SOURCE: Centennial Communications Corp.

April 05, 2007 07:00 ET

Centennial Communications Announces Fiscal Third-Quarter Results; U.S. Wireless Records 22 Percent Retail Revenue Growth on Strong Postpaid Subscriber Gain

WALL, NJ -- (MARKET WIRE) -- April 5, 2007 -- Centennial Communications Corp. (NASDAQ: CYCL)

--  Fiscal third-quarter income from continuing operations of $0.00 per
    diluted share, compared to a loss of $0.03 per diluted share from
    continuing operations in the prior-year quarter
    
--  Fiscal third-quarter consolidated adjusted operating income from
    continuing operations of $84.6 million, after giving effect to a $5.4
    million charge for an adjustment to USF revenue in Puerto Rico related to
    calendar year 2004
    
--  Fiscal third-quarter consolidated revenue from continuing operations
    of $229.1 million, after giving effect to the USF charge
    
Centennial Communications Corp. (NASDAQ: CYCL) ("Centennial") today reported income from continuing operations of $0.3 million, or $0.00 per diluted share, for the fiscal third quarter of 2007 as compared to a loss from continuing operations of $2.7 million, or $0.03 per diluted share, in the fiscal third quarter of 2006. The fiscal third quarter of 2007 included $1.9 million of stock-based compensation expense due to the Company's adoption of SFAS 123R (expensing for stock options). Consolidated adjusted operating income (AOI)(1) from continuing operations for the fiscal third quarter was $84.6 million, as compared to $83.0 million for the prior-year quarter. Consolidated AOI for the fiscal third quarter included a $5.4 million charge for an adjustment to Universal Service Fund (USF) revenue in Puerto Rico related to calendar year 2004 (the "USF charge")(2). Excluding the USF charge, consolidated AOI was $90.0 million, an increase of 8 percent versus the fiscal third quarter of 2006.

"Our U.S. wireless business continues to grow retail revenue and cash flow at an impressive pace, once again illustrating that our local market strategy wins with a quality footprint, strong retail distribution presence and clear brand message," said Michael J. Small, Centennial's chief executive officer. "Momentum in our U.S. wireless business is very strong."

Small continued, "In Puerto Rico, we revitalized our wireless business with a successful unlimited offering and now see evidence of renewed customer growth, improving customer retention and stable ARPU. With these key operating metrics moving in the right direction, our focus will turn to steady cash flow growth."

Centennial reported fiscal third-quarter consolidated revenue from continuing operations of $229.1 million after giving effect to the USF charge. Excluding the USF charge, consolidated revenue was $234.5 million, which included $126.5 million from U.S. wireless and $108.0 million from Puerto Rico operations. Consolidated revenue from continuing operations excluding the USF charge grew 10 percent versus the fiscal third quarter of 2006. The Company ended the quarter with 1,085,500 total wireless subscribers, which compares to 1,018,000 for the year-ago quarter and 1,058,700 for the previous quarter ended November 30, 2006. The Company reported 397,800 total access lines and equivalents at the end of the fiscal third quarter, which compares to 327,100 for the year-ago quarter.

OTHER HIGHLIGHTS

--  On February 5, 2007, the Company amended its senior secured credit
    facility, lowering the interest rate on term loan borrowings by 25 basis
    points through a reduction in the LIBOR spread from 2.25 percent to 2.00
    percent. As of February 28, 2007, Centennial had $550.0 million of term
    loan borrowings under its senior secured credit facility.
    
--  On March 13, 2007, Centennial completed the sale of its Dominican
    Republic operations to Trilogy International Partners for approximately $80
    million in cash.
    
--  On March 13, 2007, the Company announced that it will redeem $80
    million aggregate principal amount of its $125 million outstanding 10-3/4
    percent senior subordinated notes due December 15, 2008. The redemption
    will occur on or about April 11, 2007 at face value with no prepayment
    penalties.
    
