SOURCE: Centennial Communications Corp.

January 08, 2008 07:00 ET

Centennial Communications Announces Fiscal Second-Quarter Results; Company Updates 2008 Fiscal-Year Outlook; Expects Consolidated Adjusted Operating Income Between $395 Million and $405 Million

Fiscal Second-Quarter Income From Continuing Operations of $0.01 per Diluted Share, Compared to Income of $0.01 per Diluted Share From Continuing Operations in the Prior-Year Quarter

Fiscal Second-Quarter Consolidated Adjusted Operating Income From Continuing Operations of $96.0 million, up 11 Percent Year-Over-Year From $86.6 Million

Fiscal Second-Quarter Consolidated Revenue From Continuing Operations of $243.6 Million, up 7 Percent Year-Over-Year From $227.6 Million

WALL, NJ--(Marketwire - January 8, 2008) - Centennial Communications Corp. (NASDAQ: CYCL) ("Centennial") today reported income from continuing operations of $1.5 million, or $0.01 per diluted share, for the fiscal second quarter of 2008 as compared to income from continuing operations of $1.0 million, or $0.01 per diluted share, in the fiscal second quarter of 2007. Consolidated adjusted operating income (AOI)(1) from continuing operations for the fiscal second quarter was $96.0 million, as compared to $86.6 million for the adjusted prior-year quarter. For comparison, the Company's fiscal 2007 financial results have been adjusted to reflect the Universal Service Fund (USF) charge(2) in the period to which it relates.

"Our U.S. wireless business continues to move forward at a solid pace as we head into the second-half of fiscal 2008," said Michael J. Small, Centennial's chief executive officer. "Our customers continue to choose us because we have a great network and an enhanced retail distribution presence that is staffed by front-line associates who are among the best trained in the industry."

Small continued, "In Puerto Rico, good progress in growing wireless customers, sustaining a robust ARPU and renewing revenue and cash flow growth has been dampened by a soft economy and difficult competitive environment. Despite these external challenges, we remain committed to our proven local market strategy and will continue to capitalize on our strong collection of assets and a great local team."

Centennial reported fiscal second-quarter consolidated revenue from continuing operations of $243.6 million, which included $132.8 million from U.S. wireless and $110.8 million from Puerto Rico operations. Consolidated revenue from continuing operations grew 7 percent versus the adjusted fiscal second quarter of 2007. The Company ended the quarter with 1,118,500 total wireless subscribers, which compares to 1,058,700 for the year-ago quarter and 1,109,900 for the previous quarter ended August 31, 2007. The Company reported 460,700 total access lines and equivalents at the end of the fiscal second quarter, which compares to 387,500 for the year-ago quarter.

OTHER HIGHLIGHTS

--  On October 23, 2007, Centennial announced that it completed its
    purchase of 1900 MHz (PCS) wireless spectrum covering an aggregate of
    approximately 400,000 population equivalents (POPs) in Lima and Findlay-
    Tiffin, Ohio.  This targeted purchase is contiguous to Ft. Wayne, Indiana
    and improves the Company's Midwest footprint, supporting already strong
    momentum in its U.S. wireless retail business.
    
--  On December 3, 2007, the Company announced that it expanded its board
    of directors from ten members to eleven members and appointed Michael R.
    Coltrane as a new director.  Mr. Coltrane was formerly the chairman,
    president and chief executive officer for CT Communications, Inc., an
    integrated telecommunications provider in North Carolina that was acquired
    in August 2007 by Windstream Corporation.
    

CENTENNIAL SEGMENT HIGHLIGHTS

U.S. Wireless Operations

--  Revenue was $132.8 million, a 9 percent increase from last year's
    second quarter.  Retail revenue (total revenue excluding roaming revenue)
    increased 13 percent from the year-ago period primarily driven by a 6
    percent increase in total retail subscribers, and supported by strong data,
    feature, access and equipment revenue.  Roaming revenue decreased 16
    percent from the year-ago quarter primarily due to a 21 percent decline in
    the rate per minute for total voice roaming traffic.
    
