SOURCE: Centennial Communications

August 11, 2005 07:00 ET

Centennial Communications Announces Fiscal Fourth-Quarter and Full-Year Results; Strong Operating Performance Continues on Subscriber Growth

WALL, NJ -- (MARKET WIRE) -- August 11, 2005 -- Centennial Communications Corp. (NASDAQ: CYCL)

--  Fiscal fourth-quarter loss from continuing operations of $0.13 per
    diluted share, compared to income of $0.03 per diluted share from
    continuing operations in the prior-year quarter
    
--  Fiscal fourth-quarter consolidated adjusted operating income from
    continuing operations of $94.1 million, up 12 percent year-over-year from
    $84.1 million
    
--  Fiscal fourth-quarter consolidated revenue from continuing operations
    of $229.7 million, up 13 percent year-over-year from $202.8 million
    
Centennial Communications Corp. (NASDAQ: CYCL) ("Centennial") today reported its fourth-quarter and full-year fiscal 2005 results. The Company reported a loss from continuing operations of $13.6 million, or $0.13 per diluted share, for the fiscal fourth quarter of 2005 as compared to income from continuing operations of $3.3 million, or $0.03 per diluted share, in the fiscal fourth quarter of 2004. This includes a $36.3 million pre-tax charge for accelerated depreciation on the Company's wireless network in Puerto Rico, which has been replaced and upgraded. Consolidated adjusted operating income (AOI)(1) from continuing operations for the fiscal fourth quarter was $94.1 million, as compared to $84.1 million for the prior year quarter.

"Our strong fourth quarter and full-year results validate the ongoing success of our local market strategy and clear brand message," said Michael J. Small, Centennial's chief executive officer. "We believe we win with our customers because our way of doing business remains centered on tailoring the ultimate customer experience."

Centennial reported fiscal fourth-quarter consolidated revenue from continuing operations of $229.7 million, which included $100.8 million from U.S. wireless and $128.9 million from Caribbean operations. Consolidated revenue from continuing operations grew 13 percent versus the fiscal fourth quarter of 2004. The Company ended the quarter with 1.24 million total wireless subscribers, which compares to 1.06 million for the year-ago quarter and 1.20 million for the previous quarter ended February 28, 2005. The Company reported 299,100 total access lines and equivalents for the fiscal fourth quarter.

"We reached important milestones in our deleveraging progress during fiscal 2005, significantly improving our financial flexibility and strength to support future success," said Centennial chief financial officer Thomas J. Fitzpatrick. "We reduced net debt by over $175 million during the fiscal year, affirming our commitment to deliver shareholder value by balancing growth and debt reduction."

FULL-YEAR FISCAL 2005 RESULTS

For the full year, the Company reported income from continuing operations of $19.6 million, or $0.19 per diluted share, as compared to a loss from continuing operations of $17.0 million, or $0.17 per diluted share, for fiscal year 2004. The Company's net income from continuing operations for fiscal 2005 includes a $72.7 million pre-tax charge for accelerated depreciation on the Company's wireless network in Puerto Rico.

Centennial reported full-year 2005 consolidated revenue from continuing operations of $882.4 million, which included $399.0 million from U.S. wireless and $483.4 million from Caribbean operations. This represents a consolidated revenue increase of 13 percent versus fiscal 2004, primarily driven by strong wireless subscriber growth and strong access line growth.

The Company's fiscal 2005 consolidated AOI from continuing operations was $366.4 million, representing an AOI margin of 42 percent. This compares to consolidated AOI from continuing operations of $315.5 million and an AOI margin of 40 percent in fiscal 2004.

OTHER HIGHLIGHTS

--  On April 25, 2005, the Company redeemed $40 million aggregate
    principal amount of its $185 million outstanding 10-3/4 percent Senior
    Subordinated Notes due December 15, 2008.
    
