ICG Reports Fourth Quarter & Year-end 1999 Results 133,000 Lines Installed in 4th Quarter.Business Editors and Technology Writers ENGLEWOOD Englewood (ĕng`gəlw  d).1 City (1990 pop. 29,387), Arapahoe co., N central Colo., on the South Platte River, a residential and industrial suburb of Denver; inc. 1903. , Colo.--(BUSINESS WIRE)--Feb. 29, 2000 ICG ICG indocyanine green. Communications, Inc. (Nasdaq:ICGX) today announced fourth quarter and full-year 1999 results that reflect significant revenue growth and improved operations. ICG installed a record 133,000 net business access lines and 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. (ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. ) ports during the fourth quarter, bringing the 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. total to 731,000, more than double the year-end 1998 total. Approximately 80 percent of lines provisioned during the year are for Internet access See how to access the Internet. ports for ISP customers, where ICG's national network and excellent customer service have enabled the Company to capture an increasing share of this new, high growth market. ICG continues as a leader among competitive local telephone companies, increasing the number of business lines in service by more than 40 percent during 1999. Further, the Company recorded full-year revenue of $479.2 million, reflecting 58 percent growth over 1998 adjusted for discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , and realized a 50 percent gross operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: on revenue versus 38 percent for 1998. "During 1999, we demonstrated remarkable growth in terms of revenue, lines in service and network capability," said J. Shelby Bryan John Shelby Bryan (born March 12, 1946) is an American communications executive, also known for his affair with Anna Wintour, editor of Vogue magazine. A direct descendant of Stephen F. , chairman and chief executive officer of ICG. "We initiated an aggressive plan to expand our national network, extended our product portfolio through alliances with 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). and application providers, and added substantial management expertise. Yesterday, we announced $750 million in equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. and today additional vendor financing Vendor Financing The lending of money by a company to one of its customers so that the customer can buy products from it. By doing this, the company increases its sales even though it is basically buying its own products. that brings total capital raised year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. to nearly $1.2 billion. These actions clearly position ICG to deliver accelerated growth in 2000 and meet the changing telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. needs of our customers." ---------------------------------------------------------------------- Invitation: Today, ICG executive management is hosting a conference call and simultaneous Webcast at 8:00 a.m. MST See micro systems technology. , 10:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy . Please log-on to the ICG Web page at www.icgcom.com to view and listen to our year-end results discussion. The Webcast will remain available for replay on the ICG website. ---------------------------------------------------------------------- Highlights -- Fourth Quarter and 1999 in Review -- Long-haul capacity under long-term leases: 18,000 miles -- ICG customer collocations: 145 -- VoIP Gateways: 140 -- SS7 ports: 388 Operations Review During 1999, ICG added 376,000 business lines and access ports and had contracts in place to provision approximately one-half million more in 2000. At year-end 1999, ICG's network served approximately 10 percent of U.S. Internet users Internet user n → internauta m/f Internet user Internet n → internaute m/f , with market share expected to increase in 2000. In addition, total network minutes of use increased from approximately 6 to over 11 billion per quarter, from fourth quarter 1998 to fourth quarter 1999. Year-end 1999 total lines in service of 731,000 include fourth quarter net installations of 133,000 plus a year-end adjustment that added net 13,000. In addition, ICG increased the percent of lines "on switch" to over 90, up from approximately 75 percent at year-end 1998. New infrastructure and capacity added during 1999 included: -- Long-haul capacity under long-term leases: 18,000 miles -- ICG customer collocations: 145 -- VoIP Gateways: 140 -- SS7 ports: 388 In 1999, ICG launched a network expansion program to add 22 major metropolitan areas by year-end 2000. By year-end 1999, services were being offered in six of these markets: Boston, New York Boston is a town in Erie County, New York, United States. The population was 7,897 at the 2000 census. The town is named after Boston, Massachusetts. The Town of Boston is an interior town of the county and one of the county's "Southtowns. , Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , D.C., Miami, Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. and Seattle Seattle (sēăt`əl), city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869. . Long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. contracts signed with major 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 companies such as The Microsoft Network See MSN. Microsoft Network - The Microsoft Network , L.L.C., Spinway.com (in collaboration Working together on a project. See collaborative software. with its 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. partner Kmart For the Australasian department store chain, see Kmart Australia. "K-Mart" is also a nickname for NBA player Kenyon Martin. Kmart is a chain of department stores in the United States, Puerto Rico, the U.S. Virgin Islands, and Guam. Corporation), NetZero NetZero is an Internet service provider based in Woodland Hills, California. It is a subsidiary of United Online, owner of Juno Online Services and BlueLight Internet Services. , Inc. and several others, illustrate ICG's leadership among Internet infrastructure providers. Through the year, sales to ISPs transitioned from basic Internet access services to remote access services (communications) Remote Access Services - (RAS) A service provided by Windows NT which allows most of the services which would be available on a network to be accessed over a modem link. , which better employ the capabilities at the ICG hub to manage and route Internet traffic Internet traffic is the flow of data around the Internet. It includes web traffic, which is the amount of that data that is related to the World Wide Web, along with the traffic from other major uses of the Internet, such as electronic mail and peer-to-peer networks. . By providing more advanced network services for its ISP customers, ICG increases revenue per line, minimizes the ISP's capital outlay capital outlay See capital expenditure. and improves the quality of service to the end-user (job) end-user - The person who uses a computer application, as opposed to those who developed or support it. The end-user may or may not know anything about computers, how they work, or what to do if something goes wrong. . Outlook By year-end 2000, ICG has a target to increase lines in service to over 1.5 million, again more than doubling year-over-year totals. Network build-out Build-out is an urban planner’s estimate of the amount and location of potential development for an area. Build-out is one step of the land use planning process. Evaluation of potential development impacts begins with a build-out analysis. plans into new, major metropolitan areas are driven by existing ISP contracts yet engineered to readily meet expected increases in demand. This "smart-build" design will enable the company to quickly deliver the infrastructure requirements associated with growth in ISP business as well as open new markets for accelerated growth in sales to local businesses planned for 2001. Beyond network expansion, ICG is focused on delivering value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. and continues to introduce products and services that complement its existing portfolio to meet the changing and growing demands of both its ISP and business customers. The company recently completed restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of its management team with the addition of two experienced industry leaders to head up network services and sales and marketing. In addition, over 350 talented new employees have been hired over the past six months, including experienced marketing, sales and product development leaders. Funding raised over the last 60 days of nearly $1.2 billion will fund ICG's business plan into 2001. Completion of the 2000 business plan will position ICG for even more aggressive line growth, revenue growth and 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 growth in 2001. The new employees, in combination with the company's increased funding, are key elements to ensure delivery of ICG's business plan for 2000 and beyond. Financial Review Revenue Fourth quarter revenue of $142.1 million reflects 23 percent sequential growth over third quarter revenue of $115.2 million. Revenue for the year totaled $479.2 million, a 58 percent increase over 1998, adjusted for discontinued operations. Local services revenue of $299.9 million for 1999 accounts for 63 percent of total revenue and includes revenue from ISP customers, business customers for local services and reciprocal Bilateral; two-sided; mutual; interchanged. Reciprocal obligations are duties owed by one individual to another and vice versa. A reciprocal contract is one in which the parties enter into mutual agreements. compensation charges for call termination Call Termination, also known as voice termination, refers to the handing off or routing of calls from one telephone company, also known as a carrier or provider, to another telephone company. The terminating point is end point. . Special access revenue increased during the fourth quarter to $38.5 million from $29.3 million in the third quarter, including recognition of $13.0 million of revenue related to the June June: see month. 1999 fiber optic lease agreement with a long-haul long haul n. 1. A long distance: It is a long haul from New York to Los Angeles. 2. A long period of time: Over the long haul the candidates performed well. carrier. Annual special access revenue of $113.9 million was up 53 percent over 1998. Long distance revenue was $4.0 million for the fourth quarter and $18.7 million for the year. Switched termination revenue was $13.3 million for the quarter and modestly decreased year over year to $46.7 million. Operating Costs operating costs npl → gastos mpl operacionales and Gross Operating Margin Fourth quarter operating costs of $59.5 million resulted in full year operating costs of $238.9 million. The 1999 gross operating margin of 50 percent favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. compares to 1998 of 38 percent. The higher gross operating margin is due to increased volume on ICG's network that greatly improved network efficiency, and higher margin revenue per line/port from remote access services and special access services. Fourth quarter operating costs were lower than the third quarter primarily due to a fourth quarter 1999 in-depth management review of network costs that was conducted following the centralization cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. of network functions. The analysis identified $9.5 million in costs from the first nine