Centennial Communications Corp. (NASDAQ: CYCL) ("Centennial") today
reported net income of $19.4 million, or $0.18 per diluted share,
for the fiscal third quarter of 2009 as compared to net income of
$5.4 million, or $0.05 per diluted share, in the fiscal third
quarter of 2008. Consolidated adjusted operating income (AOI)(1)
was $106.3 million for the fiscal third quarter, as compared to
$93.5 million for the adjusted prior-year quarter. For comparison,
certain of the Company's fiscal 2008 financial results have been
adjusted to reflect the discontinuation of its loaned phones
program in Puerto Rico as of June 1, 2008(2).
Centennial reported fiscal third-quarter consolidated revenue of
$262.7 million, which included $147.1 million from U.S. wireless
and $115.6 million from Puerto Rico operations. Consolidated
revenue grew 5 percent versus the fiscal third quarter of 2008. The
Company ended the quarter with 1,094,900 total wireless
subscribers, which compares to 1,086,300 for the year-ago quarter
and 1,091,600 for the previous quarter ended November 30, 2008. The
Company reported 683,300 total access lines and equivalents at the
end of the fiscal third quarter, which compares to 559,200 for the
year-ago quarter.
AT&T TRANSACTION
-- On February 24, 2009, Centennial announced that its stockholders
approved the adoption of the Agreement and Plan of Merger, dated as of
November 7, 2008 (the "Merger Agreement"), providing for the acquisition of
Centennial by AT&T Inc. ("AT&T"). Of the shares voted at the special
meeting, over 99 percent were cast in favor of the adoption, representing
approximately 88 percent of the total shares outstanding and entitled to
vote.
-- On November 7, 2008, Centennial entered into the Merger Agreement
under which AT&T will acquire Centennial (the "Merger"). Under the terms
of the Merger Agreement, Centennial stockholders will receive $8.50 per
share in cash for a total equity price of $944 million. Including net
debt, the total enterprise value is approximately $2.8 billion. Completion
of the Merger is not subject to a financing condition, but remains subject
to (i) conditions relating to approval by the Federal Communications
Commission, (ii) expiration or termination of applicable waiting periods
under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended,
and (iii) other customary conditions to closing. The Company anticipates
that the Merger will be completed by mid-year calendar 2009, assuming
satisfaction or waiver of all of the conditions to the Merger.
CENTENNIAL SEGMENT HIGHLIGHTS
U.S. Wireless Operations
-- Revenue was $147.1 million, a 7 percent increase from last year's
third quarter. Retail revenue (total revenue excluding roaming revenue)
increased 7 percent from the year-ago period primarily driven by solid
data, access and feature revenue. Roaming revenue increased 3 percent from
the year-ago quarter primarily because of an increase in data roaming
revenue, partially offset by a decline in voice roaming revenue due to a 16
percent decrease in the average roaming rate per minute.
-- Average revenue per user (ARPU) was $74 during the fiscal third
quarter, a 6 percent year-over-year increase. ARPU included approximately
$8.12 of data revenue per user, which grew 49 percent from the year-ago
period.
-- AOI was $59.3 million, a 17 percent year-over-year increase,
representing an AOI margin of 40 percent. AOI benefited from solid growth
in retail revenue and a decrease in advertising expenses.
-- U.S. wireless ended the quarter with 664,200 total subscribers, which
compares to 662,700 for the prior-year quarter and to 661,100 for the
previous quarter ended November 30, 2008. Postpaid subscribers increased
4,800 from the fiscal second quarter of 2009 on stable postpaid churn of
2.1 percent.
-- Capital expenditures were $12.3 million for the fiscal third quarter.
Puerto Rico Wireless Operations
-- Revenue was $83.5 million, an increase of 1 percent from the prior-
year third quarter, primarily driven by a 2 percent increase in total
subscribers and growth in data roaming revenue.
-- ARPU was $65, which was unchanged compared to the year-ago period.
ARPU included approximately $10.43 of data revenue per user, which
increased 48 percent from the year-ago period.
-- AOI totaled $27.1 million, an adjusted 7 percent year-over-year
increase, representing an AOI margin of 32 percent. AOI benefited from an
increase in total subscribers and an adjusted 5 percent decrease in handset
expense.
