Century Communications 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. 14, 1997--Century Communications announced results of the quarter and six months ended Nov. 30, 1996 today. Total revenues for the second quarter were $158,996,000, an increase of 31.4% over the $121,039,000 in the comparable fiscal 1996 quarter. 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 and the impact of Century's investments in the Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. Pay TV business was equal to 51.3% of revenues or $77,187,000 an increase of $13,944,000 or 22.0% above the $63,243,000 of the second quarter of fiscal 1996. During the second quarter of fiscal 1997 revenue from Century's cable television operations increased to $115,123,000 or 26.3% above the $91,156,000 in the second quarter of fiscal 1996. Operating income before depreciation and amortization in Century's cable television operations grew to $62,589,000 or 23.8% above the $50,554,000 in the second quarter of fiscal 1996. At the same time revenue from the Company's consolidated wireless telephone operations were $35,359,000 for the three months ended Nov. 30, 1996 an increase of 27.6% over the quarter ended Nov. 30, 1995. Operating income before depreciation and amortization for the wireless telephone business was $14,598,000 an increase of 15.0% above the three months ended Nov. 30, 1995. The loss for the quarter was $17,257,000 ($(.25) per share) compared to a loss of $21,148,000 ($(.30) per share) for the corresponding 1996 fiscal quarter. Total revenues for the six month period were $312,000,000, an increase of $74,334,000 or 31.3% over the prior fiscal year's first six months. Operating income before depreciation and amortization and the impact of Century's investments in the Australian Pay TV Business was equal to 52.3% of revenues or $154,529,000, an increase of $29,772,000 or 23.9% above the $124,757,000 reported in the first six months of the prior fiscal year. During the six months ended Nov. 30, 1996 revenue from Century's cable television operations increased to $227,808,000 or 26.0% above the $180,861,000 in the six months ended Nov. 30, 1995. Operating income before depreciation and amortization in Century's cable television operations grew to $124,849,000 or 26.4% above the $98,742,000 in the six months ended Nov. 30, 1995. At the same time revenue from the Company's consolidated wireless telephone operations was $67,724,000 for the six months ended Nov. 30, 1996 an increase of 24.0% over the six months ended Nov. 30, 1995. Operating income before depreciation and amortization for the wireless telephone business was $29,680,000 an increase of 14.1% above the six months ended Nov. 30, 1995. The net loss for the six months was $78,469,000 ($(l.09) per share) comparable to a net loss of $43,065,000 ($(.61) per share) for the six months of the prior fiscal year. The Company has determined to pursue a strategy to sell its investments in its Australian operations. The Company is currently in discussion with investment advisors Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and with respect to the sale of these interests. The Company has not yet developed an estimate of the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to be received on dispositions or the expected period required for completion of the disposition. As a result, the operating results for the Australian operations have been reported as a component of 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 . Century owns and operates 70 cable television systems in 25 states and 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. serving in excess of 1,250,000 basic subscribers and owns and operates 4 radio stations. Century, through its 31.8% owned subsidiary Centennial Cellular Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CYCL), owns, operates and invests in cellular telephone systems throughout 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. . Centennial's current wireless telephone interests represent approximately 10.2 million net pops. Approximately 5.5 million of this population is represented by interests in cellular systems the Company owns (either 100% or a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail ) 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 The Sacramento Valley is the portion of the California Central Valley that lies to the north of the San Joaquin-Sacramento Delta in the U.S. state of California. It encompasses all or parts of ten counties. and San Francisco Bay areas “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . The Company was recently the winning bidder for one of the two MTA (1) (Message Transfer Agent or Mail Transfer Agent) The store and forward part of a messaging system. See messaging system. (2) See M Technology Association. 1. (messaging) MTA - Message Transfer Agent. licenses to provide "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. " service in the commonwealth of Puerto Rico and the U.S. Virgin Islands, representing approximately 3.6 million pops. -0-
CENTURY COMMUNICATIONS CORP.
Three Months Ended Nov. 30,
1995 1996 % CHANGE
Revenues $121,039,000 $158,996,000 31.4%
Operating Income Before
Depreciation and Amortization
and Australian Operations 63,243,000 77,187,000 22.0
Operating Income 9,295,000 15,115,000 62.6
Tax Benefit 7,251,000 10,976,000 51.4
Net Loss (21,148,000) (17,257,000) 18.4
Earnings (loss) Per Share (.30) (.25)
Average Number of Shares
Outstanding 73,679,000 74,141,000
Six Months Ended Nov. 30
1995 1996 % CHANGE
Revenues $237,666,000 $312,000,000 31.3%
Operating Income Before
Depreciation and Amortization
and Australian Operations 124,757,000 154,529,000 23.9
Operating (Loss) Income 23,084,000 (9,199,000) (139.9)
Tax Benefit 12,057,000 17,574,000 45.8
Net Loss (43,065,000) (78,469,000) 82.2
Earnings (Loss) Per Share (.61) (1.09)
Average Number of Shares
Outstanding 73,631,000 74,105,000
CONTACT: Century Communications Corp. Bernard P. Gallagher Scott N. Schneider 203/972-2000 |
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