AirTouch Sets New Records For Fourth Quarter and Year; Fourth Quarter Net Income Soars Nearly 600 Percent.SAN FRANCISCO--(BUSINESS WIRE)--Feb. 3, 1998-- -- Company Gains A Record One Million Wireless Customers in Quarter -- Ventures in Total Serve 10 Percent of Estimated Worldwide Cellular and 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. Customers AirTouch AirTouch Communications was a U.S.-based wireless service provider that was created when PacTel Cellular was spun off from Pacific Telesis on April 1, 1994, forming both AirTouch Cellular and AirTouch Paging. Communications (NYSE NYSE See: New York Stock Exchange :ATI (ATI Technologies Inc., Markham Ontario, http://ati.amd.com) A leading manufacturer of graphics chips and display adapters. Founded in 1985 by K. Y. Ho, Benny Lau and Lee Lau, ATI chips and boards are widely used by OEMs. ) today announced new fourth quarter records for net income, operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. , and customer growth, propelled by robust demand for wireless services and significantly improved international profitability. Fourth quarter net income applicable to common stockholders rose nearly 600 percent to $97 million ($0.19 per share), compared to $14 million ($0.03 per share) in the same period last year. Fourth quarter EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. in 1997 increased 5 cents due primarily to tax benefits and interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. credits included in international equity earnings. Excluding these, EPS would have been $0.14, increasing 367 percent over last year. The company added one million proportionate pro·por·tion·ate adj. Being in due proportion; proportional. tr.v. pro·por·tion·at·ed, pro·por·tion·at·ing, pro·por·tion·ates To make proportionate. cellular, PCS, and paging customers during the quarter ended December December: see month. 31, 1997, reaching 10.7 million proportionate worldwide customers. Bolstered bol·ster n. A long narrow pillow or cushion. tr.v. bol·stered, bol·ster·ing, bol·sters 1. To support or prop up with or as if with a long narrow pillow or cushion. 2. by a growing customer base, AirTouch reported proportionate operating revenues of $1.3 billion for the quarter, up 18 percent over the same period in 1996. Fourth quarter proportionate operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. (operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. plus depreciation and amortization) increased 48 percent over the prior year to $408 million. "This outstanding quarter capped an incredible year. Wireless companies around the globe turned up the competitive heat in 1997, but AirTouch was ready," said Sam (1) (Security Accounts Manager) The part of Windows NT that manages the database of usernames, passwords and permissions. A SAM resides in each server as well as in each domain controller. See PDC and trust relationship. Ginn, chairman and chief executive officer of AirTouch Communications. "At the beginning of 1997 we said we'd we'd 1. Contraction of we had. 2. Contraction of we should. 3. Contraction of we would. we'd have ~would set records for customer growth and operating cash flow for the year. We were right. We added 2.7 million customers, while beating our goal of $1.5 billion in operating cash flow by more than $200 million," he added. "At the end of the year, AirTouch and its ventures in total served around 10 percent of estimated worldwide cellular and PCS customers. "Our unwavering focus on cost reduction and the improved profitability of our international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. are all reflected in our impressive bottom line results," Ginn continued. "By transferring successful strategies from one market to another, we have benefited from growing worldwide demand for wireless services." 1997 Full Year Results In 1997, AirTouch posted new records for proportionate operating revenue, net income, proportionate operating cash flow (OCF (1) (Open Container Format) See OPS. (2) (OpenCard Framework) A smart card specification from the OpenCard Consortium. ) and customer growth. Proportionate operating revenue rose 25 percent, to $4.9 billion. Net income applicable to common stockholders jumped 120 percent to $394 million ($0.78 per share), and proportionate OCF climbed 54 percent to $1.7 billion.The company added 2.7 million new cellular, PCS and paging customers worldwide. Proportionate U.S. Cellular U.S. Cellular (NYSE: USM) is a super-regional cellular telephone provider, serving 5.8 million customers in 189 markets in 26 U.S. states. The company was created in 1983 as a subsidiary of Telephone and Data Systems, Inc. Since April 2000, John E. As a result of creative holiday promotions, effective customer segmentation, and retention programs, AirTouch added 408,000 proportionate U.S. cellular subscribers in the fourth quarter -- its best performance ever. Throughout the year, the company proved it knows how to attract and retain customers. AirTouch added 906,000 customers during 1997 and now serves 4,309,000 proportionate cellular customers, up 27 percent over year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1996. Through proactive customer retention efforts, the company reduced its churn rate (1) The percentage of customers who cancel their online, cellphone or other subscription service during a certain time period. (2) The percentage of employees who leave the company during a certain time period. See churning. in the face of increased competition. AirTouch's focus on reducing cash costs faster than the decline in average revenue per customer produced its best annual OCF margins ever -- 45 percent. The company continued marketing its Powerband(SM) digital service during the quarter. After completing its Powerband launches ahead of schedule, AirTouch now offers digital service in all its markets. The company had over 100,000 Powerband subscribers at the end of December, and has more than 15 percent of its peak minutes of use on its digital networks in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, and Detroit Detroit, city, United States Detroit (dĭtroit`), city (1990 pop. 1,027,974), seat of Wayne co., SE Mich., on the Detroit River and between lakes St. Clair and Erie; inc. as a city 1815. . Fueled by successful brand advertising and promotions, PrimeCo PrimeCo Communications was a joint venture of Bell Atlantic and AirTouch Communications, and was the first wireless telecommunications provider to turn up CDMA service on the PCS (1900-MHz) band in late 1995. Hailed as the largest wireless phone service launch in U.S. , AirTouch's PCS partnership, added more than 125,000 customers during the quarter, reaching over 387,000 subscribers. Proportionate International Cellular AirTouch's international cellular ventures turned in excellent customer growth and profitability during the quarter. Driven by strong demand for prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. offerings, the company added 474,000
proportionate customers -- its highest net adds ever, in the U.S. or
internationally.AirTouch's international ventures in total serve 14.4 million customers; AirTouch's proportionate share is 3,135,000, up 81 percent over December 31, 1996. For the year, AirTouch added 1,347,000 proportionate international cellular customers, with most of its ventures reporting record customer growth. International subscribers now account for 42 percent of AirTouch's cellular and PCS customer base and 44 percent of total company 1997 proportionate revenues. As international operations gained greater scale and profitability, they contributed net income of more than $200 million for the year, compared to a loss in 1996. Proportionate operating cash flow for the year jumped 127 percent to $729 million. With the fourth quarter addition of Airtel in Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. , seven of AirTouch's 11 ventures are now generating positive operating cash flow. Mannesmann Mannesmann AG was a German corporation with headquarters in Düsseldorf. The company was founded in 1890 originally to produce steel tubes. It was traded on the Frankfurt Stock Exchange. (Ticker symbol is MMN. Mobilfunk (MMO See MMOG. ), AirTouch's German cellular venture with 3.5 million customers, made a $400 million (DM 700 million) distribution of profits in December. AirTouch's share is 34.8 percent. To date, AirTouch's share of distribution of profits from MMO totals about $279 million. U.S. Paging AirTouch's U.S. paging operations continued their emphasis on profitable growth during the quarter, adding 43,000 units in service, for a total of 3,101,000. For the year, the company added 246,000 units and OCF climbed 23 percent over the prior year to $108 million. AirTouch Paging returned to AirTouch Communications about $47 million in cash in 1997 and continues to be the only large paging company that is profitable and free cash flow positive. The Outlook (Excludes the announced US WEST merger) In 1998, AirTouch again expects to add over 2 million proportionate worldwide cellular and PCS customers. Despite this strong growth, proportionate operating cash flow from existing operations is expected to grow about 25 percent in 1998. As a result of the growth and expansion of domestic and international operations, in 1998 consolidated capital investment (excluding any new opportunities) is likely to be about $1.1 billion, or 10 percent over 1997 capital investment. On January January: see month. 29, AirTouch and US WEST Media Group announced a new $5.7 billion plan to merge their U.S. wireless interests. With this acquisition, AirTouch will rank as the second largest wireless provider 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. , based on proportionate customers. The company's annual meeting of stockholders will be held on May 29, 1998. AirTouch Communications is a global wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. company, with interests in cellular, paging, and personal communications services See PCS. in the United States, Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. , Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. , Italy Italy (ĭt`əlē), Ital. Italia, officially Italian Republic, republic (2005 est. pop. 58,103,000), 116,303 sq mi (301,225 sq km), S Europe. , Japan, Poland Poland, Pol. Polska, officially Republic of Poland, republic (2005 est. pop. 38,635,000), 120,725 sq mi (312,677 sq km), central Europe. It borders on Germany in the west, on the Baltic Sea and the Kaliningrad region of Russia in the north, on Lithuania, , Portugal Portugal (pôr`chəgəl), officially Portuguese Republic, republic (2005 est. pop. 10,566,000), 35,553 sq mi (92,082 sq km), SW Europe, on the western side of the Iberian Peninsula and including the Madeira Islands and the Azores in the , Romania Romania (rōmān`ēə, –yə) or Rumania (r  –), republic (v), 91,699 sq mi (237,500 sq km), SE Europe. , South Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. , Spain, and Sweden Sweden, Swed. Sverige, officially Kingdom of Sweden, constitutional monarchy (2005 est. pop. 9,002,000), 173,648 sq mi (449,750 sq km), N Europe, occupying the eastern part of the Scandinavian peninsula. , as well as an
interest in the Globalstar (Globalstar, Milpitas, CA, www.globalstar.com) A satellite-based communications company that offers voice and short messaging services throughout 80% of the world's surface. Globalstar is the second satellite system to use LEO satellites and handheld phones (Iridium was the first), but satellite system. The company, based in 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 , serves nearly 11 million proportionate customers worldwide."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: Except for the historical information presented, the matters discussed in this release are 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. and are subject to risks and uncertainties that could cause actual results to differ materially. Such factors include: a change in economic conditions in the various markets served by the Company's operations which would adversely affect the level of demand for wireless services; greater-than-anticipated competitive activity requiring reduced pricing and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. new product offerings or resulting in higher acquisition costs; greater-than-expected growth in customers and usage driving increased investment in network capacity; the level of fraudulent The description of a willful act commenced with the Specific Intent to deceive or cheat, in order to cause some financial detriment to another and to engender personal financial gain. activity; the impact of new business opportunities requiring significant up-front investments; the pending acquisition of U S WEST Inc.'s cellular properties in the U.S.; the impact on capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. from the deployment of new technologies, and the possibility that technologies will not perform according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. expectations. These and other factors related to the business are described in the Company's 10-K under "Investment Considerations" and the quarterly reports on Form 10-Q Form 10-Q See 10-Q. . For a fax copy of this or other recent AirTouch press releases, please call 1-800-344-7531, or visit the AirTouch web site at www.airtouch.com. -0-
