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CELLULAR COMMUNICATIONS OF PUERTO RICO ANNOUNCES OPERATING RESULTS FOR SECOND QUARTER 1992

 CELLULAR COMMUNICATIONS OF PUERTO RICO ANNOUNCES
 OPERATING RESULTS FOR SECOND QUARTER 1992
 NEW YORK, Aug. 14 /PRNewswire/ -- Cellular Communications of Puerto Rico, Inc. (NASDAQ: CCPR) (CCPR) announced today its operating results for the three and six months ended June 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)
 Three Months Ended June 30 1992 1991
 Revenues:
 Service $ 2,320 $ 168
 Equipment, net 4 17
 Total 2,324 185
 Expenses:
 Operating 773 403
 SG&A 2,033 830
 Total 2,806 1,233
 Operating (loss) (482) (1,048)
 Depreciation and amortization (2,037) (1,363)
 Interest and other, net (427) (421)
 Net (loss) $(2,946) $(2,832)
 Net (loss) per common share $(.41) $(.40)
 Weighted average shares 7,268 7,011
 Ending subscribers 6,000
 Six Months Ended June 30 1992 1991
 Revenues:
 Service $4,297 $ 168
 Equipment, net 71 17
 Total 4,368 185
 Expenses:
 Operating 1,611 766
 SG&A 4,220 1,214
 Total 5,831 1,980
 Operating (loss) (1,463) (1,795)
 Depreciation and amortization (4,037) (2,533)
 Interest and other, net (1,031) (662)
 (Loss) before minority interests (6,531) (4,990)
 Minority interests -- 35
 Net (loss) $(6,531) $(4,955)
 Net (loss) per common share $(.91) $(.71)
 Weighted average shares 7,181 7,011
 Discussion of Second Quarter Results
 Service revenues were $2,320,000 in 1992 and $168,000 in 1991 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 from telephone equipment before depreciation of rental telephones was $4,000 in 1992 and $17,000 in 1991. The 1992 and 1991 income is due to revenue from telephone rentals to corporate accounts and from installations and repairs of telephones. The 1991 income is also due to the gross margin on sales of equipment.
 Operating expenses increased to $773,000 from $403,000 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 to $2,033,000 from $830,000 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 $2,037,000 from $1,363,000 primarily because of increases in property, plant and equipment.
 Net interest expense increased to $427,000 from $421,000 as a result of increases in the company's debt offset by lower interest rates in 1992.
 In August 1992, the company issued $40,000,000 principal amount 8-1/4 percent convertible senior subordinated notes due Aug. 1, 2000. 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 $18.00 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 Aug. 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.
 -0- 8/14/92
 /CONTACT: J. Barclay Knapp, chief operating officer, 614-325-2305, of Cellular Communications of Puerto Rico/
 (CCPR) CO: Cellular Communications of Puerto Rico, Inc. ST: New York IN: TLS SU: ERN


TM-PS -- NY007 -- 9876 08/14/92 08:49 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
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