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CELLULAR COMMUNICATIONS OF PUERTO RICO, INC. ANNOUNCES OPERATING RESULTS FOR FIRST QUARTER 1993

 NEW YORK, May 14 /PRNewswire/ -- Cellular Communications of Puerto Rico, Inc. (NASDAQ: CCPR) announced today its operating results for the three months ended March 31, 1993.
 CELLULAR COMMUNICATIONS OF PUERTO RICO, INC.
 (In thousands, except subscribers and per share data)
 Three Months Ended March 31, 1993 1992
 Revenues:
 Service $ 3,276 $ 1,977
 Equipment, net (153) 67
 Total revenues 3,123 2,044
 Expense:
 Operating 1,038 838
 SG&A 3,344 2,187
 Total expense 4,382 3,025
 Operating income (1,259) (981)
 Depreciation and amortization (2,426) (2,000)
 Interest and other, net (1,246) (604)
 Net (loss) $ (4,931) $ (3,585)
 Net (loss) per common share $ (.52) $ (.40)
 Weighted average shares 9,532 8,865
 Ending subscribers 11,000 5,100
 Discussion of First Quarter Results
 Service revenues increased to $3,267,000 from $1,977,000 as a result of subscriber growth that increased the company's current revenue stream.
 The loss from telephone equipment of $153,000 in 1993 compared to income of $67,000 in 1992, before depreciation of rental telephones, is due primarily to losses on sales of equipment in 1993. The company sells telephones and accessories at or below cost in response to competition and to increase subscriber growth.
 Operating expenses increased to $1,038,000 from $838,000 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 to $3,344,000 from $2,187,000 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 to $2,426,000 from $2,000,000 primarily because of increases in property, plant and equipment.
 Interest and other, net increased to $1,246,000 from $604,000 as a result of increases in the company's debt.
 The company adopted the Financial Accounting Standards Board Statement No. 109, "Accounting for Income Taxes," during the first quarter of 1993. Application of the new rules resulted in no effect on the company's results of operations primarily because the company recognized net deferred tax assets representing the tax benefits of net operation loss carryforwards only to the extent of its deferred tax liabilities.
 In February 1993, the company's loan agreement with a subsidiary of Cellular Communications, Inc. representing principal of $47,942,000 due on July 31, 1996 was amended and restated to allow the company, at its election, to defer the accrued interest due on Feb. 28, 1993 and interest payable quarterly thereafter. In addition, the interest rate was increased to 1.25 percent plus the original floating rate. The company elected to defer the approximately $4,700,000 accrued interest due on Feb. 28, 1993 and the approximately $265,000 accrued interest due on March 31, 1993. The company expects to continue to defer quarterly interest payments in the future.
 -0- 5/14/93
 /CONTACT: J. Barclay Knapp, chief operating officer, 212-906-8445, or Stanton N. Williams, director - corporate development, 212-906-8448, or Richard J. Lubasch, senior vice president - general counsel, 212-906-8470, all for Cellular Communications, of Puerto Rico, Inc./
 (CCPR)


CO: Cellular Communications, Inc. ST: New York IN: TLS SU: ERN

LD -- NY007 -- 8490 05/14/93 09:12 EDT
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Date:May 14, 1993
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