Centennial Communications Announces Record Fiscal First-Quarter 2005 Results; Company Raises 2005 Fiscal-Year Financial Outlook.WALL, N.J. -- Centennial Communications Centennial Communications (NASDAQ: CYCL) and its subsidiaries (Centennial Wireless (U.S.), Centennial Dominicana and Centennial de Puerto Rico) provide wireless and broadband telecommunications services to wireless telephone subscribers in the United States, Puerto Rico, the Corp. (Nasdaq:CYCL CYCL - A frame language. ["Building Large Knowledge-Based Systems", Doug B. Lenat et al, A-W 1990]. ) --Fiscal first-quarter earnings per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $0.10, compared to a loss of $0.04 per diluted share from continuing operations in the prior-year quarter (Results from continuing operations for all periods presented exclude Centennial Cable TV due to its classification as a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. ) --Fiscal first-quarter adjusted 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. from continuing operations of $91.6 million, up 19 percent year-over-year from $76.7 million --Fiscal first-quarter consolidated revenue from continuing operations of $216.8 million, up 13 percent year-over-year from $191.3 million --Consolidated adjusted operating income growth outlook increased to 7-12 percent for fiscal 2005 Centennial Communications Corp. (Nasdaq:CYCL) today reported income from continuing operations of $10.5 million, or earnings per diluted share from continuing operations of $0.10, for the fiscal first quarter of 2005. Results from continuing operations for all periods presented exclude Centennial Cable TV due to its classification as a discontinued operation. This compares to a loss from continuing operations of $3.9 million, or $0.04 per diluted share in the fiscal first quarter of 2004. Adjusted operating income (AOI AOI Area Of Interest AOI Automated Optical Inspection AOI Art of Illusion (3D modeling software) AOI Associated Oregon Industries AOI Angle Of Incidence AOI Age of Innocence (David Hamilton book, also a band) ) from continuing operations for the fiscal first quarter was $91.6 million, as compared to $76.7 million for the prior year quarter. The consolidated AOI margin from continuing operations for the quarter was 42 percent. Adjusted operating income is defined as net income (loss) from continuing operations before minority interest in income of subsidiaries, income tax expense, other expense, interest expense-net, income from equity investments, loss (gain) on disposition of assets, and depreciation and amortization. Please refer to the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of our Web site at www.centennialwireless.com for a discussion and reconciliation of this and other Non-GAAP Financial Measures. "Centennial remains committed to its vision of being a leading regional provider of telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. in the markets it serves," said Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. J. Small, Centennial's Chief Executive Officer. "Our record financial results once again demonstrate our ability to consistently execute across all of our businesses." Centennial reported fiscal first-quarter 2005 consolidated revenue from continuing operations of $216.8 million, which included $103.1 million from U.S. Wireless and $113.7 million from Caribbean Operations. Consolidated revenue from continuing operations grew 13 percent versus the fiscal first quarter of 2004. OTHER HIGHLIGHTS --On September September: see month. 6, 2004, the Company entered into a definitive agreement to sell its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Centennial 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. Cable TV Corp. ("Centennial Cable TV"), to an affiliate of Hicks Hicks , Edward 1780-1849. American painter of primitive works, notably The Peaceable Kingdom, of which nearly 100 versions exist. , Muse, Tate & Furst Incorporated for approximately $155 million in cash. Completion of the transaction is subject to customary closing conditions, including regulatory approval of the transfer of Centennial Cable TV's cable franchises, and is expected to occur in early 2005. --On October October: see month. 4, 2004, the Company announced that it completed its option exercise and purchased 10MHz (MegaHertZ) One million cycles per second. It is used to measure the transmission speed of electronic devices, including channels, buses and the computer's internal clock. A one-megahertz clock (1 MHz) means some number of bits (16, 32, 64, etc. of spectrum from AT&T Wireless, covering an aggregate of approximately 4.1 million population equivalents contiguous Adjacent or touching. Contrast with fragmentation. See contiguous file. to its existing properties in Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). and Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). . The total price of the spectrum purchase was approximately $19.5 million. In addition, the Company also completed its sale of the Indianapolis Indianapolis (ĭn'dēənă`pəlĭs), city (1990 pop. 731,327), state capital and seat of Marion co., central Ind., on the White River; selected 1820 as the site of the state capital (which was moved there in 1825), inc. 1847. and Lafayette, Indiana Lafayette (IPA: [ˈlɑ.fəˌjɛt]) is a city in Tippecanoe County, Indiana, U.S., 63 miles (101 km) northwest of Indianapolis. licenses it acquired from AT&T Wireless to Verizon Wireless Cellco Partnership, doing business as Verizon Wireless, owns and operates the second largest wireless telecommunications network in the United States, based on total wireless customers. for $24 million in cash. The net effect of both transactions is approximately 2.2 million 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. POPs acquired and $4.5 million cash received. CENTENNIAL SEGMENT HIGHLIGHTS (All segment highlights reflect results from continuing operations) U.S. Wireless --Revenue was $103.1 million, an increase of 9 percent from the prior-year first quarter. U.S. Wireless revenue performance included $8.4 million in Universal Service Fund (USF USF University of South Florida USF Universal Service Fund (often part of phone bill in US) USF University of San Francisco USF University of Sioux Falls USF University of St. ) support from Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. ,