months of 1999 that related to capital activities under the existing ICG policy. Selling, general and administrative (SG&A) expenses SG&A expenses of $59.4 million for the fourth quarter are up approximately $10.0 million over the prior quarter (excluding the one-time third quarter provision for doubtful accounts of $45.2 million) as a result of costs associated with increased fourth quarter revenue and an acceleration of the company's expansion plan. In addition, fourth quarter SG&A included approximately $3.5 million for one-time charges primarily related to Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 initiatives and organizational changes. Earnings The fourth quarter loss from 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 of $100.0 million, or $2.10 per share, resulted in a full-year loss from continuing operations of $466.5 million or $9.90 per share. Income from discontinued operations for 1999 was $36.8 million. This includes the 1999 results of operations from the company's FOTI FOTI Flight of the Intruder (movie & game) FOTI Fat on the Outside Thin on the Inside and Satellite Services divisions that were sold in October and December, as well as the gains and losses recorded on the disposals of these divisions. Additionally, the company recorded an extraordinary gain on the sale of NETCOM NETCOM Network Enterprise Technology Command (US Army) NetCom Network Command (information systems) On-Line Communication Services, Inc. of $195.5 million for 1999. Including these non-recurring items, the loss for the quarter was $52.7 million, or $1.11 per share, and for the year totaled $234.2 million or $4.97 per share. Reciprocal Compensation During the fourth quarter, the company received $29.1 million in reciprocal compensation payments from 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". , for a total of $86.3 million collected for the year. In the third quarter, the company recorded an allowance of $45.2 million for potentially non-collectible accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying related to tandem (Tandem Computers Inc., Cupertino, CA) A former major manufacturer of fault-tolerant computers founded in 1974 by James Treybig and provider of the early 21st century technology for HP's enterprise computing strategy. and transport elements of reciprocal compensation recorded through June 30, 1999, and the company suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. revenue recognition for these services subsequent to June 30, 1999. However, the company continues to bill and pursue collection for these services. Capital Expenditures and Liquidity Fourth quarter capital expenditures, including capital leases, were $360.9 million and the full-year capital expenditures totaled $735.2 million. The fourth quarter includes a $135.3 million capital lease that will expand the company's long-haul network capacity. Subsequent to Year-end The company entered a multi-year contract to lease local network capacity to a long-haul carrier for $126.5 million and expects to recognize revenue for this transaction over a six-year period beginning in the second half of 2000. The company collected an additional $29 million in reciprocal compensation. In January 2000, ICG signed a vendor financing commitment letter with Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. Capital Corporation, the financing arm of Cisco Systems Inc., for up to $180 million. Purchases are for equipment that will expand access and transport capacity, as well as provide greater capability and reliability for broadband deliveries. In February 2000, ICG announced that it is raising $750 million in equity funding from investors that included affiliates of Liberty Media Corporation, Hicks Hicks , Edward 1780-1849. American painter of primitive works, notably The Peaceable Kingdom, of which nearly 100 versions exist. , Muse, Tate & Furst Incorporated and Gleacher Capital Partners. The investment will be in the form of 8% convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". and warrants. In February 2000, ICG agreed to a common stock share exchange with Teligent, Inc and signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with Teligent to foster a relationship that will identify and implement operating efficiencies between the two companies networks and services. February 2000, ICG entered into an agreement with Lucent Technologies for a up to $250 million in vendor financing. The commitment is subject to finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. of legal documentation and the satisfaction of certain conditions. Equipment purchases are expected to include Lucent switches and accompanying hardware and software that will allow ICG to deliver advanced voice and data products. Forward Looking Statement Disclosure Information and statements presented in this press release may contain forward looking disclosures, expressed or implied, that are based on the beliefs of management as well as assumptions made based on information currently available to management. These forward looking statements and information involve risks and uncertainties including, but not limited to, future demand for the company's services, general economic conditions, government regulations, competition and customer strategies, capital deployment, the impact of pricing and other risks and uncertainties. Should one or more of these risks materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed, estimated or expected. These risks are detailed from time to time in various reports filed by ICG with the Securities and Exchange Commission, including Forms 10-K (filed for the year-ended December 31, 1998 and to be filed for the year-ended December 31, 1999) and Forms 10-Q filed quarterly subsequent to March 31, June 30 and September 30, 1999.
