Printer Friendly

CELLULAR COMMUNICATIONS OF PUERTO RICO REPORTS OPERATING RESULTS FOR 1992

 NEW YORK, March 29 /PRNewswire/ -- Cellular Communications of Puerto Rico, Inc (CCPR) (NASDAQ: CCPR) announced today its operating results for the year ended Dec. 31, 1992.
 CCPR was a wholly-owned subsidiary of Cellular Communications, Inc. (CCI) until Feb. 28, 1992, when it was distributed to CCI shareholders. CCPR commenced active marketing efforts in April 1991. The company recently substantially achieved its objective of providing continuous coverage of its cellular system along Puerto Rico's primary highway loop system and in the densely populated sections within its markets.
 CELLULAR COMMUNICATIONS OF PUERTO RICO, INC.
 Operating Results
 (In thousands, except subscribers and per share data)
 Year ended Dec. 31 1992 1991
 Revenues:
 Service $ 9,624 $ 2,422
 Equipment, net 112 105
 Total revenues: 9,736 2,527
 Expenses:
 Operating 3,368 2,080
 SG&A 9,432 4,507
 Total 12,800 6,587
 Operating (loss) (3,064) (4,060)
 Depreciation and amortization (8,542) (6,240)
 Interest expense, net (3,244) (2,323)
 Income tax benefit 724 --
 Minority interests -- 35
 Net (loss) $(14,126) $(12,588)
 Net (loss) per common share $ (1.56) $ (1.44)
 Weighted average shares 9,073 8,764
 Ending subscribers 8,300 3,900
 Discussion of Results
 Service revenues increased from $2,422,000 to $9,624,000 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 from telephone equipment before depreciation of rental telephones was $112,000 in 1992 and $105,000 in 1991. The 1992 and 1991 income is due to revenue from telephone rentals to corporate accounts and from installations and repairs of telephones.
 Operating expenses increased from $2,080,000 to $3,368,000 as a result of additional costs associated with the expanded cellular network and from increased usage of the network.
 Selling, general and administration expenses increased from $4,507,000 to $9,432,000 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 $6,240,000 to $8,542,000 primarily because of increases in property, plant and equipment.
 Net interest expense increased from $2,323,000 to $3,244,000 as a result of increases in the company's debt.
 The company recognized an income tax benefit in 1992 of $742,000 on connection with its tax sharing agreement with CCI.
 Recent Developments
 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 and Aug. 1. 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 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.
 On Sept. 8, 1992, the company declared a 5-for-4 stock split by way of a stock dividend, which was paid on Oct. 6, 1992 to shareholders of record on Sept. 28, 1992. The weighted average shares gives effect to the stock split.
 In February 1993, the company's loan agreement with a subsidiary of CCI representing principal of $47,942,000 due on July 31, 1996 was amended and restated to allow the company, at its election, to capitalize 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. CCPR elected to capitalize the approximately $4,700,000 accrued interest due on Feb. 28, 1993, and expects to capitalize interest on its due date in the future.
 -0- 3/29/93
 /CONTACT: J. Barclay Knapp, chief operating officer, 614-325-2305 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/
 (CCPR)


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

TS-TM -- NY009 -- 0339 03/29/93 08:47 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 29, 1993
Words:725
Previous Article:CELLULAR COMMUNICATIONS INTERNATIONAL, INC. ANNOUNCES OPERATING RESULTS FOR 1992
Next Article:OCOM CORPORATION ANNOUNCES OPERATING RESULTS FOR 1992
Topics:


Related Articles
CELLULAR COMMUNICATIONS ANNOUNCES OPERATING RESULTS FOR FIRST QUARTER 1992
CELLULAR COMMUNICATIONS ANNOUNCES OPERATING RESULTS FOR SECOND QUARTER 1992
CELLULAR COMMUNICATIONS OF PUERTO RICO ANNOUNCES OPERATING RESULTS FOR SECOND QUARTER 1992
CELLULAR COMMUNICATIONS OF PUERTO RICO, INC. ANNOUNCES OPERATING RESULTS FOR THIRD QUARTER 1992
CELLULAR COMMUNICATIONS OF PUERTO RICO, INC. ANNOUNCES OPERATING RESULTS FOR FIRST QUARTER 1993
CELLULAR COMMUNICATIONS OF PUERTO RICO, INC. ANNOUNCES PRELIMINARY OPERATING RESULTS FOR YEAR 1993
CELLULAR COMMUNICATIONS OF PUERTO RICO, INC. ANNOUNCES OPERATING RESULTS FOR 1993
CELLULAR COMMUNICATIONS OF PUERTO RICO, INC
CELLULAR COMMUNICATIONS OF PUERTO RICO, INC. ANNOUNCES OPERATING RESULTS FOR FIRST QUARTER 1995
CELLULAR COMMUNICATIONS OF PUERTO RICO, INC. ANNOUNCES OPERATING RESULTS FOR SECOND QUARTER 1995

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters