning. . "Specifically, ART successfully completed all major contracts necessary to accelerate our growth in 2000. These contracts included operations support systems Operations Support Systems (also called Operational Support Systems or OSS) are computer systems used by telecommunications service providers. The term OSS most frequently describes "network systems" dealing with the telecom network itself, supporting processes such (OSS Oss (ôs), city (1994 pop. 62,141), North Brabant prov., S Netherlands; chartered 1399. It is a significant industrial center. Manufactures include meat products, chemicals, pharmaceuticals, electrical equipment, and metalware. ), building access, equipment supplier and network integration services. We are right on track in our build out, and have confidence in the outlook for strong sequential growth in the coming year." About Advanced Radio Telecom Advanced Radio Telecom Corp. (Nasdaq:ARTT), headquartered in Bellevue, is a provider of broadband Internet See broadband. Protocol (IP) access services at speeds up to 155 Mbps. ART currently owns and operates broadband wireless metropolitan area networks in San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Seattle, Portland, Ore., and Phoenix, and plans to expand to 40 markets over the next three years. ART is a Cisco Powered Network(TM) service provider and has a strategic relationship with Qwest Communications
See: New York Stock Exchange :Q). ART has a nationwide footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. of 39 GHz spectrum licenses in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and owns 26 GHz and/or 39 GHz spectrum licenses in the United Kingdom and several Scandinavian countries Noun 1. Scandinavian country - any one of the countries occupying Scandinavia Scandinavian nation European country, European nation - any one of the countries occupying the European continent . For more information, please visit ART's web site at www.art-net.net. The above information includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding network deployment, operations and future growth. These statements are not guarantees of future performance. Known and unknown risks, uncertainties, and other factors, including without limitation, risks relating to securing financing, availability of additional financial resources, capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , customer demand, technological risks, the ability to meet financing conditions, management of growth, competition and government regulation may cause actual results to differ materially from the future results implied or expressed in the forward looking statements. Additional information about the most significant of such factors is set forth in ART's most recent annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . The Company does not undertake to update or revise its forward-looking statements publicly even if experience or future changes make clear that any projected results expressed or implied herein will not be realized.
Advanced Radio Telecom Corp.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)
Three Months Ended Year Ended
December 31 December 31
----------------------------------------
1999 1998 1999 1998
-------- --------- -------- --------
Revenues $ 417 $ 211 $ 1,341 $ 841
--------- --------- --------- ---------
Costs and Expenses
Technical and
network operations 5,625 4,570 17,703 9,198
Sales and marketing 1,833 1,045 6,154 5,679
General and
administrative 8,156 3,920 17,853 11,993
Equipment impairment
and other 13,667 (143) 20,043 2,753
Depreciation and
amortization 3,675 2,464 14,408 7,354
--------- --------- --------- ---------
Total 32,956 11,856 76,161 36,977
--------- --------- --------- ---------
Loss from operations (32,539) (11,645) (74,820) (36,136)
--------- --------- --------- ---------
Interest and other
income (expense)
Interest expense (5,405) (6,338) (28,806) (22,177)
Other (1) (76) 696 (495)
Interest income 1,628 520 4,057 2,693
--------- --------- --------- ---------
Total (3,778) (5,894) (24,053) (19,979)
--------- --------- --------- ---------
Loss before
income taxes (36,317) (17,539) (98,873) (56,115)
Deferred tax benefit 674 2,936 2,175 9,132
--------- --------- --------- ---------
Net loss $ (35,643) $ (14,603) $ (96,698) $ (46,983)
========= ========= ========= =========
Net loss $ (35,643) $ (14,603) $ (96,698) $ (46,983)
Deemed preferred
dividends (3,018) (111,880)
--------- --------- --------- ---------
Net loss applicable
to common stockholders $ (38,661) $ (14,603) $(208,578) $ (46,983)
========= ========= ========= =========
Weighted average
common shares 27,529 25,619 27,272 24,890
========= ========= ========= =========
Basic net loss per
common share, including
$0.10 and $4.10 loss per
share relating to
deemed preferred
dividends in 1999 $ (1.40) $ (0.57) $ (7.65) $ (1.89)
========= ========= ========= =========
Advanced Radio Telecom Corp.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
December 31, 1999 December 31, 1998
----------------------------------------
Current assets $ 193,916 $ 31,208
Property and equipment, net 14,747 33,202
FCC licenses, net 180,754 186,514
Other 8,719 14,797
--------- ---------
Total $ 398,136 $ 265,721
========= =========
Current liabilities $ 24,162 $ 34,138
Long term debt,
net of current portion 109,047 117,846
Deferred income taxes 29,326 31,382
--------- ---------
Total liabilities 162,535 183,366
Convertible preferred stock 243,536
Stockholders' equity (7,935) 82,355
--------- ---------
Total $ 398,136 $ 265,721
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