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CELLULAR COMMUNICATIONS OF PUERTO RICO, INC. ANNOUNCES OPERATING RESULTS FOR THIRD QUARTER 1992

 CELLULAR COMMUNICATIONS OF PUERTO RICO, INC. ANNOUNCES
 OPERATING RESULTS FOR THIRD QUARTER 1992
 NEW YORK, Nov. 13 /PRNewswire/ -- Cellular Communications of Puerto Rico, Inc. (NASDAQ: CCPR) ("CCPR") announced today its operating results for the three and nine months ended Sept. 30, 1992.
 CCPR was a wholly owned subsidiary of Cellular Communications, Inc. ("CCI") until Feb. 28, 1992, when it was distributed to CCI shareholders, who received one share of CCPR for every six shares of CCI they held. CCPR commenced active marketing efforts in April 1991.
 CELLULAR COMMUNICATIONS OF PUERTO RICO, INC.
 (In thousands, except subscribers and per share data)
 Periods Ended Sept. 30 Three Months
 1992 1991
 Revenues:
 Service $ 2,459 $ 833
 Equipment, net 47 (6)
 Total 2,506 827
 Expenses:
 Operating 844 423
 SG&A 2,390 1,347
 Total 3,234 1,770
 Operating (loss) (728) (943)
 Depreciation and amortization (2,172) (1,358)
 Interest and other, net (902) (936)
 Net (loss) $ (3,802) $ (3,237)
 Net (loss) per common share $ (.42) $ (.37)
 Weighted average shares 9,086 8,764
 Ending subscribers 6,900 --
 Discussion of Third Quarter Results
 Service revenues increased from $833,000 to $2,459,000 as a result of subscriber growth since the company's commencement of active marketing of its cellular service in the second quarter of 1991.
 The income (loss) from telephone equipment before depreciation of rental telephones was $47,000 in 1992 and $(6,000) in 1991. The 1992 and 1991 amounts are due to revenue from telephone rentals to corporate accounts and from installations and repairs of telephones, net of losses on sales of equipment.
 Operating expenses increased from $423,000 to $844,000 as a result of additional costs associated with the expanded cellular network and from increased usage of the network.
 Selling, general and administrative expenses increased from $1,347,000 to $2,390,000 as a result of increased selling and marketing to increase the customer base and additional personnel and overhead to service the expanding customer base.
 Depreciation and amortization expense increased from $1,358,000 to $2,172,000 primarily because of increases in property, plant and equipment.
 Net interest expense decreased from $936,000 to $902,000 as a result of larger amounts available for short term investment, offset by increases in the company's debt.
 In August 1992, the company issued $40,000,000 principal amount 8- 1/4 percent convertible senior subordinated notes due August 1, 2000. Interest is payable on Feb. 1, 1993 and every six months thereafter. The company received net proceeds of approximately $37,900,000 after underwriting discounts and commissions and expenses. The notes are convertible into shares of common stock at any time prior to maturity at a conversion price of $14.40 per share, subject to adjustment. The notes are redeemable, in whole or in part, at the option of the company at any time on or after August 1, 1995, at a redemption price of 105.16 percent that declines annually to 101.03 percent in 1999, in each case together with accrued interest to the redemption date.
 CELLULAR COMMUNICATIONS OF PUERTO RICO, INC.
 (In thousands, except per share data)
 Nine Months
 1992 1991
 Revenues:
 Service $6,756 $ 1,001
 Equipment, net 118 11
 Total 6,874 1,012
 Expenses:
 Operating 2,455 1,189
 SG&A 6,610 2,561
 Total 9,065 3,750
 Operating (loss) (2,191) (2,738)
 Depreciation and amortization (6,209) (3,891)
 Interest and other, net (1,933) (1,598)
 (Loss) before minority interests (10,333) (8,227)
 Minority interests -- 35
 Net (loss) $(10,333) $(8,192)
 Net (loss) per common share $ (1.14) $(.93)
 Weighted average shares 9,028 8,764
 On Sept. 8, 1992, the company declared a 5-for-4 stock split by way of stock dividend, which was paid on Oct. 6, 1992 to shareholders of record on Sept. 28, 1992.
 -0- 11/13/92
 /CONTACT: Stanton N. Williams, director-corporate development 212-906-8448 or Richard J. Lubasch, senior vice president-general counsel 212-906-8470, both of Cellular Communications of Puerto Rico, Inc./
 (CCPR) CO: Cellular Communications of Puerto Rico, Inc. ST: New York IN: TLS SU: ERN


SM-LD -- NY007 -- 0526 11/13/92 08:42 EST
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Publication:PR Newswire
Date:Nov 13, 1992
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