--  On May 16, 2005, the Company expanded its wireless network in
    Michigan, launching service in Grand Rapids and Lansing with its popular
    Blue Region(SM) Plans. Centennial continues to expand and improve its
    network in the Midwest, leveraging the strength of its Trusted Advisor
    brand and tailored customer experience.
    
--  On June 24, 2005, the Puerto Rico Chamber of Commerce awarded
    Centennial its Zenit Award for its commitment to understanding local market
    needs and its network and technology leadership on the island.
    
--  In July 2005, the Company completed the replacement and upgrade of its
    wireless network in Puerto Rico, and also began installing Evolution Data
    Optimized (EV-DO) functionality to bring a broadband wireless data
    experience to its customers.
    
CENTENNIAL SEGMENT HIGHLIGHTS

U.S. Wireless Operations

--  Revenue was $100.8 million, a 7 percent increase from last year's
    fourth quarter. Roaming revenue increased 32 percent from the prior year
    quarter as a result of increased traffic from robust growth in GSM minutes.
    Despite recent strong performance, Centennial does not expect long-term
    growth in roaming revenue, and anticipates that roaming revenue will remain
    a small percentage of consolidated revenue in future periods.
    
--  AOI was $41.7 million, a 6 percent year-over-year increase,
    representing an AOI margin of 41 percent. AOI was favorably impacted by
    growth in roaming and Universal Service Fund revenue, partially offset by
    increased equipment expense related to handset upgrades.
    
--  U.S. wireless ended the quarter with 586,000 total subscribers
    including 39,300 wholesale subscribers. This compares to 563,000 for the
    year-ago quarter including 8,000 wholesale subscribers and to 577,500 for
    the previous quarter ended February 28, 2005, including 33,100 wholesale
    subscribers. At fiscal year-end 2005, approximately 36% of U.S. retail
    wireless subscribers were on GSM calling plans. Postpaid retail subscribers
    increased 3,800 from the fiscal third quarter, with renewed retail
    subscriber growth expected from the recent Grand Rapids and Lansing, MI
    launch.
    
--  Capital expenditures were $34.7 million for the fiscal fourth quarter
    as U.S. wireless launched service in Grand Rapids and Lansing, MI.
    
Caribbean Wireless Operations
--  Revenue was $95.9 million, an increase of 23 percent from the prior-
    year fourth quarter, driven primarily by solid subscriber growth.
    
--  Average revenue per user was $49, a 9 percent decline from the year-
    ago period, due to the continued impact of strong prepaid subscriber growth
    in the Dominican Republic. Postpaid ARPU in Puerto Rico remained above $70.
    
--  AOI totaled $37.5 million, a 24 percent year-over-year increase,
    representing an AOI margin of 39 percent. AOI was favorably impacted by
    subscriber growth and improved margins in the Dominican Republic during the
    quarter.
    
--  Caribbean wireless ended the quarter with 658,800 subscribers, which
    compares to 496,200 for the prior-year quarter and to 618,300 for the
    previous quarter ended February 28, 2005. Customer growth benefited from
    postpaid subscriber growth in Puerto Rico during the period, combined with
    strong prepaid subscriber growth in the Dominican Republic.
    
--  Capital expenditures were $29.2 million for the fiscal fourth quarter
    as Caribbean wireless continued to invest in the replacement and upgrade of
    its Puerto Rico wireless network.
    
Caribbean Broadband Operations
--  Revenue was $36.1 million, an increase of 8 percent year-over-year,
    driven by strong access line growth.
    
--  AOI was $14.9 million, a 2 percent year-over-year increase,
    representing an AOI margin of 41 percent. AOI increased due to strong
    access line growth, partially offset by a decline in wholesale termination
    revenue and margin. Last year's fourth quarter benefited from approximately
    $2.0 million of intercarrier compensation settlements.
    