AirTouch Communications, Inc. and Subsidiaries
Consolidated Statements of Income
(Unaudited)
(Dollars in millions, except 4th QTR 4th QTR
per share information) 1997 1996 CHANGE
OPERATING REVENUES
Wireless services & other revenues $874 $680 28.5 %
Cellular and paging equipment sales 67 41 63.4 %
TOTAL OPERATING REVENUES 941 721 30.5 %
OPERATING EXPENSES
Cost of revenues 123 111 10.8 %
Cost of cellular and paging
equipment sales 126 82 53.7 %
Selling and customer
operations expenses 318 248 28.2 %
General, administrative, and
other expenses 149 95 56.8 %
Depreciation and amortization expenses 141 122 15.6 %
TOTAL OPERATING EXPENSES 857 658 30.2 %
OPERATING INCOME 84 63 33.3 %
Equity in net income (loss) of
unconsolidated wireless systems:
U.S. (11) (1)
International 85 (1)
Minority interests in net (income) loss
of consolidated wireless systems (13) (40) 67.5 %
Interest:
Expense (21) (23) 8.7 %
Income 4 4 0.0 %
Foreign exchange gain (loss) 7 3 133.3 %
Miscellaneous income (expense) (2) 56 (103.6)%
Income before income taxes and
preferred dividends 133 61 118.0 %
Income taxes 22 34 (35.3)%
Income before preferred dividends 111 27 311.1 %
Preferred dividends 14 13 7.7 %
NET INCOME APPLICABLE TO
COMMON STOCKHOLDERS $97 $14 592.9 %
EARNINGS PER SHARE
Basic and Diluted $0.19 $0.03 533.3 %
Weighted average shares
outstanding (in thousands) 504,883 501,864 0.6 %
Year Ended Year Ended
1997 1996 CHANGE
OPERATING REVENUES
Wireless services & other revenues $3,365 $2,120 58.7 %
Cellular and paging equipment sales 229 132 73.5 %
TOTAL OPERATING REVENUES 3,594 2,252 59.6 %
OPERATING EXPENSES
Cost of revenues 457 298 53.4 %
Cost of cellular and paging
equipment sales 389 223 74.4 %
Selling and customer
operations expenses 990 705 40.4 %
General, administrative, and
other expenses 503 394 27.7 %
Depreciation and amortization expenses 549 351 56.4 %
TOTAL OPERATING EXPENSES 2,888 1,971 46.5 %
OPERATING INCOME 706 281 151.2 %
Equity in net income (loss) of
unconsolidated wireless systems:
U.S. 1 151 (99.3)%
International 199 (18)
Minority interests in net (income) loss
of consolidated wireless systems (119) (95) (25.3)%
Interest:
Expense (90) (52) (73.1)%
Income 18 14 28.6 %
Foreign exchange gain (loss) 8 6 33.3 %
Miscellaneous income (expense) (9) 61 (114.8)%
Income before income taxes and
preferred dividends 714 348 105.2 %
Income taxes 266 149 78.5 %
Income before preferred dividends 448 199 125.1 %
Preferred dividends 54 20 170.0 %
NET INCOME APPLICABLE TO
COMMON STOCKHOLDERS $394 $179 120.1 %
EARNINGS PER SHARE
Basic and Diluted $0.78 $0.36 116.7 %
Weighted average shares
outstanding (in thousands) 503,883 500,051 0.8 %
AirTouch Communications, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(Dollars in millions) 12/31/97 12/31/96 CHANGE
ASSETS
Cash and cash equivalents $1 $28 (96.4)%
Accounts receivable, net 472 416 13.5 %
Inventories 106 55 92.7 %
Other receivables 44 33 33.3 %
Due from related parties 48 34 41.2 %
Other current assets 51 58 (12.1)%
TOTAL CURRENT ASSETS 722 624 15.7 %
Property, plant, and equipment, net 2,539 2,322 9.3 %
Investments in unconsolidated
wireless systems 2,068 1,992 3.8 %
Intangible assets, net 3,297 3,409 (3.3)%
Deferred charges and other
noncurrent assets 344 177 94.4 %
TOTAL ASSETS $8,970 $8,524 5.2 %
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable-trade $244 $200 22.0 %
Short-term borrowings 21 53 (60.4)%
Current portion of long-term debt 57 16 256.3 %
Other current liabilities 654 491 33.2 %
TOTAL CURRENT LIABILITIES 976 760 28.4 %
Long-term debt 1,362 1,637 (16.8)%
Deferred income taxes 711 693 2.6 %
Deferred credits 86 104 (17.3)%
TOTAL LIABILITIES 3,135 3,194 (1.8)%
COMMITMENTS AND CONTINGENCIES 0 0 0.0 %
MINORITY INTERESTS IN CONSOLIDATED
WIRELESS SYSTEMS 306 268 14.2 %
Preferred stock and additional
paid-in-capital 1,041 1,041 0.0 %
Common stock and additional
paid-in-capital 4,090 3,991 2.5 %
Retained earnings 415 21
Treasury shares (11) (4) (175.0)%
Cumulative translation adjustment (32) 3
Other 26 10 160.0 %
TOTAL STOCKHOLDERS' EQUITY 5,529 5,062 9.2 %
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $8,970 $8,524 5.2 %
AirTouch Communications, Inc. and Subsidiaries
Proportionate Operating Data
(Unaudited) (1)
TOTAL COMPANY
(Dollars in millions & 4th QTR 4th QTR
operating data in thousands) 1997 1996 CHANGE
Service and other revenues $1,321 $1,119 18.1 %
