Electric Lightwave Reports Financial Results for the Second Quarter of 2000.Business 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. 8, 2000 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. ), a facilities-based competitive local exchange carrier, today announced financial results for the second quarter of 2000. Revenue for the quarter ended June June: see month. 30, 2000 was $60.6 million, 32% above revenue of $46.1 million in the second quarter of 1999. The company's 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 loss declined to $1.4 million in the second quarter of 2000, compared to a $16.7 million loss in the second quarter of 1999, an improvement of $15.3 million. The net loss in the 2000 second quarter was $35.0 million, or $0.69 per share, compared to a net loss of $33.2 million or $0.67 per share in the second quarter of 1999. Revenue for the first six months of 2000 was $117.4 million, up 39% from $84.3 million during the comparable period last year. The company's six-month EBITDA loss declined to $8.1 million compared to a $39.5 million loss for the prior year period. The net loss for the first six months of 2000 was $70.1 million, or $1.39 per share, compared to a net loss of $68.2 million or $1.37 per share for the first six months of 1999. "Revenue in every category of our current product mix has grown significantly at solid margins," said Rudy J. Graf GRAF - GRaphic Additions to Fortran. Fortran plus graphic data types. ["GRAF: Graphic Additions to Fortran", A. Hurwitz et al, Proc SJCC 30 (1967)]. [Sammet 1969, p. 674]. , chief executive officer of Electric Lightwave. "We continue to make excellent progress toward our goal of positive EBITDA in the second half of this year." Electric Lightwave, Inc. is a 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). integrated communications company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. 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 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. Headquartered in Vancouver, Washington
Vancouver, Washington is a city on the north bank of the Columbia River, in the state of Washington, USA. It is the county seat of Clark County. , Electric Lightwave is on the World Wide Web at www.eli.net. The company is 83% 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). 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 which 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 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. 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
(In thousands, except per share data)
Three Months Ended
06/30/2000 03/31/2000 06/30/1999
---------- ---------- ----------
Revenue:
Network Services $ 17,173 $ 16,004 $ 12,983
Local Telephone Services 25,951 24,274 18,600
Long Distance Services 4,265 4,596 9,245
Data Services 13,231 11,904 5,267
--------- --------- ---------
Total Revenues 60,620 56,778 46,095
--------- --------- ---------
Operating Expenses:
Network Access 18,294 20,696 23,702
Operations 13,446 11,575 9,633
Selling, General and Administrative 30,315 31,172 29,447
Depreciation and Amortization 14,721 12,755 8,150
--------- --------- ---------
Total Operating Expenses 76,776 76,198 70,932
--------- --------- ---------
Loss from Operations (16,156) (19,420) (24,837)
Interest Expense and Other 18,556 15,484 8,068
--------- --------- ---------
Net Loss Before Income Taxes (34,712) (34,904) (32,905)
Income Tax Expense 246 235 300
--------- --------- ---------
Net Loss $ (34,958) $ (35,139) $ (33,205)
========= ========= =========
EBITDA $ (1,435) $ (6,665) $ (16,687)
========= ========= =========
Weighted average shares outstanding 50,418 50,183 49,822
Net Loss Per Common Share:
Basic $ (0.69) $ (0.70) $ (0.67)
Diluted $ (0.69) $ (0.70) $ (0.67)
Electric Lightwave, Inc.
Statements of Operations
(In thousands, except per share data)
Six Months Ended
06/30/2000 06/30/1999
---------- ----------
Revenue:
Network Services $ 33,177 $ 23,407
Local Telephone Services 50,225 32,908
Long Distance Services 8,862 17,775
Data Services 25,134 10,221
--------- ---------
Total Revenues 117,398 84,311
--------- ---------
Operating Expenses:
Network Access 38,990 48,926
Operations 25,021 18,667
Selling, General and Administrative 61,487 56,214
Depreciation and Amortization 27,476 15,144
--------- ---------
Total Operating Expenses 152,974 138,951
--------- ---------
Loss from Operations (35,576) (54,640)
Interest Expense and Other 34,040 12,847
--------- ---------
Net Loss Before Income Taxes (69,616) (67,487)
Income Tax Expense 481 670
--------- ---------
Net Loss $ (70,097) $ (68,157)
========= =========
EBITDA $ (8,100) $ (39,496)
========= =========
Weighted average shares outstanding 50,289 49,812
Net Loss Per Common Share:
Basic $ (1.39) $ (1.37)
Diluted $ (1.39) $ (1.37)
Electric Lightwave, Inc.
Selected Financial & Operating Data
(In thousands except selected operating data)
06/30/2000 03/31/2000 06/30/1999
---------- ---------- ----------
Selected Financial Data
Gross Property Plant & Equipment
Owned or under capital lease $ 936,368 $ 824,671 $ 693,449
Under operating lease $ 108,541 $ 108,541 $ 108,541
---------- ---------- ----------
Total $1,044,909 $ 933,212 $ 801,990
Selected Operating Data
Markets 25 25 25
Route Miles 5,911 5,905 3,128
Fiber Miles 295,157 293,687 192,213
Buildings Connected On-Net 838 834 795
Switches and Routers:
Internet Routers 63 62 42
ATM Switches 23 23 22
Frame Relay Switches 32 32 31
Voice Switches 8 8 7
Access Line Equivalents 196,259 180,935 121,516
Access Line Equivalents/Voice Switch 22,526 21,712 17,359
% on Switch 92% 96% 99%
Employees 1,195 1,182 1,233
Customers 2,788 2,593 1,961
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion