AirGate PCS, Inc. Announces Results for Third Fiscal Quarter of 2002.Business Editors ATLANTA--(BUSINESS WIRE)--Aug. 5, 2002 AirGate PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. , Inc., (Nasdaq/NM:PCSA PCSA Primary Care Service Area PCSA Personal Computing Systems Architecture PCSA Power Crane and Shovel Association PCSA Peel Committee on Sexual Assault (Canada) PCSA Presbyterian Church of Southern Africa ), a PCS affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. of Sprint, today announced financial and operating results for the third fiscal quarter and nine months ended June June: see month. 30, 2002. Total revenues were $122.8 million for the third quarter of fiscal 2002, compared with $49.7 million for the prior-year period, which excluded the effects of the acquisition of iPCS, Inc. completed on November November: see month. 30, 2001. Net loss for the third fiscal quarter of 2002 was ($50.1) million, or ($1.94) per share, compared with ($23.7) million, or ($1.80) per share in the same period last year. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
"AirGate PCS added 26,079 net new subscribers during the third fiscal quarter," commented Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs M. Dougherty Dougherty may refer to:
A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. ." For the nine months ended June 30, 2002, the Company reported revenues of $319.4 million compared with $109.8 million for the same period last year. AirGate PCS reported a net loss of ($381.6) million, or ($16.55) per share, for the nine months ended June 30, 2002, compared with a net loss of ($86.0) million or ($6.61) per share, in the same period of 2001. Excluding the goodwill 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 ($261.2) million, or ($11.33) per share, recorded in the second fiscal quarter, net loss for the nine months ended June 30, 2002, would have been ($120.4) million, or ($5.22) per share. EBITDA loss, excluding non-cash stock option compensation expense and goodwill impairment was ($31.1) million for the first nine months of fiscal 2002, compared with ($42.3) million for the same period a year ago. "The third fiscal quarter proved challenging on several fronts," added Dougherty. "Economic uncertainty, aggressive competition, higher than anticipated rates of customer churn churn: see butter. and more stringent credit policies for certain sub-prime customer segments were all factors limiting net subscriber subscriber, n the person, usually the employee, who represents the family unit in relation to the prepayment plan. Other family members are dependents. Also called certificate holders or enrollees. growth. As such, we are highly focused on our sales execution and have identified specific marketing initiatives that we believe will allow us to continue to achieve balanced growth in subscribers and operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before . As a PCS affiliate of Sprint, we are looking forward to the launch of third-generation, or 3G, wireless services nationwide. The coming of 3G service to wireless is a true technology breakthrough, and we believe being the first competitor in most of our markets to offer this technology will provide AirGate with a competitive advantage. In addition, AirGate will launch new local rate plans in August, which will include an increased amount of anytime minutes. Finally in all Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians distribution channels, we have removed the deposit from all but the lowest credit classes. This decision reflects the lower churn and bad debt rates that we have seen in that part of our territory." Additional combined financial and operating highlights for the third quarter of fiscal 2002 include the following: -- AirGate added 26,079 net new Sprint PCS customers in its tenth quarter of commercial PCS operations. The Midwest Region added 14,675 net new subscribers, and the Southeast Region added 11,404 net new subscribers in the third fiscal quarter. As a result, the Company had a total of 532,446 subscribers as of June 30, 2002, net of a 6,102 subscriber adjustment for subscribers not reasonably expected to pay, which translates into a covered POP penetration rate of 4.6%. -- Excluding the out-of-period revenue adjustment, average revenue per subscriber (ARPU), was $60 for the quarter, consistent with ARPU of $60 in the previous quarter. For the quarter, ARPU did not include access revenues. Prior to April 1, 2002, ARPU included approximately $1.50 in access revenue. -- Total roaming revenue was $32.0 million for the third fiscal quarter of 2002, compared with $22.2 million for the second fiscal quarter of 2002. Roaming expense was $21.8 million for the quarter, compared with $18.2 million for the second fiscal quarter of 2002. Thus, net roaming margin was $10.2 million in the third fiscal quarter compared to $4.0 million in the second fiscal quarter. -- Churn, net of 30-day returns and an adjustment for those customers not reasonably expected to pay, was 3.2% in the third fiscal quarter, compared with 3.0% in the second fiscal quarter of 2002. -- Capital expenditures were $21.2 million, compared with $37.3 million in the second fiscal quarter of 2002. Capital expenditures included $2.0 million of capitalized interest in the current quarter. AirGate PCS will hold a conference call to discuss this press release tomorrow, August 6, 2002, at 10:00 a.m. ET. A live broadcast of the conference call will be available online at www.airgatepcsa.com or www.companyboardroom.com. To listen to the live call, please go to the web site at least fifteen minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. , and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call through the close of business on September September: see month. 30, 2002. About AirGate PCS AirGate PCS, Inc. including its subsidiaries, is a PCS affiliate of Sprint with the exclusive right to sell PCS products and services in territories within seven states located in the southeastern south·east n. 1. Abbr. SE The direction or point on the mariner's compass halfway between due south and due east, or 135° east of due north. 2. An area or region lying in the southeast. 3. and mid-western 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. . The territories include over 14.6 million residents in key markets such as Grand Rapids, Michigan “Grand Rapids” redirects here. For other uses, see Grand Rapids (disambiguation). Grand Rapids is a city in the U.S. state of Michigan. As of the 2000 census, the city population was 197,800. ; Charleston Charleston, cities, United States Charleston. 1 City (1990 pop. 20,398), seat of Coles co., E Ill.; inc. 1835. Charleston is an industrial, rail, and trade center located in an agricultural area; shoes are also made. Eastern Illinois Univ. , Columbia Columbia, cities, United States Columbia (kəlŭm`bēə). 1 City (1990 pop. 75,883), Howard co., central Md., between Washington, D.C., and Baltimore. , and Greenville-Spartanburg, South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. ; Augusta Augusta, city, Italy Augusta (oug  `stä), city (1991 pop. 34,189), E Sicily, Italy, on an island (formerly a peninsula) in the Ionian Sea, connected by bridge with the Sicilian and
Savannah, Georgia Savannah is a city located in (and the county seat of) Chatham County, Georgia (USA). The city's population was 128,500 in 2005, according to the most recent U.S. Census estimate. Savannah was the first colonial and state capital of Georgia. ; Champaign-Urbana and Springfield, Illinois Springfield is the capital of the U.S. state of Illinois and the county seat of Sangamon County. As reported in the 2000 U.S. Census, the city was home to 111,454 people. The land on which Springfield is today was first settled in the late 1810s, around the time Illinois became a ; and the
Quad Cities
The Quad Cities are a group of cities which flank the Mississippi River in Iowa and Illinois in the midwestern United States. areas of Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. and Iowa. AirGate PCS is among the largest PCS affiliates of Sprint. As a PCS affiliate of Sprint, AirGate PCS operates its own local portion of the Sprint network to exclusively provide 100% digital, 100% PCS products and services under the Sprint name in its territories. About Sprint Sprint operates the nation's largest all-digital, all-PCS wireless network, already serving the majority of the nation's metropolitan areas including more than 4,000 cities and communities across the country. Sprint has licensed PCS coverage of more than 280 million people in all 50 states, Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. and the U.S. Virgin Islands. Sprint plans to launch its 3G network nationwide this summer and expects to deliver faster speeds and advanced applications on Sprint PCS 3G Phones and devices. For more information on products and services, visit www.sprint.com/mr. Sprint PCS is a wholly-owned tracking group of Sprint Corporation trading on the NYSE NYSE See: New York Stock Exchange under the symbol "PCS." Sprint is a global communications company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. with more than 80,000 employees worldwide and $26 billion in annual revenues and is widely recognized for developing, engineering and deploying state-of-the art network technologies. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Certain statements contained in this news release, such as statements concerning the company's anticipated performance, plans for growth and anticipated financial results and other factors that could affect future operations or performance, and other non-historical facts, are forward looking statements made pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Since these forward looking statements are based on factors that involve risks and uncertainties, actual performance and results may differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward looking statements. Such factors include: the ability to successfully integrate the operation of the businesses of AirGate and its subsidiary iPCS, Inc.; the competitiveness and impact of Sprint PCS pricing plans, products and services; the ability to successfully launch and leverage 3G products and services; customer quality; the ability of Sprint PCS to provide back office, customer care and other services; consumer purchasing patterns; potential fluctuations in quarterly results; an adequate supply of subscriber equipment; risks related to our ability to compete with larger, more established businesses; rapid technological and market change; risks related to future growth and expansion; rates of penetration The successful unauthorized breach of a security perimeter. See penetration test. in the wireless industry; the potential need for additional sources of liquidity; anticipated future losses; the significant level of indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. of each of AirGate and iPCS; adequacy of bad debt and other reserves; the potential to experience a high rate of customer turnover; and the volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the of AirGate PCS' stock price. For a detailed discussion of these and other cautionary statements and factors that could cause actual results to differ from those contained in this news release, please refer to AirGate PCS' and iPCS' filings with the Securities and Exchange Commission ("SEC"), especially in the "investment considerations" section of AirGate PCS' 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. for the fiscal year ended September 30, 2001, and Form 10-Q Form 10-Q See 10-Q. for the fiscal quarter ended March 31, 2002, and iPCS' Form 10-K for the transition year ended September 30, 2001, and Form 10-Q for the fiscal quarter ended March 31, 2002, and in subsequent filings with the SEC. Definitions of Terms Used: The following are terms used in the press release. None are measures of financial performance under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting in the United States. EBITDA is a financial measure used in the financial community and ARPU (Average Revenue Per User) A calculation often used to determine the overall value of an application. It is also used to rate particular customers, especially in the wireless space, by comparing someone's account to the overall average. and churn are metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. used in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industry. ARPU -- Average Revenue Per User: Summarizes the average monthly service revenue per customer, excluding roaming The ability to use a communications device such as a cellphone or PDA and be able to move from one cell or access point to another without losing the connection. revenue and gross of bad debt expense. ARPU is computed by dividing service revenue by the average subscribers for the period, net of an adjustment for those customers not reasonably expected to pay. Churn: Churn is the monthly rate of customer turnover expressed as a percentage of the customer base that discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: service during the period. Churn is computed by dividing the number of customers that discontinued service during the period by the average subscribers for the period, net of an adjustment for 30 day returns and those customers not reasonably expected to pay. Ending Subscribers: Ending subscribers exclude an estimate of new customers added during the third fiscal quarter who are not reasonably expected to pay. iPCS adopted the same accounting policy as of October October: see month. 1, 2001. 3G: Refers to Third Generation technology. Sprint's and AirGate's first step in the migration to third generation technology is the upgrade to 1XRTT, which is scheduled for launch in the summer of 2002. 1XRTT: Refers to One Times Radio Transmission Technology. 1XRTT is primarily a software upgrade in the Company's switches and cell sites to provide a maximum data transmission speed of up to 144 kilobits per second (unit) kilobits per second - (kbps, kb/s) A unit of data rate where 1 kb/s = 1000 bits per second. This contrasts with units of storage where 1 Kb = 1024 bits (note upper case K). (compared to 14.4 kilobits per second for second generation technology); however, average data transmission speeds are expected to be 50 - 70 kilobits per second across the 3G network. 1XRTT greatly improves voice capacity in the network and improves battery life in the handset The part of the telephone that contains the speaker and the microphone. On a desktop phone, the part you hold in your hand is the handset. On a cellphone, the entire phone is the handset. See multihandset cordless and headset. .
AirGate PCS, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(dollars in thousands, except share and per share amounts)
June 30, Sept. 30,
2002 2001
----------- -----------
ASSETS
Current Assets:
Cash and cash equivalents $ 23,880 $ 14,290
Accounts receivable, net 42,196 23,798
Receivable from Sprint 19,619 10,200
Inventories 5,773 4,639
Prepaid expenses 6,717 3,428
Direct customer activation costs 7,269 3,693
Other current assets 1,547 1,291
----------- -----------
Total current assets 107,001 61,339
Property and equipment, net 454,011 209,326
Intangible assets, net 350,329 1,889
Goodwill 201,623 --
Financing costs 16,009 7,888
Other assets 3,751 568
----------- -----------
Total assets $ 1,132,724 $ 281,010
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
(DEFICIT)
Current Liabilities:
Accounts payable and accrued expenses $ 46,674 $ 24,050
Payable to Sprint 56,079 32,564
Deferred revenue 20,901 10,485
Current maturities of long term debt and
capital lease obligations 1,522 --
----------- -----------
Total current liabilities 125,176 67,099
Long-term debt and capital lease
obligations, excluding current maturities 669,014 266,326
Other long term liabilities 16,669 309
----------- -----------
Total liabilities 810,859 333,734
----------- -----------
Stockholders' equity / (deficit):
Preferred stock, par value, $.01 per
share; 5,000,000 shares authorized;
no shares issued and outstanding -- --
Common stock, par value, $.01 per share;
150,000,000 shares authorized; 25,801,720
and 13,364,980 shares issued and outstanding
at June 30, 2002, and September 30, 2001,
respectively 258 134
Additional paid-in-capital 924,002 168,255
Unearned stock option compensation (1,195) (1,546)
Accumulated deficit (601,200) (219,567)
----------- -----------
Total stockholders' equity (deficit) 321,865 (52,724)
----------- -----------
Commitments and contingencies -- --
----------- -----------
Total liabilities and stockholders'
equity (deficit) $ 1,132,724 $ 281,010
=========== ===========
AirGate PCS, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
(dollars in thousands, except share and per share amounts)
Three Months Ended Nine Months Ended
June 30, June 30,
---------------------- ----------------------
2002 2001 2002 2001
--------- --------- --------- ---------
Revenues:
Service revenue $ 87,219 $ 30,172 $ 230,422 $ 66,919
Roaming revenue 32,000 17,131 75,458 35,516
Equipment revenue 3,590 2,435 13,523 7,400
--------- --------- --------- ---------
Total revenues 122,809 49,738 319,403 109,835
--------- --------- --------- ---------
Operating Expenses:
Cost of services
and roaming (82,401) (32,990) (216,698) (76,457)
Cost of equipment (9,718) (4,744) (29,982) (14,408)
Selling and
marketing (28,131) (16,431) (85,568) (49,170)
General and
administrative (6,208) (3,868) (18,277) (12,149)
Non-cash stock
compensation (183) (299) (597) (1,225)
Depreciation and
amortization (19,500) (7,675) (47,864) (21,437)
Amortization of
intangible assets (11,260) (26) (29,377) (26)
Goodwill impairment -- -- (261,212) --
--------- --------- --------- ---------
Total operating
expenses (157,401) (66,033) (689,575) (174,872)
--------- --------- --------- ---------
Operating loss (34,592) (16,295) (370,172) (65,037)
--------- --------- --------- ---------
Interest income 314 337 530 2,350
Interest expense (15,801) (7,785) (40,732) (23,291)
Other income
(expense), net -- -- (20) --
--------- --------- --------- ---------
Loss before
income tax
benefit (50,079) (23,743) (410,394) (85,978)
--------- --------- --------- ---------
Income tax
benefit -- -- 28,761 --
--------- --------- --------- ---------
Net loss $ (50,079) $ (23,743) $(381,633) $ (85,978)
========= ========= ========= =========
Basic and diluted
net loss per
share of
common stock $ (1.94) $ (1.80) $ (16.55) $ (6.61)
Basic and diluted
weighted-average
outstanding common
shares 25,801,138 13,179,506 23,059,151 13,007,119
AirGate PCS, Inc. and Subsidiaries
Supplementary Data
Stand Alone Condensed Balance Sheets at June 30, 2002
(Unaudited)
(dollars in thousands, except share and per share amounts)
AirGate Consolidated
PCS, iPCS, AirGate
Inc. Inc. Eliminations PCS, Inc.
ASSETS -------- -------- --------- ----------
Current Assets:
Cash and cash
equivalents $ 4,249 $ 19,631 $ -- $ 23,880
Accounts
receivable, net 30,597 11,599 -- 42,196
Receivable
from Sprint 15,012 4,607 -- 19,619
Inventories 3,735 2,038 -- 5,773
Prepaid expenses 3,996 2,721 -- 6,717
Direct customer
activation
costs 4,779 2,490 -- 7,269
Other current
assets 2,270 -- (723) 1,547
-------- -------- --------- ----------
Total current
assets 64,638 43,086 (723) 107,001
Property and
equipment, net 219,025 234,986 -- 454,011
Intangible
assets, net 322,051 28,278 -- 350,329
Goodwill 193,563 8,060 -- 201,623
Financing costs 6,980 9,029 -- 16,009
Other assets 2,230 1,521 -- 3,751
-------- -------- --------- ----------
Total assets $808,487 $324,960 $ (723) $1,132,724
======== ======== ========= ==========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Accounts payable and
accrued expenses $ 23,131 $ 24,266 $ (723) $ 46,674
Payable to Sprint 36,851 19,228 -- 56,079
Deferred revenue 13,555 7,346 -- 20,901
Current maturities
of long term
debt and
capital lease
obligations 1,518 4 -- 1,522
-------- -------- --------- ----------
Total current
liabilities 75,055 50,844 (723) 125,176
-------- -------- --------- ----------
Long-term debt and
capital lease
obligations,
excluding current
maturities 385,441 283,573 -- 669,014
Other long
term liabilities 3,158 13,511 -- 16,669
-------- -------- --------- ----------
Total liabilities 463,654 347,928 (723) 810,859
-------- -------- --------- ----------
Stockholders' equity / (deficit):
Preferred stock -- -- -- --
Common stock 258 -- -- 258
Additional paid-
in-capital 731,152 192,850 -- 924,002
Unearned stock
option
compensation (1,195) -- -- (1,195)
Accumulated
deficit (385,382) (215,818) -- (601,200)
-------- -------- --------- ----------
Total stockholders'
equity (deficit) 344,833 (22,968) -- 321,865
-------- -------- --------- ----------
Commitments and
contingencies -- -- -- --
-------- -------- --------- ----------
Total liabilities
and stockholders'
equity (deficit) $808,487 $324,960 $ (723) $1,132,724
======== ======== ========= ==========
Note: Stand alone data presented on this and the following page
for AirGate PCS and iPCS reflect AirGate's decision to not apply push
down accounting to the historical results of iPCS. As a result,
adjustments associated with AirGate's purchase of iPCS are included in
the AirGate stand alone financial information presented herein.
AirGate PCS, Inc. and Subsidiaries
Supplementary Data
Stand Alone Condensed Income Statements for the
Three Months Ended June 30, 2002
(Unaudited)
(dollars in thousands)
Consolidated
AirGate PCS, AirGate
Inc. iPCS, Inc. PCS, Inc.
--------- --------- ---------
Revenues:
Service revenue $ 57,471 $ 29,748 $ 87,219
Roaming revenue 21,299 10,701 32,000
Equipment revenue 2,548 1,042 3,590
--------- --------- ---------
Total revenues 81,318 41,491 122,809
--------- --------- ---------
Operating Expenses:
Cost of services and roaming (50,593) (31,808) (82,401)
Cost of equipment (6,290) (3,428) (9,718)
Selling and marketing (16,703) (11,428) (28,131)
General and administrative (4,495) (1,713) (6,208)
Non-cash stock compensation (183) -- (183)
Depreciation and amortization (10,129) (9,371) (19,500)
Amortization of intangible
assets (9,880) (1,380) (11,260)
--------- --------- ---------
Total operating expenses (98,273) (59,128) (157,401)
--------- --------- ---------
Operating loss (16,955) (17,637) (34,592)
--------- --------- ---------
Interest income 23 291 314
Interest expense (8,764) (7,037) (15,801)
--------- --------- ---------
Net loss $ (25,696) $ (24,383) $ (50,079)
========= ========= =========
Reconciling Data:
Operating loss as reported $ (16,955) $ (17,637) $ (34,592)
Non-cash stock compensation 183 -- 183
Depreciation and
amortization 10,129 9,371 19,500
Amortization of intangible
assets 9,880 1,380 11,260
--------- --------- ---------
EBITDA, excluding non-cash
stock compensation 3,237 (6,886) (3,649)
Out-of-period access revenue
adjustment:
Service revenue 4,288 1,066 5,354
Cost of services and roaming (343) (85) (428)
--------- --------- ---------
Net impact of out-of-period
access revenue adjustment
on EBITDA 3,945 981 4,926
--------- --------- ---------
EBITDA, excluding non-cash
stock compensation and
out-of-period access
revenue adjustment $ 7,182 $ (5,905) $ 1,277
========= ========= =========
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