CENTENNIAL SEGMENT HIGHLIGHTS

U.S. Wireless Operations

--  Revenue was $126.5 million, a 15 percent increase from last year's
    third quarter. Retail revenue (total revenue excluding roaming revenue)
    increased 22 percent from the year-ago period primarily driven by an 8
    percent increase in total retail subscribers, and supported by strong
    equipment, feature, data and access revenue. Roaming revenue decreased 21
    percent from the year-ago quarter as a result of a 16 percent decline in
    total roaming traffic.
    
--  Average revenue per user (ARPU) was $67 during the fiscal third
    quarter, a 6 percent year-over-year increase. ARPU included approximately
    $3.33 of data revenue per user, which grew 28 percent from the fiscal
    second quarter.
    
--  AOI was $44.7 million, a 26 percent year-over-year increase,
    representing an AOI margin of 35 percent. AOI benefited from strong growth
    in retail revenue, partially offset by a decline in roaming revenue.
    
--  U.S. wireless ended the quarter with 686,100 total subscribers
    including 51,300 wholesale subscribers. This compares to 638,600 for the
    prior-year quarter including 50,900 wholesale subscribers and to 666,400
    for the previous quarter ended November 30, 2006 including 51,300 wholesale
    subscribers. At the end of the fiscal third quarter, approximately 90
    percent of U.S. retail wireless subscribers were on GSM calling plans.
    Postpaid subscribers increased 17,200 from the fiscal second quarter of
    2007, supported by stable postpaid churn of 1.8 percent.
    
--  Capital expenditures were $17.9 million for the fiscal third quarter.
    
Puerto Rico Wireless Operations
--  Revenue was $75.2 million after giving effect to the USF charge.
    Excluding the USF charge, revenue was $79.8 million, an increase of 5
    percent from the prior-year third quarter, driven primarily by subscriber
    growth and stable ARPU.
    
--  Excluding the USF charge, postpaid ARPU was $68, which was unchanged
    when compared to the fiscal second quarter. ARPU included approximately
    $5.40 of data revenue per user, which grew 25 percent from the fiscal
    second quarter.
    
--  AOI totaled $23.6 million after giving effect to the USF charge.
    Excluding the USF charge, AOI was $28.2  million, a 12 percent year-over-
    year decrease, representing an AOI margin of 35 percent. AOI was pressured
    by higher customer acquisition costs related to the Company's launch of its
    unlimited wireless offering and increased equipment expense related to
    customer retention efforts.
    
--  Puerto Rico wireless ended the quarter with 399,400 subscribers, which
    compares to 379,400 for the prior-year quarter and to 392,300 for the
    previous quarter ended November 30, 2006. Postpaid subscribers increased
    8,200 from the fiscal second quarter of 2007 on lower postpaid churn of 2.5
    percent.
    
--  Capital expenditures were $10.6 million for the fiscal third quarter.
    
Puerto Rico Broadband Operations
--  Revenue was $30.3 million after giving effect to the USF charge.
    Excluding the USF charge, revenue was $31.1 million, a 7 percent year-over-
    year increase.  AOI was $16.3 million after giving effect to the USF
    charge. Excluding the USF charge, AOI was $17.0 million, a 9 percent
    increase from the year-ago period, representing an AOI margin of 55
    percent.  Revenue and AOI increased primarily due to solid access line
    growth.
    
--  Switched access lines totaled approximately 72,500 at the end of the
    fiscal third quarter, an increase of 5,000 lines, or 7 percent from the
    prior-year quarter. Dedicated access line equivalents were 325,300 at the
    end of the fiscal third quarter, a 25 percent year-over-year increase.
    
--  Capital expenditures were $6.4 million for the fiscal third quarter.
    
