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

 NEW YORK, Aug. 13 /PRNewswire/ -- Cellular Communications of Puerto Rico, Inc. (NASDAQ: CCPR) announced today its operating results for the three and six months ended June 30, 1993.
 CELLULAR COMMUNICATIONS OF PUERTO RICO, INC.
 (In thousands, except subscribers and per share data)
 Three Months Ended June 30, 1993 1992
 Revenues:
 Service $ 4,413 $ 2,320
 Equipment, net (94) 4
 4,319 2,324
 Expenses:
 Operating 1,122 773
 SG&A 4,062 2,033
 5,184 2,806
 Operating (loss) (865) (482)
 Depreciation and amortization (2,525) (2,037)
 Interest and other, net (1,428) (427)
 Net (loss) $(4,818) $(2,946)
 Net (loss) per common share $ (.49) $ (.32)
 Weighted average shares 9,752 9,085
 Ending subscribers 14,900 6,000
 Six Months Ended June 30, 1993 1992
 Revenues:
 Service $ 7,689 $ 4,297
 Equipment, net (247) 71
 7,442 4,368
 Expenses:
 Operating 2,160 1,611
 SG&A 7,406 4,220
 9,566 5,831
 Operating (loss) (2,124) (1,463)
 Depreciation and amortization (4,951) (4,037)
 Interest and other, net (2,674) (1,031)
 Net (loss) $(9,749) $(6,531)
 Net (loss) per common share $ (1.01) (.73)
 Weighted average shares 9,642 8,976
 Ending subscribers 14,900 6,000
 Discussion of Second Quarter Results
 Service revenues increased to $4,413,000 from $2,320,000 as a result of subscriber growth that increased the company's current revenue stream.
 The loss from telephone equipment of $94,000 in 1993 compared to income of $4,000 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 $1,122,000 from $773,000 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 $4,062,000 from $2,033,000 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 $2,525,000 from $2,037,000 primarily because of increases in property, plant and equipment.
 Interest and other, net, increased to $1,428,000 from $427,000 as a result of increases in the company's debt.
 -0- 8/13/93
 /CONTACT: J. Barclay Knapp, chief operating officer, 212-906-8440, or Stanton N. Williams, director - corporate development, 212-906-8448, or Richard J. Lubasch, senior vice president - general counsel, 212-906-8470, all of Cellular Communications of Puerto Rico, Inc./
 (CCPR)


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

LD-MP -- NY073 -- 2705 08/13/93 16:54 EDT
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Publication:PR Newswire
Date:Aug 13, 1993
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