--  Switched access lines totaled approximately 62,200 at the end of the
    fiscal fourth quarter, an increase of 12,000 lines, or 24 percent from the
    prior year quarter. Dedicated access line equivalents were 236,900 at the
    end of the fiscal fourth quarter, an 11 percent year-over-year increase.
    
--  Wholesale termination revenue was $5.3 million, a 36 percent year-over-
    year decrease, primarily driven by a decline in southbound terminating
    traffic to the Dominican Republic.
    
--  Capital expenditures were $5.9 million for the fiscal fourth quarter.
    
FISCAL 2006 OUTLOOK
--  The Company expects consolidated AOI from continuing operations
    between $370 million and $390 million for fiscal 2006, including an
    approximately $9 million startup loss related to our recent launch of
    service in Grand Rapids and Lansing, MI. Consolidated AOI from continuing
    operations for fiscal year 2005 was $366.4 million, including non-recurring
    USF revenue related to a prior year of $5.5 million in U.S. Wireless and
    $3.6 million of non-recurring items related to inter-carrier compensation
    adjustments in Caribbean broadband. 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 consolidated capital expenditures of approximately
    $160 million for fiscal 2006.
    
DEFINITIONS AND RECONCILIATION

(1) Adjusted operating income is defined as net income (loss) before net (income) loss from discontinued operations, income from equity investments, minority interest in income of subsidiaries, income tax expense, other expense (income), loss on extinguishment of debt, interest expense, net, other, loss (gain) on disposition of assets, and depreciation and amortization. Please refer to the schedule below for a reconciliation of consolidated net income (loss) to adjusted operating 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 net income (loss) to adjusted operating income:

                                         Fiscal Year Ended May 31,
(In thousands)                             2005             2004
                                       ------------     ------------
NET INCOME (LOSS)                      $     62,098     $    (22,792)
Net (income) loss from discontinued
 operations                                 (42,469)           5,834
Income from equity investments                 (540)            (143)
Minority interest in income of
 subsidiaries                                   934              627
Income tax expense                            2,154            9,585
Other expense (income)                        2,500              (36)
Loss on extinguishment of debt                9,052           39,176
Interest expense, net                       145,041          162,922
                                       ------------     ------------
Operating income                            178,770          195,173
Other                                             -            1,513
Loss (gain) on disposition of assets        (14,462)             641
Depreciation and amortization               202,053          118,124
                                       ------------     ------------
ADJUSTED OPERATING INCOME              $    366,361     $    315,451
                                       ============     ============
CONFERENCE CALL INFORMATION

As previously announced, the Company will host a conference call to discuss results at 8:30 a.m. ET on Thursday, August 11, 2005. Callers can dial 800-810-0924 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 Thursday, August 11 through Thursday, August 25 at both Centennial's Investor Relations website and www.streetevents.com. Callers can also dial (888) 203 1112, Access Code 9264583 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 the Caribbean with approximately 1.2 million wireless subscribers and 300,000 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 Caribbean business owns and operates wireless networks in Puerto Rico, the Dominican Republic and the U.S. Virgin Islands and provides facilities-based integrated voice, data and Internet solutions. Welsh, Carson, Anderson & Stowe and an affiliate of the Blackstone Group are controlling shareholders of Centennial. For more information regarding Centennial, please visit our websites http://www.centennialwireless.com/, http://www.centennialpr.com/ and http://www.centennialrd.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 and consequences of default contained in our financing arrangements, which place limitations on how we conduct business; our ability to attract subscribers in our newly launched markets in Grand Rapids and Lansing, Michigan; market prices for the products and services we offer may continue to decline in the future; 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; the effect on our business of wireless local number portability, which permits the wireless phone numbers that we allocate to our customers to be portable when our customers switch to another carrier; our ability to successfully deploy and deliver wireless data services to our customers; 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 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, including changes in the level of support provided to us by the Universal Service Fund; fluctuations in currency values related to our Dominican Republic operations; our ability to acquire, and the cost of acquiring, additional spectrum in our markets to support growth and advanced technologies; 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; and the control of us retained by some of our stockholders 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
                               May 31, 2005
                   ($000's, except per subscriber data)

