Cellular Communications of Puerto Rico Inc. announces operating results for third quarter 1996.NEW YORK--(BUSINESS WIRE)--Oct. 29, 1996--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. (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 ) (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 :CCPR) announced today its operating results for the three and nine months ended Sept. 30, 1996. During the quarter ended Sept. 30, 1996, CCPR added approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 11,000 subscribers, achieving 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 of nearly 40% for the last 12 months to nearly 150,000 subscribers. 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.
Three months ended
Sept. 30
1996 1995
(in thousands, except subscribers
and per share data)
Revenues:
Service $31,056 $24,489
Equipment, net (692) (1,751)
30,364 22,738
Expenses:
Operating 3,921 2,543
SG&A 16,273 12,694
20,194 15,237
Operating income 10,170 7,501
Depreciation and amortization (4,937) (4,078)
Interest and other, net (2,015) (2,435)
Provision for income taxes (945) (2,558)
Net income (loss) $2,273 $(1,570)
Net income (loss) per common share $ .16 $(.13)
Weighted average shares 14,153 11,720
Ending subscribers 149,800 107,300
Nine months ended
Sept. 30
1996 1995
(in thousands, except subscribers
and per share data)
Revenues:
Service $88,121 $66,249
Equipment, net (3,405) (5,210)
84,716 61,039
Expenses:
Operating 11,945 7,055
SG&A 46,474 36,408
58,419 43,463
Operating income 26,297 17,576
Depreciation and amortization (14,210) (11,388)
Interest and other, net (5,341) (6,728)
Provision for income taxes (3,432) (4,882)
Net income (loss) $3,314 $(5,422)
Net income (loss) per common share $ .23 $(.51)
Weighted average shares 14,116 10,556
Ending subscribers 149,800 107,300
-0- Discussion of third quarter results Three months ended Sept. 30, 1996 and 1995 Service revenues increased to $31,056,000 from $24,489,000 as a result of subscriber growth that increased the company's current revenue stream. Average monthly revenue per subscriber for the third quarter decreased to $72 in 1996 from $80 in 1995. The loss from equipment, before depreciation of rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. equipment, decreased to $692,000 from $1,751,000 primarily because of reductions in the cost of cellular telephones offset by an increase in the loss from pager sales. The company sells cellular telephones and pagers below cost in response to competition and to generate 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 $3,921,000 from $2,543,000 primarily due to increased usage of the network and additional costs associated with the expanded network (including paging operations). Selling, general and administrative expenses increased to $16,273,000 from $12,694,000 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, customer retention expense, property taxes and subscriber billing expense also contributed to this increase. Depreciation and amortization expense increased to $4,937,000 from $4,078,000 primarily because of increases in property, plant and equipment. Interest and other, net, decreased to expense of $2,015,000 from expense of $2,435,000 primarily because of the decrease in minority interests. Paging operations commenced in the second quarter of 1995. As of Sept. 30, 1996, there were 25,500 pagers in use. In May 1996, the company announced that it was evaluating strategic alternatives to enhance shareholder value. After discussions with certain parties, the company has determined that at this time the optimum strategy for increasing shareholder value is to manage the cellular business in Puerto Rico for growth while considering acquisition and development opportunities in the communications business both within and outside of Puerto Rico. Although CCPR is investigating the pursuit of certain new business opportunities, the company does not rule out the possibility that there may be further discussions leading to a possible transaction concerning the company. For further information contact: 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 at 212/355-3466. CONTACT: Cellular Communications of Puerto Rico Inc., 212/355-3466 |
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