Electric Lightwave, Inc. Reports 2001 First-Quarter Financial Results.Business Editors STAMFORD, Conn.--(BUSINESS WIRE)--May 8, 2001 Electric Lightwave, Inc. (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 :ELIX) today reported financial results for the quarter ended March 31, 2001. Revenue for the 2001 first quarter was $62.6 million, 10 percent above revenue of $56.8 million for the first quarter of 2000. First quarter 2001 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 (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. plus depreciation and amortization) was $3.3 million, compared to a $6.7 million EBITDA loss for the first quarter of 2000, an improvement of $10 million. First quarter 2001 net loss was $37.7 million, or (.74) cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to a net loss of $35.1 million, or (.70) cents per share, for the first quarter of 2000. ELI Eli (ē`lī), in the Bible, high priest and judge of Israel, teacher of the boy Samuel. 1. (language) ELI - An early system on the IBM 705 and IBM 650. [Listed in CACM 2(5):16 (May 1959)]. 2. received a letter from The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. , Inc., dated April 2, 2001, informing it that ELI's Class A Common Stock failed to maintain a minimum bid price of $5.00 over the prior 30 consecutive trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. which does not meet the minimum listing criteria of Nasdaq for shares listed on the National Market System. If the bid price for ELI's Class A Common Stock is not at least $5.00 for 10 consecutive days prior to July 2, 2001, subject to the filing of an application and its approval, ELI's listing will be transferred to the Nasdaq Small Cap Market. In addition, ELI has the opportunity to appeal any change in status to a Nasdaq Listing Qualifications Panel. ELI intends to explore its options, including an appeal and a transfer to the Nasdaq Small Cap Market, unless the price of its Class A Common Stock has achieved the minimum level. At the close of business on May 8, 2001, the bid price for a share of ELI's Class A Common Stock was $2.70. About Electric Lightwave, Inc. Electric Lightwave, Inc. is a facilities-based competitive local exchange carrier providing 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 , data, voice and dedicated access services to communications-intensive businesses and the growing e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. market. The company owns and operates high-speed fiber optic networks that interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. major markets in the West and operates a leading national Internet and data network. The company is 85 percent owned by Citizens Communications Citizens Communications is the parent company of Frontier Telephone, providing telephone and internet access in 24 states. The company headquarters are located at 3 High Ridge Park in Stamford, Connecticut. (NYSE NYSE See: New York Stock Exchange :CZN). More information about Electric Lightwave, Inc. may be found at www.elix.net. This press release contains 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. that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements. All forward-looking statements are only predictions or statements of current plans, which are constantly under review by Electric Lightwave (the company). All forward-looking statements may differ from actual future results due to, but not limited to, changes in the local and overall economy, the nature and pace of technological changes, the number and effectiveness of competitors in the company's markets, success in overall strategy, changes in legal and regulatory policy, relations with Incumbent Local Exchange Carriers ILEC, short for incumbent local exchange carrier, is a local telephone company in the United States that was in existence at the time of the break up of AT&T into the Regional Bell Operating Companies (RBOCs) also known as the "Baby Bells". (ILECs) and their ability to provide delivery of services including interoffice in·ter·of·fice adj. Transmitted or taking place between offices, especially those of a single organization: an interoffice memo; interoffice conferences. trunking See port aggregation. , implementation of back office service delivery systems, the company's ability to identify future markets and successfully expand existing ones and the mix of products and services offered in the company's target markets. Readers should consider these important factors in evaluating any statement contained herein and/or made by the company or on its behalf. The company has no obligation to update or revise forward-looking statements to reflect the occurrence of future events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or .
Electric Lightwave, Inc.
Statements of Operations
For the quarter ended
March 31,
(Dollars in thousands, except per share
amounts) 2001 2000
Revenue
Network services $ 25,768 $ 16,004
Local telephone services 21,797 24,274
Long distance services 3,084 4,596
Data services 11,913 11,904
Total revenue 62,562 56,778
Operating expenses
Network access expense 16,731 20,696
Operations expense 12,336 11,575
Selling, general and administrative 30,202 31,172
Depreciation and amortization 18,894 12,755
Total operating expenses 78,163 76,198
Loss from operations (15,601) (19,420)
Interest expense and other 21,930 15,484
Net loss before income taxes (37,531) (34,904)
Income tax expense 163 235
Net loss $ (37,694) $ (35,139)
EBITDA (1) $ 3,293 $ (6,665)
Net loss per common share:
Basic $ (0.74) $ (0.70)
Diluted $ (0.74) $ (0.70)
Weighted average shares outstanding 50,844 50,183
(1) EBITDA is Operating income plus depreciation and amortization.
Electric Lightwave, Inc.
Selected Financial and Operating Data
March 31,
(Dollars in thousands) 2001 2000
Selected Financial Data
Gross Property Plant & Equipment:
Owned or under capital lease $ 983,041 $ 824,671
Under operating lease (1) $ 108,541 $ 108,541
Total $ 1,091,582 $ 933,212
Selected Operating Data
Markets 25 25
Route miles (2) 5,924 5,905
Fiber miles (2) 296,173 293,687
Buildings connected on-net 852 834
Switches and routers:
Internet routers 65 62
ATM switches 23 23
Frame relay switches 32 32
Voice switches 8 8
Access Line Equivalents 195,215 180,935
Access Line Equivalents/Voice switch 24,402 22,617
% on switch 96% 96%
Employees 1,031 1,182
Customers 2,228 2,158
(1) Facilities under an operating lease agreement under which we have
the option to purchase the facilities at the end of the term.
(2) Route and fiber miles also include those to which we have
exclusive use pursuant to license and lease arrangements.
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