                               Three Months Ended    Twelve Months Ended
                               May-05     May-04     May-05      May-04
                             ----------  ---------- ---------- ----------

U.S. WIRELESS
-------------

Postpaid Wireless Subscribers   530,000     532,500    530,000    532,500
Prepaid Wireless Subscribers     16,700      22,500     16,700     22,500
                             ----------  ---------- ---------- ----------
Retail Subscribers              546,700     555,000    546,700    555,000
Wholesale Subscribers            39,300       8,000     39,300      8,000
                             ----------  ---------- ---------- ----------
Total Wireless Subscribers      586,000     563,000    586,000    563,000
Total Wireless Gross Adds        43,200      45,700    183,500    174,700
Net Gain (Loss) -
 Retail Subscribers               2,300       2,900     (8,300)    16,500
Net Gain -
 Wholesale Subscribers            6,200       4,000     31,300      5,600
Net Gain - Total Subscribers      8,500      10,100     23,000     22,100
GSM as a % of Retail Subs          35.5%        3.3%      35.5%       3.3%
Revenue per Average
 Wireless Customer           $       62  $       56 $       61 $       56
Retail Revenue Per
 Average Wireless
 Customer(1)                 $       51  $       49 $       52 $       48
Roaming Revenue              $   16,683  $   12,644 $   56,810 $   54,303
Retail Penetration (2)              6.3%        9.1%       6.3%       9.1%
Postpaid Churn - Wireless           1.8%        1.8%       2.1%       1.9%
Prepaid & Postpaid Churn -
 Wireless                           2.1%        2.1%       2.4%       2.3%
Monthly MOU's per
 Wireless Customer                  626         482        570        445
Cost to Acquire              $      336  $      275 $      329 $      294
Capital Expenditures         $   34,715  $    9,473 $   74,720 $   46,882


CARIBBEAN
---------

Postpaid Wireless Subscribers   411,400     355,100    411,400    355,100
Prepaid Wireless Subscribers    244,500     133,600    244,500    133,600
Home Phone Wireless
 Subscribers                      2,900       7,500      2,900      7,500
                             ----------  ---------- ---------- ----------
Total Wireless Subscribers      658,800     496,200    658,800    496,200
Total Wireless Gross Adds       124,000      72,700    423,200    272,100
Net Gain  - Wireless
 Subscribers                     40,500      21,600    162,600     97,600
Revenue per Average Wireless
 Customer                    $       49  $       54 $       52 $       57
Penetration - Total Wireless        5.1%        3.8%       5.1%       3.8%
Postpaid Churn - Wireless           2.6%        2.4%       2.4%       2.4%
Prepaid  Churn - Wireless           7.0%        6.6%       6.9%       5.6%
Prepaid & Postpaid Churn -
 Wireless                           4.3%        3.5%       3.8%       3.2%
Monthly MOU's per Wireless
 Customer                           855         914        927        907
Fiber Route Miles -
 Continuing Operations            1,177       1,106      1,177      1,106
Switched Access Lines            62,200      50,200     62,200     50,200
Dedicated Access Line
 Equivalents                    236,900     213,900    236,900    213,900
On-Net Buildings                  1,431       1,156      1,431      1,156
Capital Expenditures -
 Wireless Continuing
 Operations                  $   29,200  $   18,754 $   72,316 $   62,894
Capital Expenditures -
 Broadband Continuing
 Operations                  $    5,880  $    4,514 $   23,651 $   17,940
                             ----------  ---------- ---------- ----------
Capital Expenditures -
 Total Caribbean Continuing
 Operations                  $   35,080  $   23,268 $   95,967 $   80,834
Capital Expenditures -
 Discontinued Operations     $        0  $    2,206 $    4,880 $    5,214
                             ----------  ---------- ---------- ----------
Capital Expenditures -
 Consolidated Caribbean
 with Discontinued
 Operations                  $   35,080  $   25,474 $  100,847 $   86,048
                             ----------  ---------- ---------- ----------