which was recorded as a result of an FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. order issued during the
quarter. This support covers the period between January January: see month. 2004 and August
2004. Approximately $5.0 million of the total USF revenue related to
prior quarters. U.S. Wireless revenue growth was also driven by an
increase of 4 percent, or $3.5 million, in retail revenues. This revenue
growth was partially offset by a decline in roaming The ability to use a communications device such as a cellphone or PDA and be able to move from one cell or access point to another without losing the connection. revenues which
decreased 22 percent from $17.0 million in the fiscal first quarter of
2004 to $13.3 million this quarter.--AOI was $48.0 million, a 30 percent increase from the prior year period. AOI was favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by $8.4 million in USF support during the quarter. Approximately $5.0 million of the total USF support related to prior quarters. Solid retail operations also contributed to AOI growth during the quarter. Retail AOI margins expanded by approximately 600 basis points from the prior year quarter, moving up from 28 percent to 34 percent. Growth in AOI associated with the Company's retail operations and USF was partially offset by declines in roaming revenue and associated AOI. --The Company ended the quarter with 551,400 U.S. Wireless subscribers, which compares to 546,100 for the prior year quarter and to 555,000 for the previous quarter ended May 31, 2004. Caribbean Wireless --Revenue was $83.0 million, an increase of 12 percent from the prior-year first quarter, driven primarily by strong subscriber growth. Average revenue per subscriber decreased during the quarter primarily due to the impact of strong prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. subscriber growth in the Dominican
Republic Dominican Republic (dəmĭn`ĭkən), republic (2005 est. pop. 8,950,000), 18,700 sq mi (48,442 sq km), West Indies, on the eastern two thirds of the island of Hispaniola. The capital and largest city is Santo Domingo. as well as to increased sales of companion rate plans in Puerto
Rico.--AOI totaled $32.2 million, yielding an AOI margin of 39 percent. --The Company ended the quarter with 516,700 Caribbean Wireless subscribers, which compares to 422,600 for the prior year quarter and to 496,200 for the previous quarter ended May 31, 2004. Caribbean Broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). --Revenue was $33.5 million, an increase of 27 percent year-over-year, driven largely by strong access line growth. --AOI was $11.4 million, producing an AOI margin of 34 percent. --Switched access lines totaled approximately 54,000 at the end of the fiscal first quarter, representing an increase of nearly 3,800 lines from the end of the fiscal fourth quarter of 2004. Total Voice Grade Equivalent lines were 224,800 at the end of the quarter. FISCAL 2005 OUTLOOK Centennial announced new consolidated AOI expectations for fiscal 2005. --Centennial projects growth in consolidated AOI from continuing operations of 7-12 percent for the full fiscal year 2005 over fiscal year 2004. Consolidated AOI from continuing operations for fiscal year 2004 was $315.5 million. This is an increase from the Company's previous outlook of 5-10 percent growth in consolidated AOI. The Company has not included a reconciliation of projected AOI because projections for some components of this reconciliation are not possible to forecast at this time. CONFERENCE CALL INFORMATION As previously announced, the Company will host a conference call to discuss results at 8:30 a.m. ET today. Callers can dial 800-238-9007 to access the call. The conference call will also be simultaneously webcast on the Investor Relations section of Centennial's Web site at http://www.centennialwireless.com/; click on Investor Relations. A replay of the conference call will also be available beginning Thursday Thursday: see week. , October 7 through Thursday, October 21 at both Centennial's Investor Relations Web site and http://www.streetevents.com/. Callers can also dial (888) 203-1112, Access Code 918992 to access an audio replay of the conference call. ABOUT CENTENNIAL Centennial Communications (Nasdaq:CYCL), based in Wall, NJ, is a leading provider of wireless and integrated communications services in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and the Caribbean with over 1 million wireless subscribers. The U.S. business owns and operates wireless networks in the Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians and Southeast covering parts of six states. Centennial's Caribbean business owns and operates wireless networks in Puerto Rico, the Dominican Republic and the U.S. Virgin Islands and provides integrated voice, data, video and Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the solutions. Welsh, Carson Carson, city (1990 pop. 83,995), Los Angeles co., S Calif., an industrial and residential suburb of Los Angeles; inc. 1968. Oil refining is the major industry; fabricated metals, paper, and other products are manufactured. The California State Univ. Dominguez Hills is there. Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic & Stowe Stowe (stō), resort town (1990 pop. 2,450), Lamoille co., N central Vt.; settled 1794, inc. 1896. It is surrounded by mountains, including Mt. Mansfield, Vermont's highest. and an affiliate of the Blackstone Group Blackstone Group L.P. (NYSE: BX) is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman. The company is based in New York City, in River House on Park Avenue at Fifty-first Street, with offices in Atlanta, are controlling shareholders of Centennial. For more information regarding Centennial, please visit our Web sites http://www.centennialwireless.com/, http://www.centennialpr.com/ and http://www.centennialrd.com/ Cautionary statement for purposes of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Information in this release that involves Centennial's expectations, beliefs, hopes, plans, projections, estimates, intentions or strategies regarding the future are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include, but are not limited to: the effects of vigorous competition in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industry, which may increase churn churn: see butter. , increase our costs to compete and decrease prices charged; the fact that many of our competitors are larger, better capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. and less leveraged than we are, have greater resources than we do, may offer less expensive products than we do and may offer more technologically advanced products than we do; our substantial debt obligations, including restrictive covenants Restrictive covenants Provisions that place constraints on the operations of borrowers, such as restrictions on working capital, fixed assets, future borrowing, and payment of dividends. and consequences of default contained in our financing arrangements, which place limitations on how we conduct business; market prices for the products and services we offer may continue to decline in the future; general economic, business, political and social conditions in the areas in which we operate, including the Caribbean region, including the effects of world events, terrorism, wind storms and weather conditions on tourism in the Caribbean; uncertainty concerning the effect on our business of wireless local number portability "LNP" redirects here. For the airport in Virginia with that IATA code, see Lonesome Pine Airport. For the compound InP, see Indium phosphide. Local number portability, (LNP) for fixed lines, and full mobile number portability , which permits the wireless phone numbers that we allocate To reserve a resource such as memory or disk. See memory allocation. to our customers to be portable when our customer switches to another carrier; continued overbuilding by personal communications service 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. or amend existing indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. ; our dependence on roaming agreements for a significant portion of our U.S. wireless revenue and the continued price declines in roaming rates and potential reduction of roaming minutes of use; our dependence on roaming agreements for our ability to offer our wireless customers nationwide rate plans at competitive prices; our ability to attract and retain qualified personnel; the fact that our coverage areas are not as extensive as those of other wireless operators, which may limit our ability to attract and retain customers; the effects of consolidation in the telecommunications industry; the effects of governmental regulation of the telecommunications industry, including changes in the level of support provided to us by the Universal Service Fund; the capital intensity of the telecommunications industry, including our plans to make significant capital expenditures during the coming years to continue to build out and upgrade our networks and the availability of additional capital to fund these capital expenditures; changes and developments in technology, including our ability to upgrade our networks to remain competitive and our ability to anticipate and react to frequent and significant technological changes; fluctuations in currency values related to our Dominican Republic operations; our ability to acquire, and the cost of acquiring, additional spectrum in our markets to support growth and advanced technologies; local operating hazards and risks in the areas in which we operate, including without limitation, terrorist attacks, hurricanes, tornadoes, earthquakes Earthquakes See also geology. bathyseism an earthquake occurring at very deep levels of the earth. bradyseism the slow upward and downward motion of the earth’s crust. — bradyseismic, adj. , windstorms and other natural disasters; our ability to manage, implement and monitor billing and operational support systems; the results of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. filed or which may be filed against us, including litigation relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc wireless billing, using wireless telephones while operating an automobile or possible health effects of radio frequency transmission; the relative liquidity and corresponding volatility of our common stock and our ability to raise future equity capital; the control of us retained by some of our stockholders and anti-takeover provisions; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission. All forward-looking statements included in this release are based upon information available to Centennial as of the date of the release, and we assume no obligation to update or revise any such forward-looking statements.
CENTENNIAL COMMUNICATIONS CORP.
FINANCIAL DATA AND OPERATING STATISTICS
August 31, 2004
($000's, except per subscriber data)
-------------------------
Three Months Ended
Aug-04 Aug-03
-------------------------
U.S. WIRELESS
-------------
Postpaid Wireless Subscribers 531,800 526,300
Prepaid Wireless Subscribers 19,600 19,800
------------ ------------
Total Wireless Subscribers (1) 551,400 546,100
Net (Loss) Gain - Wireless Subscribers (2) (3,600) 7,600
Revenue per Average Wireless Customer (6) $62 $58
Service Revenue Per Average Wireless Customer $52 $44
Roaming Revenue $13,308 $17,047
Penetration - Total Wireless 9.0% 9.0%
Postpaid Churn - Wireless 2.1% 1.8%
Prepaid & Postpaid Churn - Wireless 2.6% 2.3%
Monthly MOU's per Wireless Customer (3) 518 412
Cost to Acquire $347 $261
Capital Expenditures $9,351 $7,493
CARIBBEAN
---------
Postpaid Wireless Subscribers 375,500 316,400
Prepaid Wireless Subscribers 137,700 101,900
Home Phone Wireless Subscribers 3,500 4,300
------------ ------------
Total Wireless Subscribers 516,700 422,600
Net Gain - Wireless Subscribers 20,500 24,000
Revenue per Average Wireless Customer $55 $60
Penetration - Total Wireless 4.0% 3.3%
Postpaid Churn - Wireless 2.4% 2.1%
Prepaid Churn - Wireless 6.8% 5.1%
Prepaid & Postpaid Churn - Wireless 3.6% 2.8%
Monthly MOU's per Wireless Customer 947 894
Cable Television Subscribers 73,600 76,100
Fiber Route Miles - Continuing Operations 1,134 900
Fiber Route Miles - Discontinued Operations 626 626
Switched Access Lines 54,000 43,800
Dedicated Access Line Equivalents 224,800 188,100
On-Net Buildings 1,237 1,034
Capital Expenditures - Continuing Operations $18,095 $16,308
Capital Expenditures - Discontinued
Operations $1,672 $1,037
REVENUES (4)
------------
U.S. Wireless $103,067 $94,454
------------ ------------
Caribbean - Wireless $83,005 $74,104
Caribbean - Broadband $33,509 $26,283
Caribbean - Intercompany ($2,799) ($3,505)
------------ ------------
Total Caribbean $113,715 $96,882
------------ ------------
Consolidated - Continuing Operations $216,782 $191,336
------------ ------------
Discontinued Operations $12,778 $12,017
------------ ------------
Caribbean - Intercompany ($218) ($129)
------------ ------------
Consolidated - with Discontinued Operations $229,342 $203,224
============ ============
Adjusted Operating Income (4),(5)
---------------------------------
U.S. Wireless $47,953 $36,941
------------ ------------
Caribbean - Wireless $32,238 $30,339
Caribbean - Broadband $11,410 $9,378
------------ ------------
Total Caribbean $43,648 $39,717
------------ ------------
Consolidated - Continuing Operations $91,601 $76,658
------------ ------------
Discontinued Operations $3,704 $3,384
------------ ------------
Consolidated - with Discontinued Operations $95,305 $80,042
============ ============
NET DEBT
--------
Total Debt Less Cash $1,678,200 $1,700,900
------------ ------------
(1) Total wireless subscribers exclude 13,500 wholesale subscribers at
August 2004 and 2,800 wholesale subscribers at August 2003.
(2) Net gain excludes wholesale subscriber gain of 5,500 and 400 for
the three months ended August 2004 and August 2003, respectively.
(3) Monthly MOU's per wireless customer for the three months ended
August 2003 have been restated to include free night and weekend
minutes.
(4) As restated for the three months ended August 2003.
