Centennial Communications Corp. Announces Results for Fiscal Year 2004.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]. ) today announced results for the quarter and fiscal year ended May 31, 2004. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenues for fiscal year 2004 increased 11% from the prior year to $828.8 million. Net loss was $22.8 million for fiscal year 2004, as compared to a $111.6 million loss in the prior year. "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. " ("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) ") was $330.5 million, an 11% increase from the prior year. AOI is net income (loss) before minority interest in income of subsidiaries, income tax (expense) benefit, other income (expense), loss on extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt, interest expense-net, income from equity investments, loss (gain) on disposition of assets, loss on impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of assets, depreciation and amortization, and other non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. . Please refer to Exhibit A -- "Non-GAAP Financial Measures." During the fiscal fourth quarter ended May 31, 2004, the Company reported consolidated revenues of $214.8 million. Net income for the fourth quarter was $3.2 million, a decrease of $55.3 million from the same quarter last year. The Company reported AOI of $88.8 million for the fourth quarter, an increase of 8% from the same quarter last year. Other significant events reported during and after fiscal 2004 include: --The Company launched its global system for mobile communications (communications) Global System for Mobile Communications - (GSM, originally "Groupe de travail Sp?ciale pour les services Mobiles") One of the major standards for digital cellular communications, in use in over 60 countries and serving over one billion subscribers. ("GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. ") network in every cell site in its 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 cluster ahead of schedule and within budget. The Company began receiving GSM 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. traffic in late November November: see month. and has gradually grad·u·al adj. Advancing or progressing by regular or continuous degrees: gradual erosion; a gradual slope. n. Roman Catholic Church 1. introduced GSM service features and phones in all of its Midwest markets. Over 80% of the Company's gross 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. additions in its Midwest cluster are now subscribing subscribing - subscribe to GSM services GSM services are a standard collection of applications and features available to mobile phone subscribers all over the world. The GSM standards are defined by the 3GPP collaboration and implemented in hardware and software by equipment manufacturers and mobile phone operators. . The Company expects to launch GSM service in its Southeast cluster by the end of calendar year 2004. --The Company's consolidated free cash flow (AOI minus capital expenditures) reached a record $198 million for fiscal 2004 up from $164 million in fiscal 2003, with contributions from Caribbean Wireless and 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). now approaching that of U.S. Wireless. Caribbean Wireless and Caribbean Broadband AOI for Fiscal 2004 exceeded that of U.S. Wireless for the first time in the Company's history. --The Company consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. a series of refinancing Refinancing An extension and/or increase in amount of existing debt. transactions aggregating $1.6 billion during fiscal 2004 that significantly improved the Company's balance sheet. The new financings extended the weighted average maturities of the Company's long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and eliminated approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $600 million in scheduled amortization payments over the next four years. In addition, these transactions resulted in greater financial and operating flexibility through a reduced number of financial covenants and simplified capital structure. The Company also significantly improved the liquidity of its common stock through a 10 million share equity offering in November 2003. --In August 2004, the Company announced that it had exercised its options to purchase 10 MHz (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 PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. spectrum from AT&T Wireless covering an aggregate of approximately 4.1 million population equivalents (POPs) contiguous Adjacent or touching. Contrast with fragmentation. See contiguous file. to the Company's existing footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. 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 aggregate exercise price of the spectrum is $19.5 million. At the same time, the Company also announced that it entered into a definitive agreement to sell 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 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 that it expects to acquire from AT&T Wireless. If consummated, the net result of these transactions will be that the Company will obtain licenses covering 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, and receive $4.5 million of cash. Both transactions are subject to customary closing conditions, including regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approvals and are expected to close before calendar year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2004. --In May 2004, the Company announced its intention to seek strategic options for its 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 operations. The Company is currently in advanced negotiations regarding a potential sale of the cable operations. There can be no assurance that the Company will consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. any transaction with respect to its cable operations. "I am delighted by the strength of our operating results for the quarter and fiscal year ended May 31, 2004. The results demonstrate the power of the Centennial brand and the positive customer experience it has come to signify sig·ni·fy v. sig·ni·fied, sig·ni·fy·ing, sig·ni·fies v.tr. 1. To denote; mean. 2. To make known, as with a sign or word: signify one's intent. . Centennial's focus on providing an outstanding customer experience is clearly paying dividends and bodes well for our prospects in fiscal 2005 and beyond", 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, Chief Executive Officer. The Company's wireless subscribers at May 31, 2004 were 1,051,200, an increase of 12% over fiscal 2003. In the fourth quarter, Caribbean Wireless subscribers increased 21,600 as compared to the prior quarter, due to strong subscriber growth in both Puerto Rico and 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. . In the fourth quarter, U.S. Wireless subscribers increased 2,900 from the prior quarter, aided