--  Average revenue per user (ARPU) was $68 during the fiscal second
    quarter, a 2 percent year-over-year increase.  ARPU included approximately
    $4.68 of data revenue per user, which grew 79 percent from the year-ago
    period.
    
--  AOI was $51.4 million, a 22 percent year-over-year increase,
    representing an AOI margin of 39 percent.  AOI benefited from robust growth
    in retail revenue, partially offset by a decline in roaming revenue.
    
--  U.S. wireless ended the quarter with 700,300 total subscribers
    including 50,200 wholesale subscribers.  This compares to 666,400 for the
    prior-year quarter including 51,300 wholesale subscribers and to 697,700
    for the previous quarter ended August 31, 2007 including 51,400 wholesale
    subscribers.  At the end of the fiscal second quarter, approximately 95
    percent of retail subscribers were on GSM technology.  Postpaid subscribers
    increased 5,000 from the fiscal first quarter of 2008, supported by stable
    postpaid churn of 2.0 percent.
    
--  Capital expenditures were $11.8 million for the fiscal second quarter.
    

Puerto Rico Wireless Operations

--  Revenue was $80.8 million, an increase of 4 percent from the adjusted
    prior-year second quarter, driven primarily by subscriber growth.
    
--  Postpaid ARPU was $65, which declined from $67 when compared to the
    adjusted year-ago period.  ARPU fell largely due to a decrease in airtime
    and equipment revenue, partially offset by an increase in data and access
    revenue.  ARPU included approximately $6.37 of data revenue per user, which
    increased 48 percent from the year-ago period.
    
--  AOI totaled $27.2 million, an adjusted 1 percent year-over-year
    increase, representing an AOI margin of 34 percent.  AOI was favorably
    impacted by consistent subscriber growth during the last twelve months.
    
--  Puerto Rico wireless ended the quarter with 418,200 subscribers, which
    compares to 392,300 for the prior-year quarter and to 412,200 for the
    previous quarter ended August 31, 2007.  Postpaid subscribers increased
    6,100 from the fiscal first quarter of 2008, aided by stable postpaid churn
    of 2.6 percent.
    
--  Capital expenditures were $9.3 million for the fiscal second quarter.
    

Puerto Rico Broadband Operations

--  Revenue was $33.0 million, an adjusted 4 percent year-over-year
    increase.  Revenue increased primarily due to solid access line growth,
    partially offset by a decline in recurring revenue per line.
    
--  AOI was $17.4 million, a 2 percent decrease from the adjusted year-ago
    period, representing an AOI margin of 53 percent.  AOI declined due to the
    impact of a favorable adjustment to intercarrier compensation revenue in
    the prior-year quarter and increased expense related to the deployment of
    network capacity in consideration of customer contracts for future service.
    
--  Switched access lines totaled approximately 85,900 at the end of the
    fiscal second quarter, an increase of 14,500 lines, or 20 percent from the
    prior-year quarter.  Dedicated access line equivalents were 374,800 at the
    end of the fiscal second quarter, a 19 percent year-over-year increase.
    
--  Capital expenditures were $4.4 million for the fiscal second quarter.
    

REVISED FISCAL 2008 OUTLOOK

--  The Company expects consolidated AOI from continuing operations
    between $395 million and $405 million for fiscal 2008, excluding stock-
    based compensation expense.  Consolidated AOI from continuing operations
    for fiscal year 2007 was $365.1 million, excluding an aggregate $11.0
    million USF charge related to prior periods.  The Company has not included
    a reconciliation of projected AOI because projections for some components
    of this reconciliation are not possible to forecast at this time.
    
--  The Company expects U.S. wireless roaming revenue to decline by
    approximately $10 million during fiscal 2008.  U.S. wireless roaming
    revenue for fiscal 2007 was $65.5 million.
    
