Centennial Cellular announces second 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)--Jan. 13, 1997--Centennial Cellular announced results of the quarter and six months ending 11/30/96 today. Total revenues for the quarter were $35,359,000, up $7,646,000, or 27.6 percent over the $27,713,000 in the three month period ended Nov. 30, 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 Nov. 30, 1996 was $14,598,000, an increase of $1,909,000, or 15.0 percent over the $12,689,000 recorded for the 3 month period ended Nov. 30, 1995. The net loss for the quarter was $6,121,000 or $(.38) per share compared to a loss of $7,349,000 or $(.40) per share for the quarter ended Nov. 30, 1995. Total revenues for the six month period ended Nov. 30, 1996 were $67,724,000, an increase of $13,089,000, or 24 percent over the $54,635,000 for the six month period ended Nov. 30, 1995. Operating income before depreciation and amortization for the six month period Nov. 30, 1996 was $29,680,000, an increase of $3,665,000 or 14.1 percent over the $26,015,000 for the six month period ended Nov. 30, 1995. The net loss for the six month period ended Nov. 30, 1996 was $12,228,000, or $(.74) per share as compared to a six month loss of $10,767,000, or $(.65) per share at Nov. 30, 1995. Cellular subscribers at Nov. 30, 1996 were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 159,900, an increase of 37.7 percent from the 116,100 subscribers at Nov. 30, 1995. The increase in subscribers is the result of 75,300 new activations and 7,500 subscribers from acquisitions. The increases were offset by 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. cancellations of 39,000. -0-
Beginning subscribers, November 1996 116,100
Activations 75,300
Cancellations (39,000)
Acquired 7,500
Ending subscribers, November 1996 159,900
The company has determined to pursue a strategy to sell or
otherwise dispose of its minority interests in cellular telephone
systems representing approximately 1,100,000 net pops. The company
has not yet made a final determination as to the estimated sale
proceeds of the timing of such disposition.
Centennial Cellular Corp. acquires, operates and invests in
cellular telephone systems throughout the United States. The
company's current wireless telephone interests represent
approximately 10.2 million net pops. Approximately 5.5 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 area in California.
The company also owns and operates paging, specialized mobile
radio, and conventional mobile telephone businesses in two markets
in which it has cellular telephone systems.
The company was recently the winning bidder for one of two 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
Ended 11/30/96 Ended 11/30/95
Revenue from
cellular telephone
services $ 34,881,000 $ 26,620,000 31.0%
Interest income 478,000 1,093,000 (56.3)%
Total revenues 35,359,000 27,713,000 27.6%
Operating income before
deprec. & amortization 14,598,000 12,689,000 15.0%
Operating loss (4,712,000) (4,822,000) (2.3)%
Interest expense 7,718,000 8,249,000 (6.4)%
Net (Loss) (6,121,000) (7,349,000) (16.7)%
Net (Loss) per share(a) (.38) (.40)
Average number
of shares 26,935,000 26,793,000
-0-
Six Months Six Months % Change
Ended 11/30/96 Ended 11/30/95
Revenue from
cellular telephone
services $ 66,504,000 $ 52,134,000 27.6%
Interest income 1,220,000 2,501,000 (51.2)%
Total revenues 67,724,000 54,635,000 24.0%
Operating income before
deprec. & amortization 29,680,000 26,015,000 14.1%
Operating loss (8,111,000) (9,526,000) (14.9)%
Interest expense 14,759,000 16,551,000 (10.8)%
Net (Loss) (12,228,000) (10,767,000) 13.6%
Net (Loss) per share(a) (.74) (.65)
Average number
of shares
outstanding 26,932,000 26,772,000
(a) After 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. dividends. 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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