Key Operating Statistics
----------------- -------- -------- -------- -------- --------
As of, Dec. 31, Sep. 30, June 30, Mar. 31, Dec. 31,
1999 1999 1999 1999 1998
----------------- -------- -------- -------- -------- -------
Access
lines/ports
in service 730,975 584,827 494,405 418,610 354,482
----------------- -------- -------- -------- -------- -------
Total port
capacity(a) 932,143 -- -- -- 584,047
----------------- -------- -------- -------- -------- -------
Fiber route miles
Operational 4,596 4,449 4,406 4,351 4,255
Under
construction 531 -- -- -- --
----------------- -------- -------- -------- -------- -------
Fiber strand
miles
Operational 174,644 167,067 164,416 155,788 134,152
Under
construction 18,564 -- -- -- --
----------------- -------- -------- -------- -------- --------
Buildings
connected
On network 963 939 874 789 777
Hybrid 7,115 6,476 5,915 5,337 4,620
-------- -------- -------- -------- -------
Total buildings
connected 8,078 7,415 6,789 6,126 5,397
----------------- -------- -------- -------- -------- -------
Switches
Circuit 31 29 29 29 29
Data- Frame
relay 16 16 16 17 16
Data- ATM 24
-------- -------- -------- -------- -------
Total switches 71 45 45 46 45
----------------- -------- -------- -------- -------- -------
Collocations with
ILECs 147 139 126 111 59
----------------- -------- -------- -------- -------- -------
(a) Customer port equivalent
Additional Year-End 1999 Statistics:
-- Long-haul capacity under long-term leases: 18,000 miles
-- ICG customer collocations: 145
-- VoIP Gateways: 140
-- SS7 ports: 388
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
($ in thousands, except per share data)
Comparative periods
-----------------------
Sequential Year-over-year
Three months Three months Three months
ended, ended, ended,
12/31/1999 09/30/1999 % Change 12/31/1998 % Change
----------------------------------------------------------------------
Revenue:
Local
services $ 86,318 $ 69,454 24% $ 60,457 43%
Long distance 3,968 4,541 (13%) 5,160 (23%)
Special access 38,524 29,328 31% 20,606 87%
Switched
terminating
access 13,265 11,843 12% 11,825 12%
----------------------------------------------------------------------
Total revenue 142,075 115,166 23% 98,048 45%
----------------------------------------------------------------------
Operating costs (59,536) (66,284) (10%) (50,147) 19%
Selling, general
and
administrative (59,415) (94,558) (37%) (45,454) 31%
----------------------------------------------------------------------
EBITDA (before
nonrecurring and
noncash charges) 23,124 (45,676) NA 2,447 845%
----------------------------------------------------------------------
Depreciation and
amortization (48,102) (45,079) 7% (37,617) 28%
Provision for
impairment of
long-lived
assets (2,515) - NA (4,379) (43%)
Other, net (296) (626) (53%) (1,786) (83%)
----------------------------------------------------------------------
Operating loss (27,789) (91,381) (70%) (41,335) (33%)
----------------------------------------------------------------------
Interest expense (60,783) (52,891) 15% (48,153) 26%
Interest income 4,631 3,772 23% 6,226 (26%)
Other, net 154 (333) NA (156) (199%)
----------------------------------------------------------------------
Loss from
continuing
operations
before income
taxes,
preferred
dividends and
extraordinary
gain (83,787) (140,833) (41%) (83,418) 0%
----------------------------------------------------------------------
Income tax
expense (25) - NA (45) (44%)
Accretion and
preferred
dividends on
preferred
securities of
subsidiaries (16,158) (15,694) 3% (14,409) 12%
----------------------------------------------------------------------
Loss from
continuing
operations
before
extraordinary
gain (99,970) (156,527) (36%) (97,872) 2%
----------------------------------------------------------------------
Discontinued
operations:
(Loss) income
from discontinued
operations (981) 748 (231%) (20,342) (95%)
(Loss) gain
on disposal of
discontinued
operations 45,784 - NA (576) NA
----------------------------------------------------------------------
44,803 748 5890% (20,918) (314%)
----------------------------------------------------------------------
Extraordinary gain
on sales of
operations of
NETCOM, net of
income taxes 2,482 - NA - NA
======================================================================
Net loss $ (52,685) $ (155,779) 66% $ (118,790) (56%)
======================================================================
Net loss per share
- basic and
diluted:
Loss from
continuing
operations $ (2.10) $ (3.31) 37% $ (2.13) (1%)
Income (loss)
from
discontinued
operations 0.94 0.02 (5852%) (0.45) (307%)
Extraordinary
gain 0.05 - NA - NA
======================================================================
Net loss per share
- basic and
diluted $ (1.11) $ (3.29) 66% $ (2.58) (57%)
======================================================================
Weighted average
number of shares
outstanding
- basic
and diluted 47,618 47,320 46,010
======================================================================
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
($ in thousands, except per share data)
Years ended,
-----------------
12/31/1999 12/31/1998 % Change
----------------------------------------------------------------------
Revenue:
Local services $ 299,941 159,197 88%
Long distance 18,733 20,591 (9%)
Special access 113,852 74,489 53%
Switched terminating
access 46,700 49,040 (5%)
----------------------------------------------------------------------
Total revenue 479,226 303,317 58%
----------------------------------------------------------------------
Operating costs (238,927) (187,260) 28%
Selling, general and
administrative (239,756) (158,153) 52%
----------------------------------------------------------------------
EBITDA (before
nonrecurring and
noncash charges) 543 (42,096) NA
----------------------------------------------------------------------
Depreciation and amortization (174,239) (91,927) 90%
Provision for impairment of
long-lived assets (31,815) (4,877) 552%
Other, net (387) (1,786) (78%)
----------------------------------------------------------------------
Operating loss (205,898) (140,686) 46%
----------------------------------------------------------------------
Interest expense (212,420) (170,015) 25%
Interest income 16,300 28,401 (43%)
Other, net (2,522) (1,118) 126%
----------------------------------------------------------------------
Loss from continuing
operations before
income taxes,
preferred dividends and
extraordinary gain (404,540) (283,418) 43%
----------------------------------------------------------------------
Income tax expense (25) (90) (72%)
Accretion and preferred
dividends on preferred
securities of subsidiaries (61,897) (55,183) 12%
----------------------------------------------------------------------
Loss from continuing
operations before
extraordinary gain (466,462) (338,691) 38%
----------------------------------------------------------------------
Discontinued operations:
Loss from discontinued
operations (1,036) (77,577) (99%)
Gain (loss) on disposal
of discontinued
operations 37,825 (1,777) NA
----------------------------------------------------------------------
36,789 (79,354) (146%)
----------------------------------------------------------------------
Extraordinary gain on sales
of operations of NETCOM,
net of income taxes 195,511 - NA
----------------------------------------------------------------------
Net loss $ (234,162) (418,045) 44%
======================================================================
Net loss per share - basic
and diluted:
Loss from continuing
operations $ (9.90) (7.49) (32%)
Income (loss) from
discontinued operations 0.78 (1.76) 144%
Extraordinary gain 4.15 - NA
----------------------------------------------------------------------
Net loss per share
- basic and diluted $ (4.97) (9.25) 46%
======================================================================
Weighted average number
of shares outstanding
- basic and diluted 47,116 45,194
======================================================================
CONSOLIDATED CONDENSED BALANCE SHEETS (unaudited)
($ in thousands)
December 31,
-------------------------
1999 1998
----------------------------------------------------------------------
Assets:
Cash, cash equivalents
and short-term investments $ 125,507 262,307
Receivables, net 168,731 113,559
Property and equipment, net 1,525,680 908,058
Other assets, net 200,703 202,883
Net assets of discontinued
operations - 102,840
----------------------------------------------------------------------
Total assets $ 2,020,621 1,589,647
======================================================================
Liabilities and Stockholders' Deficit:
Accounts payable and accrued
liabilities $ 198,000 81,989
Capital leases 206,760 67,792
Debt 1,906,697 1,599,044
Other liabilities 33,705 5,647
----------------------------------------------------------------------
Total liabilities 2,345,162 1,754,472
----------------------------------------------------------------------
Redeemable preferred
securities of subsidiaries 519,323 466,352
Stockholders' deficit:
Common stock 478 464
Additional paid-in capital 599,282 577,940
Accumulated deficit (1,443,624) (1,209,462)
Accumulated other comprehensive
loss - (119)
----------------------------------------------------------------------
Total stockholders' deficit (843,864) (631,177)
----------------------------------------------------------------------
----------------------------------------------------------------------
Total liabilities and
stockholders' deficit $ 2,020,621 1,589,647
======================================================================
Diluted shares (in thousands) 50,217 56,183
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