-- Puerto Rico wireless ended the quarter with 430,700 total subscribers,
which compares to 423,600 for the prior-year quarter and to 430,500 for the
previous quarter ended November 30, 2008. Postpaid subscribers increased
400 from the fiscal second quarter of 2009 due to an increase in Instant
Internet broadband data customers, largely offset by continued declines in
traditional voice customers. Postpaid churn rose to 2.9 percent.
-- Capital expenditures were $5.7 million for the fiscal third quarter.
Puerto Rico Broadband Operations
-- Revenue was $35.0 million, a 3 percent year-over-year increase.
Revenue increased primarily due to solid access line growth, partially
offset by a decrease in recurring revenue per line.
-- AOI was $19.9 million, a 13 percent increase from the year-ago period,
representing an AOI margin of 57 percent. AOI increased largely due to
solid access line growth and a settlement related to an intercarrier
compensation dispute.
-- Switched access lines totaled approximately 103,700 at the end of the
fiscal third quarter, an increase of 12,100 lines, or 13 percent from the
prior-year quarter. Dedicated access line equivalents were 579,600 at the
end of the fiscal third quarter, a 24 percent year-over-year increase.
-- Capital expenditures were $6.1 million for the fiscal third quarter.
REVISED FISCAL 2009 OUTLOOK
-- The Company expects consolidated AOI from continuing operations between
$400 million and $415 million for fiscal 2009, excluding stock-based
compensation expense. Consolidated AOI from continuing operations for
fiscal year 2008 would have been $385.7 million if adjusted for the
discontinuation of the loaned phones program in the Company's Puerto
Rico wireless operations. The Company has not included a reconciliation
of projected AOI to the related GAAP measure because projections for
some components of this reconciliation are not possible to forecast
at this time.
-- The Company expects fiscal 2009 U.S. wireless roaming revenue to be
approximately flat versus fiscal 2008. U.S. wireless roaming revenue
for fiscal 2008 was $58.3 million.
-- The Company expects capital expenditures will be approximately $125
million for fiscal 2009 including spectrum clearing to partially upgrade
its U.S. wireless network to next-generation (3G) technology. Capital
expenditures including spectrum acquisition costs for fiscal 2008 would
have been $118.7 million if adjusted for the discontinuation of the
loaned phones program in the Company's Puerto Rico wireless operations.
FY2008 Adjusted FY2009 Previous FY2009 Revised
Results Outlook Outlook
--------------- --------------- --------------
Consolidated Adjusted $385.7 million $395 million - $400 million -
Operating Income (adjusted for $415 million $415 million
(AOI) $18.4 million
of capitalized
phones)
U.S. Wireless Roaming Approximately Approximately
Revenue $58.3 million $5 million flat versus
decline fiscal 2008
Consolidated Capital
Expenditures (Capex) $118.7 million $130 million $125 million
(adjusted for including partial including
$18.4 million next-generation (3G) spectrum
of capitalized network upgrade in clearing for
phones) U.S. wireless partial next-
generation
(3G) network
upgrade in U.S.
wireless
DEFINITIONS AND RECONCILIATION
(1) Adjusted operating income is defined as net income before loss from
discontinued operations, minority interest in income of subsidiaries,
income tax expense, interest expense, net, loss on disposition of
assets, litigation settlement expense, transaction costs, stock-based
compensation expense and depreciation and amortization. Please refer
to the schedule below for a reconciliation of adjusted operating income
to consolidated net income and the Investor Relations website at
www.ir.centennialwireless.com for a discussion and reconciliation of
this and other non-GAAP financial measures.
