Cellular Communications International, Inc. announces operating results for third quarter 1996.NEW YORK--(BUSINESS WIRE)--Nov. 12, 1996--CELLULAR COMMUNICATIONS INTERNATIONAL, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (Nasdaq: CCIL CCIL Chester County InterLink (West Chester, Pennsylvania) CCIL Clearing Corporation of India Limited CCIL Canadian Council of Independent Laboratories ) ("CCII CCII Canadian Coalition for Influenza Immunization ") announced today its operating results for the three and nine months ended September September: see month. 30, 1996. CCII's activities to date have focused on participating in strategic joint ventures with other companies to acquire and operate overseas cellular telephone systems. Currently, CCII's primary asset is its participation in Omnitel Omnitel is also the former name of Vodafone Italy. Omnitel is the largest telecommunications company in the Baltics, member of TeliaSonera group. It provides services of carrying and packaging of voice, images, data, information, transactions and entertainment. Pronto pron·to adv. Informal Without delay; quickly. [Spanish, from Latin pr mptus; see prompt. Italia ("OPI (Open Prepress Interface) An extension to PostScript that provides color separations. It was developed by Aldus Corporation, which was later acquired by Adobe. "), a
consortium which is the second GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. cellular telephone licensee licensee n. a person given a license by government or under private agreement. (See: license, licensor) LICENSEE. One to whom a license has been given. 1 M. Q. & S. 699 n. in 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. (including San Marino San Marino, city, United States San Marino (săn mərē`nō), residential city (1990 pop. 12,959), Los Angeles co., S Calif.; inc. 1913. Of interest is the Huntington Library, Art Collections, and Botanical Gardens. and Vatican City Vatican City (văt`ĭkən), independent state (2005 est. pop. 900), 108.7 acres (44 hectares), within the city of Rome, Italy, and the residence of the pope, who is its absolute ruler. ). OPI began offering commercial service in December December: see month. 1995. OPI reported that it had approximately 560,000 subscribers at the end of September 1996. -0-
Three Months Ended September 30
1996 1995
(In thousands, except per share data)
Equity in net loss of Omnitel $ 12,888 $ 2,280
General and administrative expenses 820 1,562
Write-off of deferred costs - 471
Depreciation and amortization 179 160
-------- --------
Operating loss (13,887) (4,473)
Interest and other, net (4,651) (1,434)
Loss before income taxes and -------- --------
extraordinary item (18,538) (5,907)
Income tax benefit 1,200 -
-------- --------
Loss before extraordinary item (17,338) (5,907)
Loss from early extinguishment of debt - (2,268)
-------- --------
Net loss $(17,338) $(8,175)
======== ========
Net loss per common share:
Loss before extraordinary item $ (1.63) (.58)
Extraordinary item - (.22)
-------- ---------
Net loss $ (1.63) $ (.80)
======== =========
Weighted average shares 10,639 10,213
-0-
Nine Months Ended September 30
1996 1995
(In thousands, except per share data)
Equity in net loss of Omnitel $ 33,673 $ 5,833
General and administrative expenses 2,382 2,999
Write-off of deferred costs - 694
Depreciation and amortization 538 377
-------- -------
Operating loss (36,593) (9,903)
Interest and other, net (13,184) (2,675)
Loss before income taxes and -------- --------
extraordinary item (49,777) (12,578)
Income tax benefit 1,200 -
-------- --------
Loss before extraordinary item (48,577) (12,578)
Loss from early extinguishment of debt - (2,268)
-------- --------
Net loss $(48,577) $(14,846)
======== ========
Net loss per common share:
Loss before extraordinary item $ (4.64) (1.24)
Extraordinary item - (.22)
-------- ---------
Net loss $ (4.64) $ (1.46)
======== =========
Weighted average shares 10,465 10,196
-0-
Discussion of Third Quarter Results
Equity in net loss of Omnitel increased to $12,888,000 from
$2,280,000 because of the increase in the net loss of Omnitel.
General and administrative expenses decreased to $820,000 from $1,562,000
primarily because, as of December 1995, CCII no longer participates in an
entity that owns one of the two GSM cellular licenses for Delhi, India, and
CCII reduced its efforts to obtain new cellular licenses.
In 1995, deferred costs of $471,000 were written-off in connection with
unsuccessful efforts to obtain licenses.
Depreciation and amortization increased to $179,000 from $160,000 as a result
of the amortization of additional costs capitalized in connection with the
investment in Omnitel.
Interest and other, net, decreased to expense of $4,651,000 from expense of
$1,434,000 primarily due to an increase in interest expense from the issuance
of the Senior Discount Notes. Interest expense in 1995 does not include
interest of $1,754,000 which was capitalized during the three months ended
September 30, 1995. CCII discontinued interest capitalization in December
1995 upon the commencement of OPI's operations.
The income tax benefit in 1996 of $1,200,000 is the result of net operating
loss carrybacks to 1995.
CONTACT: Cellular Communications International Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of William B. Ginsberg, President or Stanton N. Williams, Chief Financial Officer 212/906-8480 |
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mptus; see prompt.
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