REVENUES
--------

U.S. Wireless                $  100,774  $   93,930 $  399,030 $  370,200
                             ----------  ---------- ---------- ----------
Caribbean - Wireless         $   95,942  $   78,248 $  355,185 $  306,212
Caribbean - Broadband        $   36,068  $   33,435 $  139,887 $  116,662
Caribbean - Intercompany        ($3,082)    ($2,766)  ($11,675)  ($12,306)
                             ----------  ---------- ---------- ----------
Total Caribbean              $  128,928  $  108,917 $  483,397 $  410,568
                             ----------  ---------- ---------- ----------
Consolidated - Continuing
 Operations                  $  229,702  $  202,847 $  882,427 $  780,768
                             ----------  ---------- ---------- ----------
Discontinued Operations      $        0  $   12,152 $   30,303 $   48,692
                             ----------  ---------- ---------- ----------
Caribbean - Intercompany     $        0       ($177)     ($502)     ($619)
                             ----------  ---------- ---------- ----------
Consolidated - with
 Discontinued Operations     $  229,702  $  214,822 $  912,228 $  828,841
                             ==========  ========== ========== ==========


Adjusted Operating Income(3)
---------------------------

U.S. Wireless                $   41,661  $   39,285 $  167,713 $  149,488
                             ----------  ---------- ---------- ----------
Caribbean - Wireless         $   37,545  $   30,280 $  139,636 $  119,063
Caribbean - Broadband        $   14,886  $   14,574 $   59,012 $   46,900
                             ----------  ---------- ---------- ----------
Total Caribbean              $   52,431  $   44,854 $  198,648 $  165,963
                             ----------  ---------- ---------- ----------
Consolidated - Continuing
 Operations                  $   94,092  $   84,139 $  366,361 $  315,451
                             ----------  ---------- ---------- ----------
Discontinued Operations      $        0  $    4,648 $    9,002 $   15,065
                             ----------  ---------- ---------- ----------
Consolidated - with
 Discontinued Operations     $   94,092  $   88,787 $  375,363 $  330,516
                             ==========  ========== ========== ==========


NET DEBT
--------
Total Debt Less Cash and
 Cash Equivalents            $1,486,300  $1,662,200 $1,486,300 $1,662,200
                             ----------  ---------- ---------- ----------

(1)  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.

(2)  Includes approximately 2.4 million incremental POPs acquired during
     fiscal 2005 for the three and twelve months ended May 2005.

(3)  Adjusted operating income is defined as net income (loss) before net
     (income) loss from discontinued operations, income from equity
     investments, minority interest in income of subsidiaries, income tax
     expense, other expense (income), loss on extinguishment of debt,
     interest expense, net, other, loss (gain) on disposition of assets,
     and depreciation and amortization.




             CENTENNIAL COMMUNICATIONS CORP. AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF OPERATIONS
               (Amounts in thousands, except per share data)

                                 Three Months Ended    Twelve Months Ended
                                  May, 31  May, 31      May, 31    May, 31
                                   2005      2004        2005        2004
                                ---------  --------    --------   --------
REVENUE:
   Service revenue              $ 221,749  $195,416    $852,869   $749,790
   Equipment sales                  7,953     7,431      29,558     30,978
                                ---------  --------    --------   --------
                                  229,702   202,847     882,427    780,768
                                ---------  --------    --------   --------