Reconciliation of adjusted operating income to consolidated net income:
Three Months Ended Nine Months Ended
February 28, February 29, February 28, February 29,
----------- ----------- ----------- -----------
2009 2008 2009 2008
----------- ----------- ----------- -----------
Adjusted operating
income $ 106,315 $ 99,108 $ 299,581 $ 295,128
Depreciation and
amortization (32,366) (35,262) (103,019) (102,873)
Stock-based
compensation expense (2,815) (2,112) (9,019) (8,548)
Transaction costs (666) -- (3,002) --
Litigation settlement
expense -- -- -- (2,950)
Loss on disposition of
assets (422) (120) (456) (1,731)
----------- ----------- ----------- -----------
Operating income 70,046 61,614 184,085 179,026
Interest expense, net (42,735) (47,508) (132,163) (143,901)
Income tax expense (7,508) (7,302) (20,255) (20,270)
Minority interest in
income of subsidiaries (284) (171) (581) (492)
----------- ----------- ----------- -----------
Income from continuing
operations 19,519 6,633 31,086 14,363
Net loss from
discontinued
operations (138) (1,218) (926) (2,257)
=========== =========== =========== ===========
Net income $ 19,381 $ 5,415 $ 30,160 $ 12,106
=========== =========== =========== ===========
(2) Please refer to the Company's Form 10-K for the year ending
May 31, 2008 and the fiscal fourth-quarter 2008 earnings press release
for information regarding the discontinuation of the loaned phones
program.
ABOUT CENTENNIAL
Centennial Communications (NASDAQ: CYCL), based in Wall, NJ, is
a leading provider of regional wireless and integrated
communications services in the United States and Puerto Rico with
approximately 1.1 million wireless subscribers and 683,300 access
lines and equivalents. The U.S. business owns and operates wireless
networks in the Midwest and Southeast covering parts of six states.
Centennial's Puerto Rico business owns and operates wireless
networks in Puerto Rico and the U.S. Virgin Islands and provides
facilities-based integrated voice, data and Internet solutions.
Welsh, Carson, Anderson & Stowe is a significant shareholder of
Centennial. For more information regarding Centennial, please visit
our websites http://www.centennialwireless.com/ and
http://www.centennialpr.com/.
SAFE HARBOR PROVISION
Cautionary statement for purposes of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995:
Information in this release that involves Centennial's
expectations, beliefs, hopes, plans, projections, estimates,
intentions or strategies regarding the future are forward-looking
statements. Such forward-looking statements are subject to a number
of risks, assumptions and uncertainties that could cause the
Company's actual results to differ materially from those projected
in such forward-looking statements. These risks, assumptions and
uncertainties include, but are not limited to: the occurrence of
any event, change or other circumstance that could give rise to the
termination of the Merger Agreement with AT&T; the outcome of
any legal proceeding that has been or may be instituted against
Centennial and others relating to the Merger Agreement with
AT&T; the inability to complete the Merger due to the failure
to satisfy r conditions to consummation of the Merger; the failure
of the Merger to close for any other reason; risks that the
proposed transaction disrupts current plans and operations and the
potential difficulties in employee retention as a result of the
Merger; business uncertainty and contractual restrictions during
the pendency of the Merger; the diversion of management's attention
from ongoing business concerns; the effect of the announcement of
the Merger on our customer and supplier relationships, operating
results and business generally; the amount of the costs, fees,
expenses and charges related to the Merger; the timing of the
completion of the Merger or the impact of the Merger on our capital
resources, cash requirements, profitability, management resources
and liquidity; risks and uncertainties relating to our business
(including our ability to achieve strategic goals, objectives and
targets over applicable periods), industry performance and the
regulatory environment; the effects of a recession in the United
States and general downturn in the economy, including the
illiquidity in the debt/capital markets; the effects of vigorous
competition in our markets, which may make it difficult for us to
attract and retain customers and to grow our customer base and