by GSM and national rate plans. Postpaid post·paid adj. With the postage having been paid in advance. postpaid Adverb, adj with the postage prepaid Adj. 1. churn churn: see butter. for the quarter was 1.8% in U.S. Wireless and 2.4% in Caribbean Wireless. During fiscal year 2004, Caribbean Wireless subscribers increased by 97,600 as compared to 62,300 in fiscal 2003 and in U.S. Wireless by 16,500 as compared to no subscriber growth in fiscal 2003. Caribbean Broadband switched access lines reached 50,210 and dedicated access line equivalents were 213,920 at May 31, 2004, up 24% and 18%, respectively from May 31, 2003. Cable TV subscribers were 73,400 at May 31, 2004, down 4,800 from the prior year. For the year, total Caribbean revenues (consisting of the Caribbean Wireless and Caribbean Broadband segments) were $458.6 million and AOI was $181.0 million. AOI for the year was up 33% from the prior year. Caribbean Wireless revenues for the year reached $306.2 million, an increase of 17% from the prior year. Caribbean Wireless AOI for the year was $121.6 million, an increase of 26% from the prior year. Caribbean Broadband revenues for the year were $164.7 million and AOI reached $59.4 million, up 16% and 51% respectively, from the prior year. U.S. Wireless revenues were $370.2 million for the year ended May 31, 2004 and AOI was $149.5 million. Revenue increased 4% from the prior year due to a 13% increase in service revenue, partially offset by a 30% reduction in roaming revenue. Roaming revenue was $54.3 million in fiscal 2004, or 7% of consolidated revenue, as compared to $77.6 million or 10% of consolidated revenues in fiscal 2003. U.S. Wireless AOI decreased by 7% from the prior year due to the reduction in roaming revenue, partially offset by an increase in service revenue and improved margins on retail revenue. Service revenue per subscriber increased to $45 from $40 in the prior year, primarily due to the introduction of national rate plans. Consolidated capital expenditures for the year ended May 31, 2004 were $132.9 million or 16% of revenue. Net debt at May 31, 2004 was $1,655.8 million as compared to $1,691.6 million at May 31, 2003. The Company projects AOI growth for fiscal 2005 of 5-10% as compared to $330.5 million in fiscal 2004. The Company projects capital expenditures of approximately $160 million in fiscal 2005, which includes approximately $25 million associated with the build out of the Lansing Lansing. 1 Village (1990 pop. 28,086), Cook co., NE Ill., a suburb of Chicago, near the Ind. line; inc. 1893. Among the city's industries are meatpacking, food processing, and the manufacture of metal products. 2 City (1990 pop. and Grand Rapids, Michigan “Grand Rapids” redirects here. For other uses, see Grand Rapids (disambiguation). Grand Rapids is a city in the U.S. state of Michigan. As of the 2000 census, the city population was 197,800. licenses we expect to acquire from AT&T Wireless. A reconciliation of projected AOI is not included as it is not possible to project certain components of such reconciliation at this time. In preparation for complying with the provisions of the Sarbanes-Oxley Act See SOX. of 2002 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc internal control over financial reporting that will be effective for the Company for its fiscal year ending May 31, 2005, and recent guidance surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. such legislation, the Company has restated its financial statements as of May 31, 2003 and for the years ended May 31, 2003 and 2002. Such restatements primarily relate to adjustments that were identified in the ordinary course of prior audits of the Company's financial statements, but not recorded at the time due to their immateriality im·ma·te·ri·al·i·ty n. pl. im·ma·te·ri·al·i·ties 1. The state or quality of being immaterial. 2. Something immaterial. Noun 1. . All comparisons to the fiscal year ended May 31, 2003 made in this release give effect to this restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. . Revised financial statements for the first through third quarters of fiscal 2004 are included in the attached tables. Additional information regarding the restatement is contained in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed on August 31, 2004. In addition to the financial results determined in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "), this press release contains non-GAAP financial measures such as AOI and free cash flow. The non-GAAP financial measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Reconciliations from GAAP to these non-GAAP financial measures are provided in Exhibit A to this press release. Conference Call Information As previously announced, the Company will host a conference call concerning the results on September September: see month. 1, 2004 at 8:30 a.m. (Eastern). The conference call will be simultaneously webcast over the 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 through the Company's website (www.centennialcom.com), click on "Investor Relations Investor relations The process by which the corporation communicates with its investors. ." The conference call will also be available at www.streetevents.com. A replay of the conference call will be available on both sites after the conclusion of the call through September 14, 2004. About Centennial Centennial is one of the largest independent wireless telecommunications service providers A Telecommunications Service Provider or TSP is a type of Communications Service Provider that has traditionally provided telephone and similar services. This category includes ILECs, CLECs, and mobile wireless companies. 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 approximately 17.3 million Net Pops and approximately 1,051,200 wireless subscribers. Centennial's U.S. operations have approximately 6.1 million Net Pops in small cities and rural areas. Centennial's Caribbean integrated communications operation owns and operates wireless licenses for approximately 11.2 million Net Pops in Puerto Rico, the Dominican Republic and the U.S. Virgin Islands, and provides voice, data, video and Internet services on broadband networks  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. in the region. Welsh Welsh most commonly refers to:
Places , 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 Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. 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 websites at www.centennialwireless.com, www.centennialpr.com and 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: our substantial debt obligations; the availability and cost of additional capital to fund our operations, including the need to refinance Refinance 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. and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. 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. ; 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; the competitive nature of the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industry in the areas in which we operate, including, without limitation, the effect of existing and new competitors, including competitors that may have a lower cost basis or greater resources than we do, competitors that may offer less expensive products than we do and competitors that may offer more technologically advanced products than we do; 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 less developed Caribbean region, including the effects of world events on tourism in the Caribbean; continued overbuilding by personal communications service System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. industry; the effects of governmental regulation of the telecommunications industry; 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; declining rates for international long distance traffic; opportunities for growth through acquisitions and investments and our ability to manage this growth; 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; our ability to effectively manage subscriber cancellations, particularly in light of regulations that took effect November 2004 requiring wireless companies to permit the phone numbers that they allocate To reserve a resource such as memory or disk. See memory allocation. to their customers to be portable when the customer switches to another carrier, which may increase customer churn and present technological difficulties; local operating hazards
Hazards is an independent, union-friendly magazine based in Sheffield, England, which has won major international awards. and risks in the areas in which we operate, including without limitation, hurricanes, tornadoes, windstorms and other natural disasters; our ability to manage, implement and monitor billing and operational support systems; potential 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. relating to using wireless telephones while operating an automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of and the potential reduction of wireless usage due to legislation restricting re·strict tr.v. re·strict·ed, re·strict·ing, re·stricts To keep or confine within limits. See Synonyms at limit. [Latin restringere, restrict- : re-, usage while driving; potential litigation relating to possible health effects of radio frequency transmission; the relative illiquidity and corresponding volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the of our common stock and our ability to raise equity capital; the control of us retained by certain 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 this release, and the Company assumes no obligation to update or revise any such forward-looking statements. EXHIBIT A -- NON-GAAP FINANCIAL MEASURES Regulation G, "Conditions for Use of Non-GAAP Financial Measures," and other provisions of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , define and prescribe pre·scribe v. To give directions, either orally or in writing, for the preparation and administration of a remedy to be used in the treatment of a disease. the conditions for use of certain non-GAAP financial information. Throughout this press release, we present certain financial measures that are not calculated and presented in accordance with GAAP, including "adjusted operating income." We previously referred to this non-GAAP financial measure in our filings with the United States Securities and Exchange Commission ("SEC"), press releases and other communications with investors as "adjusted 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 ." The change to "adjusted operating income" is a change in name only and we have not changed the way we calculate current or prior results with respect to this financial measure. We view adjusted operating income as an operating performance measure, and as such we believe that the GAAP financial measure most directly comparable to it is net income or net loss. In calculating adjusted operating income, we exclude from net income or net loss the financial items that we believe have less significance to the day-to-day day-to-day adj. 1. Occurring on a routine or daily basis: the day-to-day movements of the stock market. 2. operation of our business. We have outlined below the type and scope of these exclusions and the limitations on the use of this non-GAAP financial measure as a result of these exclusions. Adjusted operating income is not an alternative to net income, operating income or cash flows from operating activities as calculated and presented in accordance with GAAP. Investors and potential investors in our securities should not rely on adjusted operating income as a substitute for any GAAP financial measure. In addition, our calculation of adjusted operating income may or may not be consistent with that of other companies. We strongly urge investors and potential investors in our securities to review the reconciliation of adjusted operating income to the comparable GAAP financial measures that are included in this press release and not to rely on any single financial measure to evaluate our business. Adjusted operating income is used by our management as a supplemental financial measure to evaluate the performance of our business that, when viewed with our GAAP results and the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. reconciliations, we believe provides a more complete understanding of factors and trends affecting our business than the GAAP results alone. Management also uses this financial measure as one of several criteria criteria (krītēr´ē  ),n. to determine the achievement of performance-based cash bonuses. We also regularly communicate our adjusted operating income to the public through our earnings releases because it is the financial measure commonly used by analysts that cover our industry and our investor base to evaluate our performance. We understand that analysts and investors regularly rely on non-GAAP financial measures, such as adjusted operating income, to provide a financial measure by which to compare a company's assessment of its operating performance against that of other companies in the same industry. This non-GAAP financial measure is helpful in more clearly reflecting the sales of our products and services, as well as highlighting trends in our core businesses that may not otherwise be apparent when relying solely on GAAP financial measures, because this non-GAAP financial measure eliminates from earnings financial items that have less bearing on our performance. In addition, as our calculation of adjusted operating income is similar, but not identical, to certain financial ratios that are used in the financial covenants of our New Senior Secured Credit Facility and the indentures governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. our Senior Subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. Notes due 2008, Senior Notes due 2013 and Senior Notes due 2014, and since we do not publicly disclose the calculations of these financial ratios, adjusted