DEFINITIONS AND RECONCILIATION
(1)  Adjusted operating income is defined as net (loss) income before loss
     from discontinued operations, income from equity investments, minority
     interest in income of subsidiaries, income tax (expense) benefit, gain
     on sale of equity investments, interest expense, net, gain (loss) on
     disposition of assets, 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 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 28,
                                --------------------  --------------------
                                  2007       2006       2007       2006
                                ---------  ---------  ---------  ---------
Adjusted operating income       $  84,599  $  82,968  $ 264,987  $ 260,694
Depreciation and amortization     (32,624)   (30,671)   (97,537)   (88,749)
Stock-based compensation
 expense                           (1,851)         -     (6,669)         -
Strategic alternatives/
 recapitalization costs                 -    (18,576)      (285)   (18,576)
Gain (loss) on disposition of
 assets                               265         45        (28)      (343)
                                ---------  ---------  ---------  ---------
Operating income                   50,389     33,766    160,468    153,026
Interest expense, net             (50,540)   (45,662)  (152,943)  (114,154)
Gain on sale of equity
 investments                        4,730        652      4,730        652
Income tax (expense) benefit       (4,252)     8,274    (11,285)   (17,993)
Minority interest in income of
 subsidiaries                        (264)      (129)      (705)      (568)
Income from equity investments        258        400        804        845
Loss from discontinued
 operations                        (1,669)    (3,361)   (37,928)    (4,950)
                                ---------  ---------  ---------  ---------
Net (loss) income               $  (1,348) $  (6,060) $ (36,859) $  16,858
                                =========  =========  =========  =========
Reconciliation of adjusted operating income to adjusted operating income exclusive of USF charge:
                        Three Months Ended           Nine Months Ended
                     February 28,  February 28,  February 28,  February 28,
                        2007          2006           2007         2006
                                           Unaudited
                                           ---------
Adjusted Operating
 Income             $      84,599 $      82,968 $     264,987 $     260,964
                    ============= ============= ============= =============
USF Charge                  5,381             -         5,381             -
                    ------------- ------------- ------------- -------------
Adjusted Operating
 Income Exclusive
 of USF Charge      $      89,980 $      82,968 $     270,368 $     260,964
                    ============= ============= ============= =============

(2)  Please refer to the Company's Form 10-Q for the quarter ending
     February 28, 2007 for additional information regarding the USF charge.
CONFERENCE CALL INFORMATION

As previously announced, the Company will host a conference call to discuss results at 8:30 a.m. ET on Thursday, April 5, 2007. Callers can dial (877) 502-9272 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, April 5 through Thursday, April 19 at both Centennial's Investor Relations website and www.streetevents.com. Callers can also dial (888) 203-1112, Access Code 3854096 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 approximately 1.1 million wireless subscribers and 397,800 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 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/ 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; 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 effect of changes in the level of support provided to us by the Universal Service Fund; 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 allows customers to keep their wireless phone numbers when switching between service providers; our ability to successfully deploy and deliver wireless data services to our customers, including next generation 3G 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; 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 our majority 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
                            February 28, 2007
                   ($000's, except per subscriber data)



                           Three Months Ended         Nine Months Ended
                        ------------------------  ------------------------
                          Feb-07       Feb-06       Feb-07       Feb-06
                        -----------  -----------  -----------  -----------
CONSOLIDATED
------------
Total Wireless
 Subscribers              1,085,500    1,018,000    1,085,500    1,018,000
Net Gain - Total
 Subscribers                 26,800       25,800       54,000       59,900
Revenue per Average
 Wireless Customer (1)  $        66  $        65  $        67  $        67
Retail Penetration (4)          8.2%         7.7%         8.2%         7.7%
Prepaid & Postpaid
 Churn - Wireless (5)           2.4%         2.5%         2.4%         2.6%
Monthly MOU's per
 Wireless Customer            1,185        1,048        1,150        1,026

