Cellular Communications of Puerto Rico, Inc. announces operating results for third quarter 1995.NEW YORK--(BUSINESS WIRE)--Nov. 8, 1995--CELLULAR COMMUNICATIONS OF 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. , 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:CCPR CCPR Covenant on Civil and Political Rights CCPR California Center for Population Research CCPR Central Council for Physical Recreation CCPR Consultative Committee on Photometry and Radiometry CCPR Calvert County Parks and Recreation CCPR Co-Channel Power Ratio ) announced today its operating results for the three and nine months ended September September: see month. 30, 1995.
Three Months Ended September 30
1995 1994
(In thousands, except subscribers
and per share data)
Revenues:
Service $ 24,489 $ 14,880
Equipment, net (1,751) (444)
22,738 14,436
Expenses:
Operating 2,543 2,165
SG&A 12,694 7,231
15,237 9,396
Operating income 7,501 5,040
Depreciation and amortization (4,078) (3,083) Interest and other, net (2,435) (1,636) Provision for income taxes (2,558) - Net income (loss) $ (1,570) $ 321 Net income (loss) per common share $(.13) $.03 Weighted average shares 11,720 10,918 Ending subscribers 107,300 56,600
Nine Months
Ended September 30
1995 1994
(In thousands, except subscribers
and per share data)
Revenues:
Service $ 66,249 $ 39,472
Equipment, net (5,210) (1,476)
61,039 37,996
Expenses:
Operating 7,055 6,138
SG&A 36,408 21,280
43,463 27,418
Operating income 17,576 10,578
Depreciation and amortization (11,388) (8,670) Interest and other, net (6,728) (4,736) Provision for income taxes (4,882) - Net loss $ (5,422) $ (2,828) Net loss per common share $(.51) $(.29) Weighted average shares 10,556 9,828 Ending subscribers 107,300 56,600 Discussion of Third Quarter Results Service revenues increased to $24,489,000 from $14,880,000 as a result of 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 that increased the Company's current revenue stream. Average monthly revenue per subscriber for the third quarter decreased to $80 in 1995 from $95 in 1994. The loss from telephone equipment, before depreciation of rental telephones, increased to $1,751,000 from $444,000 as a result of the increase in new subscribers. The Company sells telephones and accessories at or below cost in response to competition and to increase subscriber growth. 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. increased to $2,543,000 from $2,165,000 primarily due to additional costs associated with the expanded cellular network. Operating expenses declined to 10% of service revenues in 1995 from 15% in 1994. Selling, general and administrative expenses increased to $12,694,000 from $7,231,000 as a result of increased selling and marketing to increase the customer base and additional personnel to service the expanding customer base. Increases in bad debt expense and subscriber billing expense also contributed to this increase. Depreciation and amortization expense increased to $4,078,000 from $3,083,000 primarily because of an increase in depreciation of property, plant and equipment. Interest and other, net, increased to expense of $2,435,000 from expense of $1,636,000 primarily as a result of higher interest rates on long term debt obligations. The provision for income taxes of $2,558,000 in 1995 is for Puerto Rico income tax on the Puerto Rico taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. of certain of the Company's consolidated subsidiaries. Paging operations commenced in 1995. As of September 30, 1995, there were 8,000 pagers in use. CONTACT: Cellular Communications of Puerto Rico, Inc. J. Barclay Barclay may refer to:
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Stanton Stanton, city (1990 pop. 30,491), Orange co., SW Calif., SW of Anaheim; inc. 1956. The city's population grew rapidly in the late 20th century. Manufactures include electrical and electronic goods, signs, computer equipment, building materials, and plastics. N. Williams, Director-Corporate Development or Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a J.Lubasch, Senior Vice President-General Counsel (212) 355-3466 |
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