COSTS AND EXPENSES:
   Cost of services                42,244    35,444     166,050    143,189
   Cost of equipment sold          24,817    20,253      94,331     86,071
   Sales and marketing             25,749    21,877      95,977     88,960
   General and administrative      42,800    42,647     159,708    148,610
   Depreciation and
    amortization                   72,019    30,373     202,053    118,124
   Loss (gain) on disposition
    of assets                         320     1,389     (14,462)       641
                                ---------  --------    --------   --------
                                  207,949   151,983     703,657    585,595
                                ---------  --------    --------   --------

OPERATING INCOME                   21,753    50,864     178,770    195,173
                                ---------  --------    --------   --------

INTEREST EXPENSE, NET             (34,461)  (38,024)   (145,041)  (162,922)
LOSS ON EXTINGUISMENT OF DEBT      (2,303)   (3,016)     (9,052)   (39,176)
OTHER (EXPENSE) INCOME               (335)      406      (2,500)        36
                                ---------  --------    --------   --------

(LOSS) INCOME FROM CONTINUING
 OPERATIONS BEFORE INCOME TAX
 EXPENSE, MINORITY INTEREST
 IN INCOME OF SUBSIDIARIES AND    (15,346)   10,230      22,177     (6,889)
 INCOME FROM EQUITY
 INVESTMENTS

INCOME TAX BENEFIT (EXPENSE)        1,880    (6,796)     (2,154)    (9,585)
                                ---------  --------    --------   --------

(LOSS) INCOME FROM CONTINUING
 OPERATIONS BEFORE MINORITY
 INTEREST IN INCOME OF
 SUBSIDIARIES AND INCOME FROM
 EQUITY INVESTMENTS              (13,466)     3,434      20,023    (16,474)

MINORITY INTEREST IN INCOME
 OF SUBSIDIARIES                    (292)      (219)       (934)      (627)
INCOME FROM EQUITY INVESTMENTS       113         91         540        143
                                --------   --------    --------   --------

(LOSS) INCOME FROM
 CONTINUING OPERATIONS           (13,645)     3,306      19,629    (16,958)
DISCONTINUED OPERATIONS:
 (Loss) income                         -     (1,402)      2,767     (8,967)
 (Loss) gain on disposition          (52)         -      62,573          -
  Tax benefit (expense)            1,518      1,262     (22,871)     3,133
                                --------   --------    --------   --------
NET INCOME (LOSS) FROM
 DISCONTINUED OPERATIONS           1,466       (140)     42,469     (5,834)

NET(LOSS) INCOME                $(12,179)  $  3,166    $ 62,098   $(22,792)
                                ========   ========    ========   ========

 (LOSS) EARNINGS PER SHARE:
     BASIC
      (LOSS) EARNINGS PER SHARE
        FROM CONTINUING
        OPERATIONS              $ (0.13)   $   0.03    $   0.19   $  (0.17)
       EARNINGS (LOSS) PER
        SHARE FROM DISCONTINUED
        OPERATIONS              $  0.01    $  (0.01)   $   0.41   $  (0.06)
                                --------   --------    --------   --------

       NET (LOSS) INCOME
        PER SHARE               $ (0.12)   $   0.02    $   0.60   $  (0.23)
                                ========   ========    ========   ========

     DILUTED
      (LOSS) EARNINGS PER SHARE
        FROM CONTINUING
        OPERATIONS              $ (0.13)   $   0.03    $   0.19   $  (0.17)
       EARNINGS (LOSS) PER SHARE
        FROM DISCONTINUED
        OPERATIONS              $  0.02    $  (0.01)   $   0.40   $  (0.06)
                                --------   --------    --------   --------
       NET (LOSS) INCOME
        PER SHARE               $ (0.11)   $   0.02    $   0.59   $  (0.23)
                                ========   ========    ========   ========

WEIGHTED-AVERAGE SHARES
 OUTSTANDING DURING THE PERIOD:

       BASIC                     103,907    103,120     103,477     99,937
                                ========   ========    ========   ========
       DILUTED                   106,538    104,473     105,217     99,937
                                ========   ========    ========   ========

Contact Information

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