operating income is the most comparable financial measure that is readily available to investors to evaluate our compliance with our financial covenants. The term "adjusted operating income" as used in this press release refers to, for any period, net income (loss) before minority interest in income of subsidiaries, income tax (expense) benefit, other income (expense), loss on extinguishment of debt, interest expense-net, income from equity investments, loss (gain) on disposition of assets, loss on impairment of assets, depreciation and amortization, and other non-cash charges. Set forth below are descriptions of the financial items that have been excluded from our net income (loss) to calculate adjusted operating income and the material limitations associated with using this non-GAAP financial measure as compared to the use of the most directly comparable GAAP financial measure: --Minority interest in income or loss of subsidiaries relates to our minority investors' proportionate pro·por·tion·ate adj. Being in due proportion; proportional. tr.v. pro·por·tion·at·ed, pro·por·tion·at·ing, pro·por·tion·ates To make proportionate. share of income in our non-wholly owned subsidiaries, which generated non-cash charges to our operating results. Operating results attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to these minority investors' investments do not necessarily result in any direct, immediate benefit or detriment Any loss or harm to a person or property; relinquishment of a legal right, benefit, or something of value. Detriment is most frequently applied to contract formation, since it is an essential element of consideration, which is a prerequisite of a legally enforceable contract. to us and, therefore, we believe it would be helpful for an investor to exclude such items to better reflect our core operating performance. --Management does not consider income tax benefit or expense when considering the profitability of our core operations. Nevertheless, the amount of taxes we are required to pay reduces the amount of funds otherwise available for use in our business and thus may be useful for an investor to consider. --Other income or expense relates to foreign currency translation losses in our operations in the Dominican Republic because some of our revenue in the Dominican Republic is collected and expenses are paid in local currency, the DR peso. Although foreign currency translation gains or losses have a cash effect on our results, because some of our costs incurred in the Dominican Republic are paid in U.S. dollars, by excluding them we are better able to evaluate the real effects of changes in our core operating performance. --Loss on extinguishment of debt relates to our refinancing transactions in fiscal 2004. As such, we do not believe these costs are relevant to an understanding of our core operating results. --The amount of interest expense we incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. is significant and reduces the amount of funds otherwise available to use in our business and, therefore, is important for investors to consider. However, management does not consider the amount of interest expense when evaluating our core operating performance. --Income from equity investments relates to our proportionate share of income or loss from the entities in which we hold minority interests. We do not control these entities and, as such, do not believe the income we receive from such entities is indicative of our core operating performance. --The fiscal 2004 other non-cash charges relates to the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of a promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. received in connection with the sale of our Jamaican Internet Service provider Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. that occurred in fiscal 2003. While this charge reduces cash available to us, management does not consider this write-off amount when evaluating core operating performance. Further, the gain on the sale of our Jamaican Internet Service provider, was excluded from AOI at the time of the sale. --The fiscal 2003 other non-cash charges relates to disputed billings Billings, city (1990 pop. 81,151), seat of Yellowstone co., S Mont., on the Yellowstone River, in a valley surrounded by seven mountain ranges; inc. as a city 1885. that arose in prior fiscal years with the Puerto Rico Telephone Company Puerto Rico Telephone (PRT), is the largest Puerto Rican telecommunications services company. It is headquartered in Guaynabo, Puerto Rico and has operated for almost a century offering voice, data, long distance, broadband, directory publishing and wireless services for the ("PRTC PRTC Puerto Rico Telephone Company PRTC Partido Revolucionario de los Trabajadores Centroamericanos (El Salvador) PRTC PEPSU Road Transport Corporation (India) PRTC Potomac River Transportation Company "). We recorded this charge in the second quarter of fiscal 2003 as a result of developments in these disputes at that time and the protracted pro·tract tr.v. pro·tract·ed, pro·tract·ing, pro·tracts 1. To draw out or lengthen in time; prolong: disputants who needlessly protracted the negotiations. 2. negotiations with the PRTC concerning the disputed billings. While these charges reduced cash available to us, due to newly negotiated interconnection in·ter·con·nect v. in·ter·con·nect·ed, in·ter·con·nect·ing, in·ter·con·nects v.intr. To be connected with each other: The two buildings interconnect. v.tr. rates with the PRTC, we believe disputed charges will become less material in future periods. --Loss or gain on the disposition of assets may increase or decrease the cash available to us and thus may be important for an investor to consider. We are not in the business of acquiring or disposing of assets and, therefore, the effect of the disposition of assets may not be comparable from year-to-year. We believe such gains or losses recorded on the disposition of an asset do not reflect the core operating performance of our business. --Loss on impairment of assets is a non-cash charge incurred as a result of changes in the valuations of our assets. Although it is important to recognize that some of our assets have decreased in value, we do not believe it is indicative of our core operating performance. --Depreciation and amortization are important for investors to consider, even though they are non-cash charges, because they represent generally the wear and tear on our property, plant and equipment, which produce our revenue. We do not believe these charges are indicative of our core operating performance. Management compensates for the above-described limitations of using a non-GAAP financial measure by using this non-GAAP financial measure only to supplement our GAAP results to provide a more complete understanding of the factors and trends affecting our business. The following table sets forth a reconciliation of net loss to adjusted operating income for our consolidated results.