--  The Company expects the sum of consolidated capital expenditures and
    spectrum acquisitions costs will be approximately $140 million for fiscal
    2008.  Capital expenditures including spectrum acquisition costs were
    $130.1 million for fiscal 2007.
    

                             FY2007            FY2008          FY2008
                        Adjusted Results  Previous Outlook  Revised Outlook
                        ----------------  ----------------  ---------------
Consolidated Adjusted                      $385 million -    $395 million -
 Operating Income (AOI)  $365.1 million*     $405 million      $405 million

U.S. Wireless Roaming                       $15 million -    Approximately
 Revenue                  $65.5 million       $20 million      $10 million
                                                decline          decline

Consolidated Capital     $130.1 million     $140 million
 Expenditures (Capex)  including spectrum including spectrum   No change
                        acquisition costs  acquisition costs

Note: Excludes an aggregate $11.0 million USF charge in fiscal 2007 for an adjustment to USF revenue in Puerto Rico related to prior periods.

DEFINITIONS AND RECONCILIATION

(1) Adjusted operating income is defined as net income (loss) before loss from discontinued operations, income from equity investments, minority interest in income of subsidiaries, income tax (expense) benefit, interest expense, net, loss on disposition of assets, litigation settlement expense, strategic alternatives/recapitalization 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 (loss) 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 (loss):

                                 Three Months Ended     Six Months Ended
                                    November 30,          November 30,
                                  2007       2006       2007       2006
                                ---------  ---------  ---------  ---------
Adjusted operating income       $  95,983  $  88,235  $ 196,020  $ 180,388
Depreciation and amortization     (34,255)   (32,695)   (67,611)   (64,913)
Stock-based compensation
 expense                           (3,381)    (2,869)    (6,436)    (4,818)
Strategic
 alternatives/recapitalization
 costs                                  -         (2)         -       (285)
Litigation settlement expense      (2,950)         -     (2,950)         -
Loss on disposition of assets      (1,262)       (88)    (1,611)      (293)
                                ---------  ---------  ---------  ---------
Operating income                   54,135     52,581    117,412    110,079
Interest expense, net             (47,809)   (51,689)   (96,393)  (102,403)
Income tax (expense) benefit       (4,707)        48    (12,968)    (7,033)
Minority interest in income of
 subsidiaries                        (169)      (233)      (321)      (441)
Income from equity investments          -        293          -        546
                                ---------  ---------  ---------  ---------
Income from continuing
 operations                         1,450      1,000      7,730        748
Loss from discontinued
 operations                          (525)   (34,352)    (1,039)   (36,259)
                                ---------  ---------  ---------  ---------
Net income (loss)               $     925  $ (33,352) $   6,691  $ (35,511)
                                =========  =========  =========  =========

(2) Please refer to the Company's Form 10-K for the year ending May 31, 2007 and the fiscal fourth-quarter 2007 earnings press release for information regarding prior-period USF charges.

CONFERENCE CALL INFORMATION

As previously announced, the Company will host a conference call to discuss results at 8:30 a.m. ET on Tuesday, January 8, 2008. Callers can dial (888) 677-8769 to access the call. The conference call will also be simultaneously webcast on Centennial's Investor Relations website at www.ir.centennialwireless.com. A replay of the conference call will also be available beginning Tuesday, January 8 through Tuesday, January 22 at both Centennial's Investor Relations website and www.streetevents.com. Callers can also dial (888) 203-1112, Access Code 4395139 to access an audio replay of the conference call.

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 over 1.1 million wireless subscribers and 460,700 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 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; 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; 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; the effect of changes in the level of support provided to us by the Universal Service Fund; the effects of a decline in the market for our 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 world events, terrorism, hurricanes, tornadoes, wind storms and other natural disasters; our access to the latest technology handsets in a timeframe and at a cost similar to our competitors; our ability to successfully deploy and deliver wireless data services to our customers, including next generation 3G and 4G technology; our ability to generate cash and the availability and cost of additional capital to fund our operations and our significant planned capital expenditures, including the need to refinance or amend existing indebtedness; 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 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; our ability to attract and retain qualified personnel; the effects of governmental regulation of the telecommunications industry; our ability to acquire, and the cost of acquiring, additional spectrum in our markets to support growth and advanced technologies; 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, including litigation relating to wireless billing, using wireless telephones while operating an automobile or possible health effects of radio frequency transmission; the relative liquidity and corresponding volatility of our common stock and our ability to raise future equity capital: 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
                            November 30, 2007
                   ($000's, except per subscriber data)

                              Three Months Ended        Six Months Ended
                            ----------------------  ----------------------
                              Nov-07      Nov-06      Nov-07      Nov-06
                            ----------  ----------  ----------  ----------
CONSOLIDATED
Total Wireless Subscribers   1,118,500   1,058,700   1,118,500   1,058,700
Net Gain - Total
 Subscribers                     8,600      17,200      17,500      27,200
Revenue per Average
 Wireless Customer (1)      $       67  $       67  $       69  $       67
Retail Penetration (4)             8.2%        8.0%        8.2%        8.0%
Prepaid & Postpaid Churn -
 Wireless (5)                      2.4%        2.5%        2.4%        2.4%
Monthly MOU's per Wireless
 Customer                        1,326       1,145       1,316       1,132

U.S. WIRELESS

Postpaid Wireless
 Subscribers                   626,100     594,800     626,100     594,800
Prepaid Wireless
 Subscribers                    24,000      20,300      24,000      20,300
                            ----------  ----------  ----------  ----------
Retail Subscribers             650,100     615,100     650,100     615,100
Wholesale Subscribers           50,200      51,300      50,200      51,300
                            ----------  ----------  ----------  ----------
Total Wireless Subscribers     700,300     666,400     700,300     666,400
Total Wireless Gross Adds       49,500      51,000      96,800      96,200
Net Gain - Retail
 Subscribers                     3,800      11,400       7,000      18,200
Net Gain - Wholesale
 Subscribers                    (1,200)        100      (1,200)        200
                            ----------  ----------  ----------  ----------
Net Gain - Total
 Subscribers                     2,600      11,500       5,800      18,400
GSM as a % of Retail
 Subscribers                      95.2%       86.0%       95.2%       86.0%
Revenue per Average
 Wireless Customer (1)      $       68  $       67  $       70  $       67
Retail Revenue per Average
 Wireless Customer (2)      $       61  $       57  $       61  $       57
Data Revenue per Average
 Wireless Customer (3)      $     4.68  $     2.61  $     4.48  $     2.51
Retail Revenue              $  118,574  $  104,521  $  238,226  $  205,620
Roaming Revenue             $   14,233  $   16,993  $   32,185  $   36,315
Retail Penetration (4)             7.3%        7.2%        7.3%        7.2%
Postpaid Churn - Wireless
 (5)                               2.0%        1.9%        2.0%        1.9%
Prepaid & Postpaid Churn -
 Wireless (5)                      2.4%        2.2%        2.3%        2.1%
Monthly MOU's per Wireless
 Customer                        1,051         895       1,046         879
Cost to Acquire (6)         $      336  $      310  $      330  $      321
Capital Expenditures        $   11,767  $   11,142  $   18,818  $   16,545

PUERTO RICO

Postpaid Wireless
 Subscribers                   415,500     386,800     415,500     386,800
Prepaid Wireless
 Subscribers                     2,700       5,500       2,700       5,500
                            ----------  ----------  ----------  ----------
Total Wireless Subscribers     418,200     392,300     418,200     392,300
Total Wireless Gross Adds       37,900      39,400      72,900      73,200
Net Gain  - Wireless
 Subscribers                     6,000       5,700      11,700       8,800
Revenue per Average
 Wireless Customer (1)      $       65  $       68  $       66  $       67
Data Revenue per Average
 Wireless Customer (3)      $     6.37  $     4.31  $     6.26  $     3.91
Penetration - Wireless (4)        10.4%        9.8%       10.4%        9.8%
Postpaid Churn - Wireless
 (5)                               2.6%        2.8%        2.4%        2.6%
Prepaid & Postpaid Churn -
 Wireless (5)                      2.6%        2.9%        2.5%        2.8%
Monthly MOU's per Wireless
 Customer                        1,758       1,536       1,741       1,527
Fiber Route Miles                1,322       1,261       1,322       1,261
Switched Access Lines           85,900      71,400      85,900      71,400
Dedicated Access Line
 Equivalents (7)               374,800     316,100     374,800     316,100
On-Net Buildings                 2,091       1,854       2,091       1,854
Capital Expenditures -
 Wireless                   $    9,285  $    7,567  $   16,758  $   14,796
Capital Expenditures -
 Broadband                  $    4,374  $    4,749  $    9,846  $    8,492
                            ----------  ----------  ----------  ----------
Capital Expenditures -
 Total Puerto Rico          $   13,659  $   12,316  $   26,604  $   23,288
                            ==========  ==========  ==========  ==========

REVENUES

U.S. Wireless               $  132,807  $  121,514  $  270,411  $  241,935
                            ----------  ----------  ----------  ----------
Puerto Rico - Wireless      $   80,799  $   78,893  $  162,137  $  156,433
Puerto Rico - Broadband     $   33,006  $   31,831  $   65,010  $   62,142
Puerto Rico - Intercompany  $   (3,044) $   (3,036) $   (6,020) $   (5,907)
                            ----------  ----------  ----------  ----------
Total Puerto Rico           $  110,761  $  107,688  $  221,127  $  212,668
                            ----------  ----------  ----------  ----------
Consolidated                $  243,568  $  229,202  $  491,538  $  454,603
                            ==========  ==========  ==========  ==========

ADJUSTED OPERATING INCOME
 (8)

U.S. Wireless               $   51,372  $   42,049  $  104,511  $   85,740
                            ----------  ----------  ----------  ----------
Puerto Rico - Wireless      $   27,195  $   28,249  $   55,888  $   59,862
Puerto Rico - Broadband     $   17,416  $   17,937  $   35,621  $   34,786
                            ----------  ----------  ----------  ----------
Total Puerto Rico           $   44,611  $   46,186  $   91,509  $   94,648
                            ----------  ----------  ----------  ----------
Consolidated                $   95,983  $   88,235  $  196,020  $  180,388
                            ==========  ==========  ==========  ==========

NET DEBT

Total Debt Less Cash and
 Cash Equivalents           $1,932,100  $2,037,000  $1,932,100  $2,037,000

(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 retail 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 retail customers for such period.
(3)  Data Revenue per Average Wireless Customer is determined for each
     period by dividing data revenue by the average retail customers for
     such period.
(4)  The penetration rate equals the percentage of total population in our
     service areas who are retail subscribers to our wireless service as of
     period-end.
(5)  Churn is calculated by dividing the aggregate number of retail
     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)  November 2007 and November 2006 excludes 96,800 and 82,700 dedicated
     access line equivalents related to short term contracts.
(8)  Adjusted operating income is defined as net income (loss) before loss
     from discontinued operations, income from equity investments, minority
     interest in income of subsidiaries, income tax (expense) benefit,
     interest expense, net,  loss on disposition of assets, litigation
     settlement expense, strategic alternatives/recapitalization 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     Six Months Ended
                                --------------------  --------------------
                                November   November   November   November
                                   30,        30,        30,        30,
                                  2007       2006       2007       2006
                                ---------  ---------  ---------  ---------
REVENUE:
     Service revenue            $ 230,737  $ 216,743  $ 465,096  $ 429,779
     Equipment sales               12,831     12,459     26,442     24,824
                                ---------  ---------  ---------  ---------
                                  243,568    229,202    491,538    454,603
                                ---------  ---------  ---------  ---------

COSTS AND EXPENSES:
     Cost of services
      (exclusive of
      depreciation and
      amortization shown below)    44,367     43,499     90,941     86,741
     Cost of equipment sold        30,262     32,411     61,784     61,095
     Sales and marketing           26,728     24,115     52,314     46,793
     General and administrative    52,559     43,813     99,865     84,689
     Depreciation and
      amortization                 34,255     32,695     67,611     64,913
     Loss on disposition of
      assets                        1,262         88      1,611        293
                                ---------  ---------  ---------  ---------
                                  189,433    176,621    374,126    344,524
                                ---------  ---------  ---------  ---------

OPERATING INCOME                   54,135     52,581    117,412    110,079
                                ---------  ---------  ---------  ---------

INTEREST EXPENSE, NET             (47,809)   (51,689)   (96,393)  (102,403)
                                ---------  ---------  ---------  ---------

INCOME FROM CONTINUING OPERATIONS
 BEFORE
       INCOME TAX EXPENSE,
        MINORITY INTEREST IN
        INCOME OF SUBSIDIARIES
        AND INCOME FROM
        EQUITY INVESTMENTS          6,326        892     21,019      7,676

INCOME TAX (EXPENSE) BENEFIT       (4,707)        48    (12,968)    (7,033)
                                ---------  ---------  ---------  ---------

INCOME FROM CONTINUING
 OPERATIONS
       BEFORE MINORITY INTEREST
        IN INCOME OF SUBSIDIARIES
        AND INCOME FROM EQUITY
        INVESTMENTS                 1,619        940      8,051        643

MINORITY INTEREST IN INCOME OF
 SUBSIDIARIES                        (169)      (233)      (321)      (441)
INCOME FROM EQUITY INVESTMENTS          -        293          -        546
                                ---------  ---------  ---------  ---------

INCOME FROM CONTINUING OPERATIONS   1,450      1,000      7,730        748

Discontinued operations:
 Loss                                   -     (1,464)         -     (2,829)
 Loss on disposition                 (525)   (31,995)    (1,039)   (31,995)
 Income tax expense                     -       (893)         -     (1,435)
                                ---------  ---------  ---------  ---------
Net loss from discontinued
 operations                          (525)   (34,352)    (1,039)   (36,259)
                                =========  =========  =========  =========

NET INCOME (LOSS)               $     925  $ (33,352) $   6,691  $ (35,511)
                                =========  =========  =========  =========

EARNINGS (LOSS) PER SHARE:
     BASIC
     EARNINGS PER SHARE FROM
      CONTINUING OPERATIONS     $    0.01  $    0.01  $    0.07  $    0.01
     LOSS PER SHARE FROM
      DISCONTINUED OPERATIONS   $   (0.00) $   (0.33) $   (0.01) $   (0.35)
                                ---------  ---------  ---------  ---------
     NET  INCOME (LOSS) PER
      SHARE                     $    0.01  $   (0.32) $    0.06  $   (0.34)
                                =========  =========  =========  =========

     DILUTED
     EARNINGS PER SHARE FROM
      CONTINUING OPERATIONS     $    0.01  $    0.01  $    0.07  $    0.01
     LOSS PER SHARE FROM
      DISCONTINUED OPERATIONS   $   (0.00) $   (0.32) $   (0.01) $   (0.34)
                                ---------  ---------  ---------  ---------
     NET INCOME (LOSS) PER
      SHARE                     $    0.01  $   (0.31) $    0.06  $   (0.33)
                                =========  =========  =========  =========

WEIGHTED-AVERAGE SHARES
 OUTSTANDING DURING THE PERIOD:
     BASIC                        107,556    105,408    107,526    105,309
                                =========  =========  =========  =========
     DILUTED                      110,725    107,512    110,585    107,363
                                =========  =========  =========  =========

Contact Information

  • For investor and media inquiries please contact:
    Steve E. Kunszabo
    Executive Director
    Investor Relations
    732-556-2220