Centennial Cellular Announces Record Year End And Fourth Quarter Results.NEW CANAAN New Canaan (kā`nən), town (1990 pop. 17,864), Fairfield co., SW Conn.; settled c.1700, inc. 1801. It is mainly a residential town and suburb of nearby New York City. Silvermine Guild Arts Center is located there. , Conn.--(BUSINESS WIRE)--Aug. 26, 1996--Centennial Cellular announced results of the year and quarter ending May 31, 1996 today. Total revenues for the quarter were $29,624,000 up $5,169,000 or 21.1% over the $24,455,000 in the three month period ended May 31, 1995. 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. before depreciation and amortization for the three months ended May 31, 1996 was $14,403,000, an increase of $2,385,000 or 19.9% over the $12,018,000 recorded for the three month period ended May 31, 1995. During the three months ended May 31, 1996 Centennial recognized a gain of $4,092,000 from the sale of marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has acquired during the fiscal year. The net income for the quarter was $2,943,000 compared to a loss of $5,928,000 for the quarter ended May 31, 1995. After dividends payable Dividends payable The declared dividend dollar amount that a company is obligated to pay. on preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. the Company's loss per common share was $.03 and $.35 for the quarters ended May 31, 1996 and 1995, respectively. Total revenues for the year ended May 31, 1996 were $112,197,000, an increase of $26,778,000 or 31.3% over the $85,419,000 for the year ended May 31, 1995. Operating income before depreciation and amortization for the year ended May 31, 1996 was $51,880,000, an increase of $14,668,000 or 39.4% over the $37,212,000 for the year ended May 31, 1995. The net loss for the year ended May 31, 1996 was $16,631,000, or $1.13 per share as compared to a loss of $32,730,000 or $1.93 per share for the year ended May 31, 1995. Cellular subscribers at May 31, 1996 were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 135,000. During the most recent twelve month period ended May 31, 1996, the company's cellular 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. base has been affected by (I) acquisitions of cellular telephone markets (ii) the exchange and disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of cellular telephone markets and (iii) internal growth of subscribers in systems which it owned and operated at May 31, 1995. On a proforma Proforma A financial projection based on assumptions. basis, after giving effect to disposition and exchanges of cellular telephone systems at May 31, 1995, the company's cellular subscribers were 85,900 as compared to 135,000 at May 31, 1996 an increase of 49,100 subscribers or 57.2%. The increase in subscribers after giving effect to the exchanged and disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. markets is the result of 64,600 new activations and an addition of 17,400 subscribers from recent acquisitions. The increase was offset by subscriber cancellations of 32,900. Subscriber activity during the twelve months ended May 31, 1996 is summarized in the table below: -0-
Proforma Effect of
Actual Exchange/Disposed Markets
Beginning subscribers, May 31, 1995 112,500 85,900 Activations 65,600 64,600 Cancellations (33,700) (32,900) Acquired 17,400 17,400 Disposed/exchanged (26,800) Ending subscribers, May 31, 1996 135,000 135,000
Centennial Cellular Corp. acquires, operates, and invests in
cellular telephone systems throughout the United States. The
company's current wireless telephone interests represent
approximately 10 million net pops. Approximately 5.3 million of this
population is represented by interests in systems the company owns
(either 100% or a controlling interest) and manages, serving
primarily three geographic areas. Approximately 1.1 million of the
population represents minority investments in limited partnerships
owning cellular telephone systems which primarily serve the
Sacramento Valley and the San Francisco Bay areas in California.
The Company was recently the winning bidder for one
of MTA licenses to provide Personal Communications Services "PCS"
service in the commonwealth of Puerto Rico and the U.S. Virgin
Islands, representing approximately 3.6 million pops.
-0- Centennial Cellular Corp. Three Months Three Months % Change Ending 5/31/96 Ending 5/31/95 Revenue from cellular telephone services $ 28,864,000 $ 23,679,000 21.9% Interest income 760,000 776,000 2.1% Total revenues 29,624,000 24,455,000 21.1% Operating income before deprec. & amortization 14,403,000 12,018,000 19.9% Operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. (3,012,000) (6,977,000) 56.8% Interest expense 3,093,000 6,410,000 51.7% Net Income (Loss) 2,943,000 (5,928,000) 150.6% Net (Loss) per share(a) (.03) (.35) Average number of shares 26,981,000 26,245,000 -0- Centennial Cellular Corp. Year Year % Change Ended 5/31/96 Ended 5/31/95 Revenue from cellular telephone services $108,110,000 $82,651,000 30.8% Interest income 4,087,000 2,768,000 47.7% Total revenues 112,197,000 85,419,000 31.3% Operating income before deprec. & amortization 51,880,000 37,212,000 39.4% Operating loss (19,109,000) (28,430,000) 32.8% Interest expense 27,886,000 23,357,000 19.4% Net Loss (16,631,000) (32,730,000) 49.2% Net Loss (Share)(a) (1.13) (1.93) Average number of shares Outstanding 26,770,000 23,544,000 (a) After preferred stock dividends -0- CONTACT: Centennial Cellular Corp. Scott Schneider Schnei·der , Vreni Born 1964. Swiss alpine skier. She won the overall World Cup in 1989, 1994, and 1995, was a four-time world champion, and earned five Olympic medals. , 203/972-2000 |
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