revenue and which may increase churn, which could reduce our
revenue and increase our costs; the fact that many of our
competitors are larger than we are, have greater financial
resources than we do, are less leveraged than we are, have more
extensive coverage areas than we do, and may offer less expensive
and more technologically advanced products and services than we do;
our ability to gain access to the latest technology handsets in a
timeframe and at a cost similar to our competitors; our ability to
acquire, and the cost of acquiring, additional spectrum in our
markets to support growth and deployment of advanced technologies,
including 3G and 4G services; our ability to successfully deploy
and deliver wireless data services to our customers, including next
generation 3G and 4G technology; the effect of changes in the level
of support provided to us by the Universal Service Fund, or USF;
our ability to grow our subscriber base at a reasonable cost to
acquire; our dependence on roaming agreements for a significant
portion of our wireless revenue and the expected decline in roaming
revenue over the long term; our ability to successfully integrate
any acquired markets or businesses; the effects of higher than
anticipated handset subsidy costs; our dependence on roaming
agreements for our ability to offer our wireless customers
competitively priced regional and nationwide rate plans that
include areas for which we do not own wireless licenses; the
effects of adding new subscribers with lower credit ratings; our
substantial debt obligations, including restrictive covenants,
which place limitations on how we conduct business; market prices
for the products and services we offer may decline in the future;
changes and developments in technology, including our ability to
upgrade our networks to remain competitive and our ability to
anticipate and react to frequent and significant technological
changes which may render certain technologies used by us obsolete;
the effects of a decline in the market for our Code Division
Multiple Access ("CDMA")-based technology; the effects of
consolidation in the telecommunications industry; general economic,
business, political and social conditions in the areas in which we
operate, including the effects of downturns in the economy, world
events, terrorism, hurricanes, tornadoes, wind storms and other
natural disasters; our ability to generate cash and the
availability and cost of additional capital to fund our operations
and our significant planned capital expenditures; our need to
refinance or amend existing indebtedness prior to its stated
maturity; the effects of governmental regulation of the
telecommunications industry; our ability to attract and retain
qualified personnel; the effects of network disruptions and system
failures; our ability to manage, implement and monitor billing and
operational support systems; the results of litigation filed or
which may be filed against us or our vendors, including litigation
relating to wireless billing, using wireless telephones while
operating an automobile and litigation relating to infringement of
patents; the effects of scientific reports that may demonstrate
possible health effects of radio frequency transmission from use of
wireless telephones; the influence on us by our significant
stockholder and anti-takeover provisions and other risks referenced
from time to time in the Company's filings with the Securities and
Exchange Commission. All forward-looking statements included in
this release are based upon information available to Centennial as
of the date of the release, and we assume no obligation to update
or revise any such forward-looking statements.
CENTENNIAL COMMUNICATIONS CORP.
FINANCIAL DATA AND OPERATING STATISTICS
02/28/2009
($000's, except per subscriber data)
Three Months Ended Nine Months Ended
---------------------- ----------------------
Feb-09 Feb-08 Feb-09 Feb-08
---------- ---------- ---------- ----------
CONSOLIDATED
Total Wireless Subscribers 1,094,900 1,086,300 1,094,900 1,086,300
Net Gain - Total Subscribers 3,300 18,000 2,300 36,700
Revenue per Average
Wireless Customer (1) $ 70 $ 68 $ 71 $ 68
Retail Penetration (4) 8.4% 8.4% 8.4% 8.4%
Prepaid & Postpaid Churn -
Wireless (5) 2.5% 2.3% 2.6% 2.4%
Monthly MOU's per Wireless
Voice Customer 1,378 1,373 1,402 1,353
U.S. WIRELESS
Postpaid Wireless
Subscribers 649,500 641,000 649,500 641,000
Prepaid Wireless
Subscribers 14,700 21,700 14,700 21,700
