Advanced Radio Telecom Reports 2000 First Quarter Results and Announces Market Deployment Milestones.Business/Hi-Tech Editors BELLEVUE, Wash.--(BUSINESS WIRE)--May 11, 2000 New ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. Customers Signed 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. ; Second Quarter Market Launches Planned for Houston, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Seattle and Washington D.C.; Nationwide Spectrum Coverage Increased Advanced Radio Telecom Corp. (ART)(Nasdaq:ARTT ARTT, n.pr See asymmetry/range of motion alteration/tissue texture alteration/tenderness. ) today announced 2000 first quarter results and the achievement of a number of milestones in connection with its planned market rollout. "We have achieved a number of significant successes to date related to our market deployment, customer orders and expanded 39 GHz spectrum asset coverage," said Robert S. McCambridge, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "Our market rollout is on plan and, in some markets, ahead of schedule. We turned up new POP and gateway facilities in San Jose and received multi-year service orders from three local Internet Service Providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. to provision 75 customers in San Jose. Market launches in Houston, Los Angeles, Seattle and Washington, D.C. are well underway." "Through our recently announced spectrum acquisitions and auction success, ART has more than doubled its 39 GHz licenses in the U.S. and added spectrum breadth and depth in key markets, including San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden ," McCambridge said. "Having an average spectrum depth of 400 MHz (MegaHertZ) One million cycles per second. It is used to measure the transmission speed of electronic devices, including channels, buses and the computer's internal clock. A one-megahertz clock (1 MHz) means some number of bits (16, 32, 64, etc. in 40 tier I markets will provide us a solid foundation upon which to build OC-3, gigabit Ethernet An Ethernet standard that transmits at 1 Gbps. Used mostly to connect high-end workstations and servers as well as for network backbones, Gigabit Ethernet transmits full duplex from point to point using switches and half duplex in a shared environment (CSMA/CD) using a hub. and OC-12 broadband networks  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. . We are accelerating our deployment of fast Ethernet An earlier name for 100Mbps Ethernet. See 100Base-T. (networking) Fast Ethernet - A version of Ethernet developed in the 1990s(?) which can carry 100 Mbps compared with standard Ethernet's 10 Mbps. It requires upgraded network cards and hubs. and OC-3 service in 40 tier I markets and we will continue to evaluate and test new broadband technologies to meet the increasing demand for high speed, carrier class broadband IP networks. In addition, we are moving forward with a plan to develop broadband IP networks in 55 tier II markets beginning in 2001." First Quarter Results At March 31, 2000, the Company had cash and cash equivalents of approximately $156.7 million, excluding a $31.5 million deposit made in connection with the FCC auction See 700 MHz spectrum. . In addition, the Company had made no draws under its $175 million purchase money facility provided by Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. Capital. Capital expenditures approximated $5.7 million during the first quarter 2000. Total revenues for the first quarter of 2000 were $398,000 compared with $226,000 for the same period last year. Operating costs operating costs npl → gastos mpl operacionales and expenses for the first quarter of 2000 were $13,771,000 compared with $10,782,000, excluding a $6,376,000 equipment impairment provision for the first quarter of 1999. This increase in costs is due to expanded operations and infrastructure build-up in anticipation of network deployment, market development and business expansion. Loss from operations for the first quarter of 2000 was $13,373,000 compared to $10,556,000, excluding the equipment impairment provision for the same period last year. Interest expense, net of interest income, decreased to $1,727,000 for the first quarter of 2000 from $6,904,000 during the prior year period as a result of decreased borrowings as well as increased interest income. The Company's first quarter of 2000 loss before income taxes of $15.1 million decreased from approximately $17.5 million, excluding the impairment provision for the first quarter of 1999. The net loss for the first quarter of 2000 was $14,825,000 compared to $23,531,000 or $0.87 loss per share for the first quarter of 1999. The $0.68 loss per share for the first quarter 2000 includes $0.16 loss per share relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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. About Advanced Radio Telecom Advanced Radio Telecom Corp. (Nasdaq:ARTT), headquartered in Bellevue, Wash., is a provider of 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. (IP) access services at speeds up to 155 Mbps. ART currently owns and operates broadband wireless metropolitan area networks in San Jose, 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 International Inc. (NYSE NYSE See: New York Stock Exchange :Q). ART has a nationwide footprint of 39GHz spectrum licenses in the United States, and owns 26GHz and/or 39GHz spectrum licenses in the United Kingdom and several Scandinavian countries. For more information, please visit ART's web site at www.ipsp.com. The above information includes forward-looking statements regarding license acquisitions and network deployment. These statements are not guarantees of future performance. Known and unknown risks, uncertainties, and other factors, including without limitation, satisfying closing conditions, final FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. approval, capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. and other financial risks, customer demand, technological risks, 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 Statement of Operations
(unaudited)
(in thousands, except per share data)
Three Months Ended
March 31, 2000
--------------------
2000 1999
-------- --------
Revenues $ 398 $ 226
-------- --------
Costs and expenses
Technical and network operations 4,686 3,540
Sales and marketing 1,235 1,466
General and administrative 4,691 2,646
Provision for equipment impairment -- 6,376
Depreciation and amortization 3,159 3,130
-------- --------
Total 13,771 17,158
-------- --------
Loss from operations (13,373) (16,932)
-------- --------
Interest and other income (expense)
Interest expense (5,223) (7,336)
Interest income 3,496 432
-------- --------
Total (1,727) (6,904)
-------- --------
Loss before income taxes (15,100) (23,836)
Deferred tax benefit 275 305
-------- --------
Net loss $(14,825) $(23,531)
======== ========
Net loss $(14,825) $(23,531)
Deemed preferred dividend (4,503) --
-------- --------
Net loss applicable to common stockholders $(19,328) $(23,531)
======== ========
Weighted average common shares 28,376 27,035
======== ========
Basic and diluted net loss per common
share, including $0.16 loss per
share relating to deemed preferred
dividend in 2000 $ (0.68) $ (0.87)
======== ========
Advanced Radio Telecom Corp.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
March 31, December 31,
2000 1999
--------- ---------
Current assets $ 157,013 $ 193,916
Property and equipment, net 18,387 14,747
FCC licenses, net 179,566 180,754
Other 40,253 8,719
--------- ---------
Total $ 395,219 $ 398,136
========= =========
Current liabilities $ 28,291 $ 24,162
Long-term debt, net of current portion 109,454 109,047
Deferred income taxes 29,051 29,326
--------- ---------
Total liabilities 166,796 162,535
Convertible preferred stock 243,536 243,536
Stockholders' equity (15,113) (7,935)
--------- ---------
Total $ 395,219 $ 398,136
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