(5) Adjusted operating income is net income (loss) before minority
interest in income of subsidiaries, income tax expense, other
expense, interest expense-net, income from equity investments,
loss (gain) on disposition of assets, and depreciation and
amortization.
(6) Revenue per average wireless customer includes $5.0 million of
Universal Service Fund (USF) revenue related to prior quarters.
Revenue per average wireless customer excluding this $5.0 million
of USF revenue is $59.
CENTENNIAL COMMUNICATIONS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
Three Months Ended
---------------------------
August 31, August 31,
2004 2003
------------ ------------
(As Restated)
REVENUE:
Service revenue $ 210,356 $ 183,475
Equipment sales 6,426 7,861
------------ ------------
216,782 191,336
------------ ------------
COSTS AND EXPENSES:
Cost of services 41,490 37,516
Cost of equipment sold 21,326 21,674
Sales and marketing 24,624 22,141
General and administrative 37,741 33,347
Depreciation and amortization 29,158 29,911
Loss (gain) on disposition of assets 432 (631)
------------ ------------
154,771 143,958
------------ ------------
OPERATING INCOME 62,011 47,378
------------ ------------
INCOME FROM EQUITY INVESTMENTS 145 24
INTEREST EXPENSE, NET (36,479) (49,032)
OTHER EXPENSE (878) (858)
------------ ------------
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAX EXPENSE AND MINORITY
INTEREST IN INCOME OF SUBSIDIARIES 24,799 (2,488)
INCOME TAX EXPENSE (14,110) (1,306)
------------ ------------
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE MINORITY INTEREST IN INCOME OF
SUBSIDIARIES 10,689 (3,794)
MINORITY INTEREST IN INCOME OF SUBSIDIARIES (226) (133)
------------ ------------
INCOME (LOSS) FROM CONTINUING OPERATIONS 10,463 (3,927)
LOSS FROM DISCONTINUED OPERATIONS, NET OF
TAX (1,996) (389)
------------ ------------
NET INCOME (LOSS) $ 8,467 $ (4,316)
============ ============
BASIC EARNINGS (LOSS) PER SHARE:
INCOME (LOSS) FROM CONTINUING
OPERATIONS $ 0.10 $ (0.04)
LOSS FROM DISCONTINUED OPERATIONS (0.02) $ (0.00)
------------ ------------
NET INCOME (LOSS) PER SHARE $ 0.08 $ (0.04)
============ ============
DILUTED EARNINGS (LOSS) PER SHARE:
INCOME (LOSS) FROM CONTINUING
OPERATIONS $ 0.10 $ (0.04)
LOSS FROM DISCONTINUED OPERATIONS (0.02) $ (0.00)
------------ ------------
NET INCOME (LOSS) PER SHARE $ 0.08 $ (0.04)
============ ============
WEIGHTED-AVERAGE SHARES OUTSTANDING DURING
THE PERIOD:
BASIC 103,213 95,754
============ ============
DILUTED 104,281 95,754
============ ============
Proforma Impact of Corporate Expense Reallocation
-------------------------------------------------
Due to Exclusion of Centennial Cable TV as a Discontinued Operation
-------------------------------------------------------------------
(Amounts in thousands)
F4Q04 F3Q04 F2Q04 F1Q04
----- ----- ----- -----
Caribbean Wireless
Adjusted Operating Income
(AOI), As Previously
Reported(1) $30,931 $28,959 $30,743 $30,993
Reallocation of Corporate
Expenses (641) (621) (638) (654)
------- ------- ------- -------
Adjusted Operating Income
(AOI) from continuing
operations $30,290 $28,338 $30,105 $30,339
======= ======= ======= =======
Caribbean Broadband
Adjusted Operating Income
(AOI), As Previously
Reported(1) $18,571 $15,125 $13,598 $12,108
Reallocation of Corporate
Expenses/Exclusion of
Centennial Cable TV
as a discontinued operation (4,008) (3,021) (2,754) (2,730)
------- ------- ------- -------
Adjusted Operating Income
(AOI) from continuing
operations(2) $14,563 $12,104 $10,844 $ 9,378
======= ======= ======= =======
(1) Represents reported results as restated in Centennial's 10-K/A
filed 10/1/04.
(2) Reflects AOI from continuing operations excluding Centennial Cable
TV as a discontinued operation.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion