Cellular Communications International Inc. Announces Operating Results for Second Quarter 1998.NEW YORK--(BUSINESS WIRE)--Aug. 13, 1998--Cellular Communications International, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 quarter ended June June: see month. 30, 1998. 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 10.267 percent indirect interest in Omnitel 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 strategic joint venture that 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. William B. Ginsberg, chairman and president of CCII commented, "OPI has been able to achieve such excellent results due to the rapid growth of its customer base and the low costs to acquire and service new subscribers. OPI announced that it had more than 3,900,000 subscribers at the end of the quarter compared to 2,460,000 subscribers at the end of December 1997 and 713,000 subscribers at the end of December 1996. 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. industry estimates, OPI's incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. share of the growth in the Italian wireless market continues to climb, exceeding 44 percent in the second quarter, and OPI's share of the overall wireless market in Italy now exceeds 26 percent." -0-
Italian Cellular Market
Q2/98 Q1/98 Q4/97 Q3/97 Q2/97
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OPI Subscribers
(000 approximate) 3,900 3,100 2,460 1,730 1,250
TIM Subscribers
(000 estimated) 11,100 10,100 9,250 7,900 6,900
OPI Market Share
(estimated) 26% 23% 21% 18% 15%
OPI Incremental Market
Share (estimated) 44% 43% 34% 34% 33%
CCII Financial Results
Three Months Ended Six Months Ended
June 30 June 30
1998 1997 1998 1997
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(In thousands of dollars, except per share data)
Equity in net income
(loss) of Omnitel $11,828 $(1,475) $15,238 $(8,612)
Costs and expenses:
General and
administrative expenses 609 753 1,172 1,847
Depreciation and
amortization expense 173 178 347 355
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782 931 1,519 2,202
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Operating income (loss) 11,046 (2,406) 13,719 (10,814)
Interest and other, net (7,673) (5,371) (12,099) (10,697)
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Income (loss) before
extrordinary item 3,373 (7,777) 1,620 (21,511)
Loss from early
extinguishment of debt - - (38,066) -
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Net income (loss) $3,373 $(7,777) $(36,446) $(21,511)
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Earnings per common share:
Income (loss) before
extraordinary item $.20 $(.48) $.10 $(1.34)
Extraordinary item - - (2.31) -
--------------------------------------------
Net income (loss) $.20 $(.48) $(2.21) $(1.34)
--------------------------------------------
Earnings per common share-
Assuming Dilution:
Income (loss) before
extraordinary item $.18 $(.48) $.09 $(1.34)
Extraordinary item - - (2.08) -
--------------------------------------------
Net income (loss) $.18 $(.48) $(1.99) $(1.34)
On March 19, 1998, the company declared a 3-for-2 stock split by way of stock dividend, which was paid on April 14, 1998. The net loss per share and weighted average shares give effect to the stock split. Discussion of CCII Results Equity in net income (loss) of Omnitel for the second quarter increased to income of $11,828,000 from a loss of $1,475,000. The change is due to the change in Omnitel's share of OPI's net income (loss) to income of $80,735,000 from a loss of $9,456,000. OPI's net income (loss) changed to income of $115,393,000 from a loss of $13,529,000 as a result of a 137 percent increase in operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. with only a 94 percent increase in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. (percentage changes are calculated based on the results of operations in Italian lire). General and administrative expenses decreased to $609,000 from $753,000 primarily becaus |
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