CELLULAR COMMUNICATIONS OF PUERTO RICO ANNOUNCES
OPERATING RESULTS FOR FIRST QUARTER 1992
NEW YORK, May 15 /PRNewswire/ -- Cellular Communications of Puerto Rico, Inc. (NASDAQ: CCPR) ("CCPR") announced today its operating results for the three months ended March 31, 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)
Three Months Ended March 31 1992 1991
Service $ 1,977 $ --
Equipment, net 67 --
Total 2,044 --
Operating 838 363
SG&A 2,187 384
Total 3,025 747
Operating (loss) (981) (747)
Depreciation and amortization (2,000) (1,170)
Interest and other, net (604) (241)
(Loss) before minority interests (3,585) (2,158)
Minority interests -- 35
Net (loss) (3,585) (2,123)
Net (loss) per common share $ (.51) $(.30)
Weighted average shares 7,092 7,011
Ending subscribers 5,100 0
Discussion of Results
Service revenues were $1,977,000 in 1992 as a result of the company's active marketing of its cellular service commencing April 1991.
The gross margin from equipment of $67,000 in 1992, before depreciation of rental telephones, is due to the gross margin on sales of equipment and revenue from telephone rentals and from installations and repairs of telephones.
Operating expenses increased from $363,000 to $838,000 as a result of additional personnel and overhead associated with the expanded cellular network and from increased usage of the network.
Selling, general and administrative expenses increased from $384,000 to $2,187,000 as a result of active selling and marketing in 1992 and additional personnel and overhead to service the expanding customer base.
Depreciation and amortization expense increased from $1,170,000 to $2,000,000 primarily because of increases in property, plant and equipment.
Net interest expense increased from $241,000 to $604,000 as a result of increases in amounts due to CCI's wholly owned subsidiary, Cellular Communications of Ohio, Inc.
/CONTACT: J. Barclay Knapp, chief operating officer, 614-325-2305, or Richard J. Lubasch, senior vice president - general counsel, 212-906-8470, both for Cellular Communications of Puerto Rico/
(CCPR) CO: Cellular Communications of Puerto Rico, Inc. ST: New York IN: TLS SU: ERN 469 05-14-92 23:22 EDT PS -- NY007 -- 0588 05/15/92 08:52 EDT