CELLULAR COMMUNICATIONS INTERNATIONAL ANNOUNCES OPERATING RESULTS FOR FIRST QUARTER 1992
CELLULAR COMMUNICATIONS INTERNATIONAL ANNOUNCES
OPERATING RESULTS FOR FIRST QUARTER 1992
NEW YORK, May 15 /PRNewswire/ -- Cellular Communications International, Inc. (NASDAQ: CCIL) ("CCII") announced today its operating results for the three months ended March 31, 1992.
CCII was formerly a wholly owned subsidiary of Cellular Communications, Inc. ("CCI") until July 31, 1991, when it was distributed to CCI shareholders, who received one share of CCII for every six shares of CCI they held. Immediately prior to the distribution, CCII received a cash contribution of approximately $14,000,000 from CCI. In September 1991, CCII purchased $10,000,000 of CCI Series A preference stock.
CCII is at present pursuing opportunities in mobile telecommunications services outside the United States. Currently, CCII's primary asset is its investment in Omnitel, an Italian joint venture organized to apply for a cellular telephone license in Italy (including San Marino and Vatican City), if and when the Italian government makes such a license available. CCII has not yet generated any revenues from operations.
CELLULAR COMMUNICATIONS INTERNATIONAL, INC.
(In thousands, except per share data)
Three Months Ended March 31 1992 1991
General & administrative expenses $ 211 $ 47
Equity in loss of joint venture -- 20
Operating (loss) (211) (67)
Interest and dividend income 208 --
Net (loss) $ (3) $(67)
Net (loss) per common share $(.00) $(.01)
Weighted average shares 6,636 6,625
Discussion of Results
General and administrative expenses increased from $47,000 to $211,000 because CCII became a separate public company in 1992 whereas the 1991 amount represents allocations of costs from CCI.
In 1988, CCII entered into a joint venture for the purpose of applying for licenses in Western Europe ("Eurocell"). Eurocell was not successful in obtaining any licenses and is currently inactive. During 1991, CCII recognized its $20,000 share of Eurocell's loss.
Interest and dividend income increased from $0 to $208,000 in 1992 due to higher cash balances available for investments and accrued dividends on CCI preferred stock.
/CONTACT: William B. Ginsberg, president, 212-906-9480, or Thomas B. Tesluk, senior vice president, 212-906-8488, both for Cellular Communications International/
(CCIL) CO: Cellular Communications International, Inc. ST: New York IN: TLS SU: ERN 398 05-14-92 22:43 EDT PS -- NY005 -- 0585 05/15/92 08:50 EDT