---------- ---------- ---------- ----------
Total Wireless Subscribers 664,200 662,700 664,200 662,700
Total Wireless Gross Adds 47,200 58,200 147,800 154,800
Net Gain - Wireless
Subscribers 3,100 12,600 (1,100) 19,600
GSM as a % of Retail
Subscribers 100.0% 97.1% 100.0% 97.1%
Revenue per Average
Wireless Customer (1) $ 74 $ 70 $ 74 $ 70
Retail Revenue per Average
Wireless Customer (2) $ 67 $ 64 $ 66 $ 62
Data Revenue per Average
Wireless Customer (3) $ 8.12 $ 5.45 $ 7.40 $ 4.81
Retail Revenue $ 134,191 $ 125,276 $ 395,264 $ 363,502
Roaming Revenue $ 12,899 $ 12,526 $ 43,845 $ 44,711
Penetration - Wireless (4) 7.4% 7.4% 7.4% 7.4%
Postpaid Churn -
Wireless (5) 2.1% 2.0% 2.4% 2.0%
Prepaid & Postpaid Churn -
Wireless (5) 2.2% 2.3% 2.5% 2.3%
Monthly MOU's per Wireless
Voice Customer 1,090 1,075 1,105 1,058
Cost to Acquire (6) $ 311 $ 288 $ 334 $ 353
Capital Expenditures $ 12,279 $ 16,156 $ 29,376 $ 34,974
PUERTO RICO
Postpaid Wireless
Subscribers 427,000 420,900 427,000 420,900
Prepaid Wireless
Subscribers 3,700 2,700 3,700 2,700
---------- ---------- ---------- ----------
Total Wireless Subscribers 430,700 423,600 430,700 423,600
Total Wireless Gross Adds 38,000 35,400 110,200 108,300
Net Gain - Wireless
Subscribers 200 5,400 3,400 17,100
Revenue per Average
Wireless Customer (1) $ 65 $ 65 $ 66 $ 66
Data Revenue per Average
Wireless Customer (3) $ 10.43 $ 7.06 $ 9.43 $ 6.53
Penetration - Wireless (4) 10.8% 10.6% 10.8% 10.6%
Postpaid Churn -
Wireless (5) 2.9% 2.4% 2.7% 2.4%
Prepaid & Postpaid Churn -
Wireless (5) 2.9% 2.4% 2.8% 2.5%
Monthly MOU's per Wireless
Voice Customer 1,875 1,864 1,905 1,839
Fiber Route Miles 1,393 1,333 1,393 1,333
Switched Access Lines 103,700 91,600 103,700 91,600
Dedicated Access Line
Equivalents (7) 579,600 467,600 579,600 467,600
On-Net Buildings 2,442 2,146 2,442 2,146
Capital Expenditures -
Wireless $ 5,677 $ 10,264 $ 24,233 $ 27,022
Capital Expenditures -
Broadband $ 6,102 $ 3,753 $ 20,704 $ 13,599
---------- ---------- ---------- ----------
Capital Expenditures -
Total Puerto Rico $ 11,779 $ 14,017 $ 44,937 $ 40,621
========== ========== ========== ==========
REVENUES
U.S. Wireless $ 147,090 $ 137,802 $ 439,109 $ 408,213
---------- ---------- ---------- ----------
Puerto Rico - Wireless $ 83,497 $ 82,681 $ 253,726 $ 244,818
Puerto Rico - Broadband $ 35,023 $ 33,919 $ 105,880 $ 98,929
Puerto Rico - Intercompany $ (2,881) $ (3,249) $ (8,881) $ (9,269)
---------- ---------- ---------- ----------
Total Puerto Rico $ 115,639 $ 113,351 $ 350,725 $ 334,478
---------- ---------- ---------- ----------
Consolidated $ 262,729 $ 251,153 $ 789,834 $ 742,691
========== ========== ========== ==========
ADJUSTED OPERATING INCOME (8)
U.S. Wireless $ 59,323 $ 50,497 $ 168,216 $ 155,008
---------- ---------- ---------- ----------
Puerto Rico - Wireless $ 27,112 $ 30,958 $ 73,576 $ 86,846
Puerto Rico - Broadband $ 19,880 $ 17,653 $ 57,789 $ 53,274
---------- ---------- ---------- ----------
Total Puerto Rico $ 46,992 $ 48,611 $ 131,365 $ 140,120
---------- ---------- ---------- ----------
Consolidated $ 106,315 $ 99,108 $ 299,581 $ 295,128
========== ========== ========== ==========
NET DEBT
Total Debt Less Cash and
Cash Equivalents $1,858,700 $1,924,100 $1,858,700 $1,924,100
(1) Revenue per Average Wireless Customer is determined for each period by
dividing total monthly revenue per wireless subscriber including
roaming revenue by the average customers for such period.
(2) Retail Revenue per Average Wireless Customer is determined for each
period by dividing retail revenue (total revenue excluding roaming
revenue) by the average customers for such period.
(3) Data Revenue per Average Wireless Customer is determined for each
period by dividing data revenue by the average customers for such
period.
(4) The penetration rate equals the percentage of total population in our
service areas who are subscribers to our wireless service as of
period-end.
(5) Churn is calculated by dividing the aggregate number of subscribers
who cancel service during each month in a period by the total number
of subscribers as of the beginning of the month. Churn is stated as
the average monthly churn rate for the period.
(6) Cost to Acquire a new customer is calculated by dividing the sum of
the cost of phones and marketing expenses less the related
equipment sales by the gross activations for the period. Cost to
acquire excludes costs relating to phones used for customer
retention.
(7) February 2008 includes 84,700 dedicated access line equivalents
related to repeatedly renewed short term contracts that had previously
been excluded due to their term.
(8) Adjusted operating income is defined as net income before loss from
discontinued operations, minority interest in income of subsidiaries,
income tax expense, interest expense, net, loss on disposition of
assets, litigation settlement expense, transaction costs, stock-based
compensation expense and depreciation and amortization.
CENTENNIAL COMMUNICATIONS CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
Three Months Ended Nine Months Ended
------------------------ ------------------------
February 28, February 29, February 28, February 29,
2009 2008 2009 2008
----------- ----------- ----------- -----------
REVENUE:
Service revenue $ 247,415 $ 233,361 $ 743,669 $ 698,457
Equipment sales 15,314 17,792 46,165 44,234
----------- ----------- ----------- -----------
262,729 251,153 789,834 742,691
----------- ----------- ----------- -----------
COSTS AND EXPENSES:
Cost of services
(exclusive of
depreciation and
amortization shown
below) 46,383 45,034 148,300 135,975
Cost of equipment sold 37,737 34,047 120,729 95,831
Sales and marketing 24,180 25,503 78,698 77,817
General and
administrative 51,595 49,573 154,547 149,438
Depreciation and
amortization 32,366 35,262 103,019 102,873
Loss on disposition of
assets 422 120 456 1,731
----------- ----------- ----------- -----------
192,683 189,539 605,749 563,665
----------- ----------- ----------- -----------
OPERATING INCOME 70,046 61,614 184,085 179,026
----------- ----------- ----------- -----------
INTEREST EXPENSE, NET (42,735) (47,508) (132,163) (143,901)
----------- ----------- ----------- -----------
INCOME FROM CONTINUING
OPERATIONS BEFORE INCOME
TAX EXPENSE AND MINORITY
INTEREST IN INCOME OF
SUBSIDIARIES 27,311 14,106 51,922 35,125
INCOME TAX EXPENSE (7,508) (7,302) (20,255) (20,270)
----------- ----------- ----------- -----------
INCOME FROM CONTINUING
OPERATIONS BEFORE
MINORITY INTEREST IN
INCOME OF SUBSIDIARIES 19,803 6,804 31,667 14,855
MINORITY INTEREST IN
INCOME OF SUBSIDIARIES (284) (171) (581) (492)
----------- ----------- ----------- -----------
INCOME FROM CONTINUING
OPERATIONS 19,519 6,633 31,086 14,363
NET LOSS FROM
DISCONTINUED
OPERATIONS (138) (1,218) (926) (2,257)
----------- ----------- ----------- -----------
NET INCOME $ 19,381 $ 5,415 $ 30,160 $ 12,106
=========== =========== =========== ===========
EARNINGS (LOSS) PER
SHARE:
BASIC
EARNINGS PER SHARE
FROM CONTINUING
OPERATIONS $ 0.18 $ 0.06 $ 0.29 $ 0.13
LOSS PER SHARE
FROM DISCONTINUED
OPERATIONS $ (0.00) $ (0.01) $ (0.01) $ (0.02)
----------- ----------- ----------- -----------
NET INCOME PER
SHARE $ 0.18 $ 0.05 $ 0.28 $ 0.11
=========== =========== =========== ===========
DILUTED
EARNINGS PER SHARE
FROM CONTINUING
OPERATIONS $ 0.18 $ 0.06 $ 0.28 $ 0.13
LOSS PER SHARE
FROM DISCONTINUED
OPERATIONS $ (0.00) $ (0.01) $ (0.01) $ (0.02)
----------- ----------- ----------- -----------
NET INCOME PER
SHARE $ 0.18 $ 0.05 $ 0.27 $ 0.11
=========== =========== =========== ===========
WEIGHTED-AVERAGE SHARES
OUTSTANDING DURING THE
PERIOD:
BASIC 109,318 107,755 108,550 107,457
=========== =========== =========== ===========
DILUTED 110,992 109,987 110,360 110,240
=========== =========== =========== ===========
For investor and media inquiries please contact: Steve E.
Kunszabo Executive Director, Investor Relations 732-556-2220
Centennial Communications (NASDAQ:CYCL)
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