Reconciliation of Consolidated Net Income (Loss) to Adjusted
Operating Income
Three Months Fiscal Year
Ended Ended
May 31, May 31, May 31, May 31,
2004 2003 2004 2003
(In thousands) (Unaudited) (Unaudited)
---------------------------------- --------------- -------------------
NET INCOME (LOSS) $3,165 $58,504 $(22,792)$(111,646)
Minority interest in income of
subsidiaries 219 660 627 489
Income tax expense (benefit) 5,534 (43,444) 6,452 (69,904)
Other (income) expense (406) 168 (36) 1,045
Loss on extinguishment of debt 3,016 - 39,176 -
Interest expense, net 38,017 34,489 163,228 146,087
Income from equity investments (91) (26) (143) (192)
-------- ------- -------- ---------
Operating income (loss) 49,454 50,351 186,512 (34,121)
Other non-cash charges 1,513 (907) 1,513 4,093
Loss (gain) on disposition of
assets 1,936 906 1,500 (1,451)
Loss on impairment of assets - - - 189,492
Depreciation and amortization 35,884 32,083 140,991 139,065
-------- ------- ------- ---------
ADJUSTED OPERATING INCOME $88,787 $82,433 $330,516 $297,078
======= ======= ======== =========
Our business segments were determined in accordance with GAAP. Our management measures the operating performance of each of our business segments based on adjusted operating income. Adjusted operating income is the measure of profit or loss reviewed by the chief operating decision maker when assessing the performance of each segment and making decisions about the resources to allocate to each segment. Under current SEC rules for non-GAAP financial measures, adjusted operating income as used with respect to our business segments is not required to be reconciled rec·on·cile v. rec·on·ciled, rec·on·cil·ing, rec·on·ciles v.tr. 1. To reestablish a close relationship between. 2. To settle or resolve. 3. to a GAAP financial measure. We have, however, also provided in the following tables a reconciliation of operating income to adjusted operating income for each of our business segments. Set forth below are descriptions of the financial terms that have been excluded from each segment's operating income to calculate adjusted operating income. --Management fees relates to expense allocations from the Company's corporate headquarters to the operating segments. Management does not consider the amount of management fees when evaluating the Company's core operating performance. --Other non-cash charges - See explanation above. --Loss or gain on disposition of assets - See explanation above. --Loss on impairment of assets - See explanation above. --Depreciation and amortization - See explanation above.
U.S. Wireless
Reconciliation of Operating Income to Adjusted Operating Income
Three Months Fiscal Year
Ended Ended
May 31, May 31, May 31, May 31,
2004 2003 2004 2003
(In thousands) (Unaudited) (Unaudited)
---------------------------------- --------------- -------------------
Operating income $29,596 $35,088 $113,350 $126,109
Management fees (533) - (533) -
Loss (gain) on disposition of assets 86 376 (524) 478
Depreciation and amortization 10,136 6,651 37,195 34,535
------- ------- -------- ---------
ADJUSTED OPERATING INCOME $39,285 $42,115 $149,488 $161,122
======= ======= ======== =========
Caribbean Wireless
Reconciliation of Operating Income to Adjusted Operating Income
Three Months Fiscal Year
Ended Ended
May 31, May 31, May 31, May 31,
2004 2003 2004 2003
(In thousands) (Unaudited) (Unaudited)
---------------------------------- --------------- -------------------
Operating income $15,365 $15,744 $65,998 $37,878
Management fees 362 - 362 -
Other non-cash charges - (798) - 3,591
Loss (gain) on disposition of assets 1,919 457 1,972 (1,600)
Depreciation and amortization 13,285 13,201 53,295 56,645
------- ------- -------- --------
ADJUSTED OPERATING INCOME $30,931 $28,604 $121,627 $96,514
======= ======= ======== ========
Caribbean Broadband
Reconciliation of Operating Income (Loss) to Adjusted Operating Income
Three Months Fiscal Year
Ended Ended
May 31, May 31, May 31, May 31,
2004 2003 2004 2003
(In thousands) (Unaudited) (Unaudited)
---------------------------------- ----------------- -----------------
Operating income (loss) $4,493 $(481) $7,164 $(198,108)
Management fees 171 - 171 -
Other non-cash charges 1,513 (109) 1,513 502
(Gain) loss on disposition of assets (69) 73 52 (329)
Loss on impairment of assets - - - 189,492
Depreciation and amortization 12,463 12,231 50,501 47,885
------- ------- ------- ----------
ADJUSTED OPERATING INCOME $18,571 $11,714 $59,401 $39,442
======= ======= ======= ==========
RECONCILIATION OF CONSOLIDATED NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW The Company views free cash flow as a liquidity measure and, as such, believes that the GAAP financial measure most directly comparable to free cash flow is net cash provided by operating activities. The Company has presented free cash flow because this financial measure, in combination with other financial measures, is an integral part of its internal reporting system. Free cash flow provides an important measurement of the cash generated by our operations after capital reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. in our business and is an indicator of our ability to service our long-term debt and other corporate cash requirements. Free cash flow should not be construed as an alternative to net income (loss), as determined in accordance with GAAP or as an alternative to net cash provided by operating activities, as determined in accordance with GAAP. We believe free cash flow is useful to investors as a means to evaluate the cash-generating capabilities of our operations, as recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. capital expenditures are required in the communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. to sustain our customer base and revenue growth. Further, we consider trends in free cash flow when making decisions regarding the allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as of financial resources.
FISCAL YEAR ENDED
MAY 31, 2004 MAY 31, 2003
------------------------------------
(In thousands) (Unaudited)
------------------------------- ------------------------------------
Net Cash Provided By Operating
Activities $205,160 $192,459
Capital Expenditures (132,930) (133,109)
Interest Expense, Net 163,228 146,087
Loss on Extinguishment of Debt 39,176 -
Non Cash Paid-In Kind Interest (13,997) (25,892)
Income Tax Expense (Benefit) 6,452 (69,904)
Deferred Income Taxes (2,388) 79,505
Changes in Assets and
Liabilities (68,592) (30,315)
Other Non-Operating (Income)
Loss (36) 1,045
Other non-cash charges 1,513 4,093
----------------- -----------
Free Cash Flow $197,586 $163,969
================= ===========
Centennial Communications Corp.
Financial Data and Operating Statistics
May 31, 2004
($000's, except per subscriber data)
---------------------- ----------------------
Three Months Ended Twelve Months Ended
May-04 May-03 May-04 May-03
---------------------- ----------------------
U.S. WIRELESS
-----------------------
Postpaid Wireless
Subscribers 532,500 516,600 532,500 516,600
Prepaid Wireless
Subscribers 22,500 21,900 22,500 21,900
----------- --------- ----------- ----------
Total Wireless
Subscribers (1) 555,000 538,500 555,000 538,500
Net Gain (Loss) -
Wireless Subscribers
(2) 2,900 1,700 16,500 0
Revenue per Average
Wireless Customer $56 $57 $56 $55
Service Revenue Per
Average Wireless
Customer $46 $43 $45 $40
Roaming Revenue $12,644 $16,868 $54,303 $77,632
Penetration - Total
Wireless 9.1% 8.8% 9.1% 8.8%
Postpaid Churn -
Wireless 1.8% 1.7% 1.9% 2.0%
Prepaid & Postpaid
Churn - Wireless 2.1% 2.2% 2.3% 2.3%
Monthly MOU's per
Wireless Customer (3) 482 370 445 328
Cost to Acquire $275 $268 $294 $300
Capital Expenditures $9,473 $18,449 $46,882 $44,211
CARIBBEAN
-----------------------
Postpaid Wireless
Subscribers 355,100 295,500 355,100 295,500
Prepaid Wireless
Subscribers 133,600 98,200 133,600 98,200
Home Phone Wireless
Subscribers 7,500 4,900 7,500 4,900
----------- ---------- ---------- ----------
Total Wireless
Subscribers 496,200 398,600 496,200 398,600
Net Gain (Loss) -
Wireless Subscribers
(4) 21,600 7,800 97,600 62,300
Revenue per Average
Wireless Customer $54 $59 $57 $58
Penetration - Total
Wireless 3.8% 3.1% 3.8% 3.1%
Postpaid Churn -
Wireless 2.4% 2.1% 2.4% 2.7%
Prepaid Churn -
Wireless 6.6% 7.9% 5.6% 5.9%
Prepaid & Postpaid
Churn - Wireless 3.5% 3.7% 3.2% 3.6%
Monthly MOU's per
Wireless Customer 914 826 907 728
Cable Television
Subscribers 73,400 78,200 73,400 78,200
Fiber Route Miles 1,730 1,520 1,730 1,520
Switched Access Lines 50,210 40,390 50,210 40,390
Dedicated Access Line
Equivalents 213,920 181,970 213,920 181,970
On-Net Buildings 1,160 980 1,160 980
Capital Expenditures $25,474 $22,055 $86,048 $88,898
REVENUES
-----------------------
U.S. Wireless $93,930 $91,560 $370,200 $355,629
---------- ---------- ---------- ----------
Caribbean - Wireless $78,248 $69,702 $306,212 $262,052
Caribbean - Broadband $45,410 $36,481 $164,735 $141,757
Caribbean -
Intercompany ($2,766) ($2,950) ($12,306) ($10,002)
---------- ---------- ---------- ----------
Total Caribbean $120,892 $103,233 $458,641 $393,807
---------- ---------- ---------- ----------
Consolidated $214,822 $194,793 $828,841 $749,436
=========== ========== =========== ==========
Adjusted Operating
Income (5)
-----------------------
U.S. Wireless $39,285 $42,115 $149,488 $161,122
---------- ---------- ---------- ----------
Caribbean - Wireless $30,931 $28,604 $121,627 $96,514
Caribbean - Broadband $18,571 $11,714 $59,401 $39,442
---------- ---------- ---------- ----------
Total Caribbean $49,502 $40,318 $181,028 $135,956
---------- ---------- ----------- ---------
Consolidated $88,787 $82,433 $330,516 $297,078
=========== ========== =========== ==========
NET DEBT
-----------------------
Total Debt Less Cash $1,655,800 $1,691,600 $1,655,800 $1,691,600
---------- ----------- ---------- -----------
(1) Total wireless subscribers exclude 8,000 wholesale subscribers at
May 2004 and 2,400 wholesale subscribers at May 2003.
(2) Net gain excludes wholesale subscriber gain of 4,000 and 5,600
for the three and twelve months ended May 2004, respectively. Net
gain excludes wholesale subscriber gain of 300 and 600 for the
three and twelve months ended May 2003, respectively.
(3) Monthly MOU's per wireless customer for the three and twelve
months ended May 2003 have been restated to include free night
and weekend minutes.
(4) Excludes a reduction of 30,200 subscribers in the twelve months
ended May 2003 from the divested Centennial Digital Jamaica
operations.
(5) Adjusted operating income is net income (loss) before minority
interest in income of subsidiaries, income tax (expense) benefit,
other income (expense), loss on extinguishment of debt, interest
expense-net, income from equity investments, loss (gain) on
disposition of assets, loss on impairment of assets, depreciation
and amortization, and other non-cash charges. Please refer to
Exhibit A - "Non-GAAP Financial Measures."
Centennial Communications Corp. and Subsidiaries
Consolidated Statements of Operations
(Amounts in thousands, except per share data)
Three Months Ended Twelve Months Ended
--------------------- ----------------------
May 31, May 31, May 31, May 31,
2004 2003 2004 2003
------- ------- ------- -------
REVENUE:
Service revenue $207,391 $186,758 $797,863 $721,974
Equipment sales 7,431 8,035 30,978 27,462
------- ------- ------- -------
214,822 194,793 828,841 749,436
------- ------- ------- -------
COSTS AND EXPENSES:
Cost of services 40,297 40,915 164,589 157,840
Cost of equipment
sold 20,253 18,703 86,071 70,876
Sales and marketing 22,706 21,531 92,241 93,013
General and
administrative 44,292 30,304 156,937 134,722
Depreciation and
amortization 35,884 32,083 140,991 139,065
Loss on impairment
of assets - - - 189,492
Loss (gain) on
disposition of
assets 1,936 906 1,500 (1,451)
------- ------- ------- -------
165,368 144,442 642,329 783,557
------- ------- ------- -------
OPERATING INCOME
(LOSS) 49,454 50,351 186,512 (34,121)
------- ------- ------- -------
INCOME FROM EQUITY
INVESTMENTS 91 26 143 192
INTEREST EXPENSE -
NET (38,017) (34,489) (163,228) (146,087)
LOSS ON EXTINGUISHMENT
OF DEBT (3,016) - (39,176) -
OTHER INCOME (EXPENSE) 406 (168) 36 (1,045)
------- ------- ------- -------
INCOME (LOSS) BEFORE
INCOME TAX EXPENSE
AND MINORITY INTEREST 8,918 15,720 (15,713) (181,061)
INCOME TAX (EXPENSE)
BENEFIT (5,534) 43,444 (6,452) 69,904
------- ------- ------- -------
INCOME (LOSS) BEFORE
MINORITY INTEREST 3,384 59,164 (22,165) (111,157)
MINORITY INTEREST IN
INCOME OF
SUBSIDIARIES (219) (660) (627) (489)
------- ------- ------- -------
NET INCOME (LOSS) $3,165 $58,504 $(22,792) $(111,646)
======== ======== ======== ========
INCOME (LOSS) PER
COMMON SHARE:
BASIC AND DILUTED $0.03 $0.61 $(0.23) $(1.17)
======== ======== ======== ========
WEIGHTED-AVERAGE
SHARES OUTSTANDING
DURING THE PERIOD:
BASIC 103,120 95,696 99,937 95,577
======== ======== ======== ========
DILUTED 104,473 95,696 99,937 95,577
======== ======== ======== ========
Centennial Communications Corp. and Subsidiaries
Revised Consolidated Statements of Operations
(Amounts in thousands, except per share data)
Three Months Ended
-----------------------------------------
Feb. 29, Nov. 30, Aug. 31,
2004 2003 2003
------ ------ -------
REVENUE:
Service revenue $199,517 $195,592 $195,363
Equipment sales 8,489 7,197 7,861
------ ------ -------
208,006 202,789 203,224
------ ------ -------
COSTS AND EXPENSES:
Cost of services 40,503 40,674 43,115
Cost of equipment sold 22,051 22,093 21,674
Sales and marketing 23,172 23,538 22,825
General and
administrative 40,325 36,753 35,567
Depreciation and
amortization 34,530 34,885 35,692
Loss (gain) on
disposition of assets 249 (55) (630)
------ ------ -------
160,830 157,888 158,243
------ ------ -------
OPERATING INCOME 47,176 44,901 44,981
------ ------ -------
INCOME FROM EQUITY
INVESTMENTS 24 4 24
INTEREST EXPENSE - NET (41,879) (41,698) (41,634)
LOSS ON EXTINGUISHMENT OF
DEBT (28,625) - (7,535)
OTHER INCOME (EXPENSE) 232 256 (858)
------ ------ -------
(LOSS) INCOME BEFORE
INCOME TAX EXPENSE
AND MINORITY INTEREST (23,072) 3,463 (5,022)
INCOME TAX BENEFIT
(EXPENSE) 7,718 (9,476) 840
------ ------ -------
LOSS BEFORE MINORITY
INTEREST (15,354) (6,013) (4,182)
MINORITY INTEREST IN INCOME
OF SUBSIDIARIES (126) (149) (134)
------ ------ -------
NET LOSS $(15,480) $(6,162) $(4,316)
======== ======== ========
LOSS PER COMMON SHARE:
BASIC AND DILUTED $(0.15) $(0.06) $(0.05)
======== ======== ========
WEIGHTED-AVERAGE SHARES
OUTSTANDING DURING THE
PERIOD:
BASIC 103,046 97,839 95,754
======== ======== ========
DILUTED 103,046 97,839 95,754
======== ======== ========
Centennial Communications Corp. and Subsidiaries
Revised Statements of Operations by Segment
(Amounts in thousands, except per share data)
Three Months Ended
---------------------------------
U.S. Wireless Feb. 29, Nov. 30, Aug. 31,
2004 2003 2003
------------- --------- ---------
REVENUE:
Service revenue $85,793 $85,785 $89,189
Equipment sales 5,584 4,654 5,265
------------- --------- ---------
91,377 90,439 94,454
------------- --------- ---------
COSTS AND EXPENSES:
Cost of services 15,658 17,085 18,589
Cost of equipment sold 10,226 12,119 13,161
Sales and marketing 11,607 12,054 11,421
General and administrative 16,015 13,792 14,340
Depreciation and amortization 9,068 8,989 9,002
Gain on disposition of assets (62) (35) (513)
------------- --------- ---------
62,512 64,004 66,000
------------- --------- ---------
OPERATING INCOME $28,865 $26,435 $28,454
------------- --------- ---------
Caribbean Wireless
REVENUE:
Service revenue $74,973 $73,614 $71,560
Equipment sales 2,853 2,420 2,544
------------- --------- ---------
77,826 76,034 74,104
------------- --------- ---------
COSTS AND EXPENSES:
Cost of services 11,233 11,004 12,144
Cost of equipment sold 11,710 9,872 8,391
Sales and marketing 9,231 9,081 9,372
General and administrative 16,693 15,335 13,202
Depreciation and amortization 12,987 13,007 14,016
(Gain) loss on disposition of
assets - (20) 73
------------- --------- ---------
61,854 58,279 57,198
------------- --------- ---------
OPERATING INCOME $15,972 $17,755 $16,906
------------- --------- ---------
Caribbean Broadband
REVENUE:
Switched revenue $9,524 $9,409 $8,799
Dedicated revenue 11,945 12,070 11,842
Cable television revenue 12,319 12,204 12,017
Other revenue 7,864 5,818 5,514
------------- --------- ---------
41,652 39,501 38,172
------------- --------- ---------
COSTS AND EXPENSES:
Cost of services 16,312 15,627 15,747
Cost of equipment sold 115 102 121
Sales and marketing 2,333 2,404 2,032
General and administrative 7,767 7,770 8,165
Depreciation and amortization 12,475 12,887 12,676
Loss (gain) on disposition of
assets 311 - (190)
------------- --------- ---------
39,313 38,790 38,551
------------- --------- ---------
OPERATING INCOME (LOSS) $2,339 $711 $(379)
------------- --------- ---------
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