Operating income $201 $109 84.4 %
Operating cash flow (2) $408 $276 47.8 %
Operating cash flow margin (3) 30.9% 24.7% 25.1 %
Cellular and PCS POPs (4)(5) 180,032 178,317 1.0 %
Cellular and PCS subscribers (4) 7,536 5,146 46.4 %
Cellular and PCS subscribers net adds
in period, excluding acquisitions(4) 912 581 57.0 %
Paging units in service 3,188 2,886 10.5 %
TOTAL COMPANY
(Dollars in millions & Year Ended Year Ended
operating data in thousands) 1997 1996 CHANGE
Service and other revenues $4,907 $3,925 25.0 %
Operating income $947 $521 81.8 %
Operating cash flow (2) $1,736 $1,124 54.4 %
Operating cash flow margin (3) 35.4% 28.6% 23.8 %
Cellular and PCS subscribers net adds
in period, excluding acquisitions(4) 2,336 1,625 43.8 %
U.S. CELLULAR OPERATIONS 4th QTR 4th QTR
OPERATING DATA (In thousands) 1997 1996 CHANGE
Cellular POPs (5) 43,364 43,364 0.0 %
Cellular subscribers 4,309 3,403 26.6 %
Cellular subscriber net adds in qtr. 408 331 23.3 %
INTERNATIONAL CELLULAR OPERATIONS 4th QTR 4th QTR
OPERATING DATA (In thousands) 1997 1996 CHANGE
Cellular POPs (5) 122,439 120,724 1.4 %
Cellular subscribers 3,135 1,734 80.8 %
Cellular subscriber net adds in qtr. 474 241 96.7 %
U.S. PAGING OPERATIONS (6) 4th QTR 4th QTR
OPERATING DATA (In thousands) 1997 1996 CHANGE
Units in service 3,101 2,850 8.8 %
Units in service net adds in qtr. 43 115 (62.6)%
U.S. PCS OPERATIONS 4th QTR 4th QTR
OPERATING DATA (In thousands) 1997 1996 CHANGE
PCS POPs (4)(5) 14,229 14,229 0.0 %
PCS subscribers (4) 92 9 922.2 %
12/31/97 4Q97 YTD
INTERNATIONAL CELLULAR Total Sys. Total Sys. Total Sys. Total Sys.
(In thousands) POPs Subscribers Net Adds Net Adds
European Operations
(Percentage Ownership)
Germany (34.8%) 81,870 3,542 422 1,229
Portugal (50.9%) 9,920 745 174 414
Sweden (51.1%) 8,830 424 70 143
Belgium (25.0%) 10,130 690 90 280
Italy (15.5%) 57,330 2,460 726 1,747
Spain (21.7%) 39,210 1,150 149 498
Poland (19.3%) 38,500 approx. approx. approx.
300 72 250
Romania (10.0%) 23,200 more more more
than than than
110 59 110
Asian Operations
Japan
Tokyo (15.0%) 42,237
Kansai (13.0%) 20,568
Tokai (13.0%) 14,410
Sub-Total for Digital Phone
Group 77,215 2,265 78 420
Digital TU-KA
Companies(a) (4.5%) 46,252 1,596 146 1,064
South Korea (10.7%) 45,600 1,124 90 834
India
Madras (20.0%) 6,695 19 1 8
Madhya Pradesh (49.0%) 72,662 5 2 5
------- ------ ----- -----
517,414 14,430 2,079 7,002
(a) Cost based investments which are not included in proportionate
results.
FOOTNOTES
(1) Because significant assets of the Company are not consolidated,
the Company believes that proportionate financial and operating
data facilitate the understanding and assessment of its results.
Unlike consolidation accounting, proportionate accounting is not
in accordance with generally accepted accounting principles.
Proportionate accounting represents the relative weight of the
Company's ownership interests in its domestic and international
systems, total subscribers of all cellular systems, and total
units in service of all paging systems, exclusive of cost-based
investments and certain equity-based investments that are not
material to the Consolidated Financial Statements taken as a
whole.
(2) Operating cash flow is defined as operating income plus
depreciation and amortization and is not the same as cash flow
from operating activities in the Company's Consolidated
Statements of Cash Flows. Proportionate operating cash flow
represents the Company's ownership interest in the respective
entities' operating cash flows. As such, proportionate operating
cash flow does not represent cash available to the Company.
(3) Operating cash flow margin is calculated by dividing "Operating
cash flow" by "Service and other revenues".
(4) PCS data relates to PrimeCo Personal Communications, L.P.
("PrimeCo"), a U.S. personal communications service ("PCS")
business in which the Company has a 25% interest.
(5) POPs are the estimated market population multiplied by the
Company's ownership interest in a licensee operating in that
market and include markets in which the networks are under
construction and the markets of certain cost-basis investments
not included in proportionate operating results.
(6) U.S. Paging Operations are wholly owned by the Company;
therefore, proportionate information reflects 100% of the
subsidiary's GAAP-basis operating results.
CONTACT: AirTouch Susan Rosenberg, 415/658-2209 Kathy Reinhart, 415/658-2042 |
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