Electric Lightwave, Inc. Reports 2001 Second-quarter Financial Results.Business & Technology Editors STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn.--(BUSINESS WIRE)--Aug. 7, 2001 Electric Lightwave Light in the infrared, visible and ultraviolet ranges, which falls between x-rays and microwaves. Wavelengths are between 10 nanometers and one millimeter. , 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 E`lix´ v. t. 1. To extract. ) today reported financial results for the quarter ended June June: see month. 30, 2001. Revenue for the 2001 second quarter was $60.4 million, $0.2 million below revenue of $60.6 million for the second quarter of 2000. Second 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 was $4.1 million, compared to a $1.4 million EBITDA loss for the second quarter of 2000, an improvement of $5.5 million. For the six months ended June 30, 2001, revenue was $123.0 million, a $5.6 million increase over revenue of $117.4 million for the same period of 2000. EBITDA for the six months ended June 30, 2001 was $7.4 million, compared to an $8.1 million EBITDA loss for the same period of 2000, an improvement of $15.5 million. Second quarter 2001 net loss was $40.3 million, or 79 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 $35.0 million, or 69 cents per share, for the second quarter of 2000. For the six months ended June 30, 2001, net loss was $78.0 million, or $1.53 per share, compared to a net loss of $70.1 million, or $1.39 per share, for the same period of 2000. 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. has informed 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. that its Class A Common Stock has failed to maintain a minimum bid price of $5.00 for 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. and thus does not meet the minimum listing criteria of Nasdaq for shares listed on the National Market System. ELI has filed an application for its listing to be transferred to the Nasdaq SmallCap Market. As part of the application process, 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. has agreed to convert approximately 25.3 million shares of ELI's Class B Common Stock into the same number of shares of ELI's Class A Common Stock. Listing on Nasdaq's SmallCap Market requires that the market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of ELI's Class A Common Stock be at least $35 million. 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 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 high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. 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 (NYSE NYSE See: New York Stock Exchange :CZN, CZB). More information about Electric Lightwave, Inc. may be found at www.eli.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
Three Months Ended
June 30,
(Dollars in thousands,
except per share amounts) 2001 2000
Revenue
Network services $ 26,121 $ 17,173
Local telephone services 21,868 25,951
Long distance services 3,098 4,265
Data services 9,342 13,231
Total revenue 60,429 60,620
Operating expenses
Network access expense 17,051 18,294
Operations expense 13,759 13,446
Selling, general and
administrative 25,555 30,315
Depreciation and amortization 19,834 14,721
Total operating expenses 76,199 76,776
Loss from operations (15,770) (16,156)
Interest expense and other 24,241 18,556
Net loss before income taxes (40,011) (34,712)
Income tax expense 264 246
Net loss $ (40,275) $ (34,958)
EBITDA (1) $ 4,064 $ (1,435)
Net loss per common share:
Basic $ (0.79) $ (0.69)
Diluted $ (0.79) $ (0.69)
Weighted average shares outstanding 50,969 50,418
(1) EBITDA is Operating income plus depreciation and amortization.
Electric Lightwave, Inc.
Statements of Operations
Six Months Ended
June 30,
(Dollars in thousands,
except per share amounts) 2001 2000
Revenue
Network services $ 51,889 $ 33,177
Local telephone services 43,664 50,225
Long distance services 6,183 8,862
Data services 21,255 25,134
Total revenue 122,991 117,398
Operating expenses
Network access expense 33,782 38,990
Operations expense 26,735 25,021
Selling, general and
administrative 55,117 61,487
Depreciation and amortization 38,728 27,476
Total operating expenses 154,362 152,974
Loss from operations (31,371) (35,576)
Interest expense and other 46,171 34,040
Net loss before income taxes (77,542) (69,616)
Income tax expense 427 481
Net loss $ (77,969) $ (70,097)
EBITDA (1) $ 7,357 $ (8,100)
Net loss per common share:
Basic $ (1.53) $ (1.39)
Diluted $ (1.53) $ (1.39)
Weighted average shares
outstanding 50,906 50,289
(1) EBITDA is Operating income plus depreciation and amortization.
Electric Lightwave, Inc.
Selected Financial and Operating Data
(Dollars in thousands) June 30, March 31, June 30,
2001 2001 2000
Selected Financial Data
Gross Property Plant
& Equipment:
Owned or under
capital lease $ 1,023,783 $ 983,041 $ 936,368
Under operating
lease (1) $ 108,541 $ 108,541 $ 108,541
Total $ 1,132,324 $ 1,091,582 $ 1,044,909
Selected Operating Data
Markets 25 25 25
Route miles (2) 6,734 5,924 5,911
Fiber miles (2) 349,455 296,173 295,157
Buildings connected
on-net 856 852 838
Switches and routers:
Internet routers 79 65 63
ATM switches 23 23 23
Frame relay switches 33 32 32
Voice switches 8 8 8
Access Line Equivalents 187,981 195,215 196,259
Access Line
Equivalents/Voice switch 23,498 24,402 22,526
% on switch 97% 96% 92%
Employees 949 1,031 1,195
Customers 2,267 2,228 2,788
(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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