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

Postpaid Wireless
 Subscribers                612,000      568,600      612,000      568,600
Prepaid Wireless
 Subscribers                 22,800       19,100       22,800       19,100
                        -----------  -----------  -----------  -----------
Retail Subscribers          634,800      587,700      634,800      587,700
Wholesale Subscribers        51,300       50,900       51,300       50,900
                        -----------  -----------  -----------  -----------
Total Wireless
 Subscribers                686,100      638,600      686,100      638,600
Total Wireless Gross Adds    60,900       62,100      157,100      168,500
Net Gain - Retail
 Subscribers                 19,700       21,800       37,900       41,000
Net Gain - Wholesale
 Subscribers                      0        2,700          200       11,600
                        -----------  -----------  -----------  -----------
Net Gain - Total
 Subscribers                 19,700       24,500       38,100       52,600
GSM as a % of Retail Subs      90.2%        66.7%        90.2%        66.7%
Revenue per Average
 Wireless Customer (1)  $        67  $        63  $        67  $        65
Retail Revenue per
 Average Wireless
 Customer (2)           $        60  $        53  $        58  $        53
Data Revenue per
 Average Wireless
 Customer (3)           $      3.33          N/A  $      2.78          N/A
Retail Revenue          $   112,292  $    91,888  $   317,912  $   267,981
Roaming Revenue         $    14,195  $    17,964  $    50,510  $    60,654
Retail Penetration (4)          7.4%         6.9%         7.4%         6.9%
Postpaid Churn -
 Wireless (5)                   1.8%         1.9%         1.9%         2.0%
Prepaid & Postpaid
 Churn - Wireless (5)           2.2%         2.2%         2.2%         2.3%
Monthly MOU's per
 Wireless Customer              944          778          901          737
Cost to Acquire (6)     $       254  $       265  $       295  $       301
Capital Expenditures    $    17,898  $     7,575  $    34,443  $    33,199

PUERTO RICO
-----------

Postpaid Wireless
 Subscribers                395,000      374,500      395,000      374,500
Prepaid Wireless
 Subscribers                  4,400        4,900        4,400        4,900
                        -----------  -----------  -----------  -----------
Total Wireless
 Subscribers                399,400      379,400      399,400      379,400
Total Wireless Gross Adds    38,900       36,400      112,100      108,000
Net Gain - Wireless
 Subscribers                  7,100        1,300       15,900        7,300
Revenue per Average
 Wireless Customer (1)  $        63  $        67  $        66  $        70
Data Revenue per
 Average Wireless
 Customer (3)           $      5.40          N/A  $      4.42          N/A
Penetration -
 Wireless (4)                  10.0%         9.5%        10.0%         9.5%
Postpaid Churn -
 Wireless (5)                   2.5%         3.0%         2.6%         3.0%
Prepaid Churn -
 Wireless (5)                  14.9%        11.7%        13.9%         4.2%
Prepaid & Postpaid
 Churn - Wireless (5)           2.7%         3.1%         2.8%         3.0%
Monthly MOU's per
 Wireless Customer            1,574        1,459        1,543        1,456
Fiber Route Miles             1,283        1,217        1,283        1,217
Switched Access Lines        72,500       67,500       72,500       67,500
Dedicated Access Line
 Equivalents (7)            325,300      259,600      325,300      259,600
On-Net Buildings              1,920        1,646        1,920        1,646
Capital Expenditures -
 Wireless               $    10,558  $    11,439  $    25,354  $    36,615
Capital Expenditures -
 Broadband              $     6,355  $     4,935  $    14,847  $    15,517
                        -----------  -----------  -----------  -----------
Capital Expenditures -
 Total Puerto Rico      $    16,913  $    16,374  $    40,201  $    52,132
                        ===========  ===========  ===========  ===========

REVENUES
--------

U.S. Wireless           $   126,487  $   109,853  $   368,422  $   328,636
                        -----------  -----------  -----------  -----------
Puerto Rico -
 Wireless               $    75,209  $    76,295  $   231,642  $   236,418
Puerto Rico -
 Broadband              $    30,336  $    29,106  $    92,478  $    86,474
Puerto Rico -
 Intercompany           $    (2,920) $    (2,555) $    (8,827) $    (7,681)
                        -----------  -----------  -----------  -----------
Total Puerto Rico       $   102,625  $   102,846  $   315,293  $   315,211
                        -----------  -----------  -----------  -----------
Consolidated            $   229,112  $   212,699  $   683,715  $   643,847
                        ===========  ===========  ===========  ===========

ADJUSTED OPERATING INCOME (8)
-----------------------------

U.S. Wireless           $    44,713  $    35,425  $   130,453  $   116,266
                        -----------  -----------  -----------  -----------
Puerto Rico -
 Wireless               $    23,600  $    31,954  $    83,462  $    98,072
Puerto Rico -
 Broadband              $    16,286  $    15,589  $    51,072  $    46,356
                        -----------  -----------  -----------  -----------
Total Puerto Rico       $    39,886  $    47,543  $   134,534  $   144,428
                        -----------  -----------  -----------  -----------
Consolidated            $    84,599  $    82,968  $   264,987  $   260,694
                        ===========  ===========  ===========  ===========

NET DEBT
--------

Total Debt Less Cash
 and Cash Equivalents   $ 2,038,600  $ 2,041,700  $ 2,038,600  $ 2,041,700


(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)  February 2007 excludes 82,700 dedicated access line equivalents
     related to short term contracts.
(8)  Adjusted operating income is defined as net (loss) income before
     loss from discontinued operations, income from equity investments,
     minority interest in income of subsidiaries, income tax (expense)
     benefit, gain on sale of equity investments, interest expense, net,
     gain (loss) on disposition of assets, 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     Nine Months Ended
                                --------------------  --------------------
                                Feb. 28,   Feb. 28,   Feb. 28,   Feb. 28,
                                  2007       2006       2007       2006
                                ---------  ---------  ---------  ---------

REVENUE:
  Service revenue               $ 212,434  $ 202,415  $ 642,213  $ 616,130
  Equipment sales                  16,678     10,284     41,502     27,717
                                ---------  ---------  ---------  ---------
                                  229,112    212,699    683,715    643,847
                                ---------  ---------  ---------  ---------

COSTS AND EXPENSES:
  Cost of services                 42,388     40,859    129,129    120,759
  Cost of equipment sold           34,852     27,892     95,947     76,788
  Sales and marketing              24,643     22,532     71,436     68,804
  General and administrative       44,481     57,024    129,170    135,378
  Depreciation and amortization    32,624     30,671     97,537     88,749
  (Gain) loss on disposition of
   assets                            (265)       (45)        28        343
                                ---------  ---------  ---------  ---------
                                  178,723    178,933    523,247    490,821
                                ---------  ---------  ---------  ---------

OPERATING INCOME                   50,389     33,766    160,468    153,026
                                ---------  ---------  ---------  ---------

INTEREST EXPENSE, NET             (50,540)   (45,662)  (152,943)  (114,154)
GAIN ON SALE OF EQUITY
 INVESTMENT                         4,730        652      4,730        652
                                ---------  ---------  ---------  ---------

INCOME (LOSS) FROM CONTINUING
 OPERATIONS BEFORE
    INCOME TAX EXPENSE,
     MINORITY INTEREST
     IN INCOME OF SUBSIDIARIES
     AND INCOME FROM
     EQUITY INVESTMENTS             4,579    (11,244)    12,255     39,524

INCOME TAX (EXPENSE) BENEFIT       (4,252)     8,274    (11,285)   (17,993)
                                ---------  ---------  ---------  ---------

INCOME (LOSS) FROM CONTINUING
 OPERATIONS
    BEFORE MINORITY INTEREST IN
     INCOME OF SUBSIDIARIES
     AND INCOME FROM
     EQUITY INVESTMENTS               327     (2,970)       970     21,531

MINORITY INTEREST IN INCOME OF
 SUBSIDIARIES                        (264)      (129)      (705)      (568)
INCOME FROM EQUITY INVESTMENTS        258        400        804        845
                                ---------  ---------  ---------  ---------

INCOME (LOSS) FROM CONTINUING
 OPERATIONS                           321     (2,699)     1,069     21,808

Discontinued operations:
 Income (loss)                      2,170     (1,555)      (659)    (1,408)
 (Loss) gain on disposition          (266)         -    (32,261)       100
 Income tax expense                (3,573)    (1,806)    (5,008)    (3,642)
                                ---------  ---------  ---------  ---------
Net loss from discontinued
 operations                        (1,669)    (3,361)   (37,928)    (4,950)
                                =========  =========  =========  =========

NET (LOSS) INCOME               $  (1,348) $  (6,060) $ (36,859) $  16,858
                                =========  =========  =========  =========

EARNINGS PER SHARE:
  BASIC
     EARNINGS (LOSS) PER SHARE
      FROM CONTINUING
      OPERATIONS                $    0.00  $   (0.03) $    0.01  $    0.21
     LOSS PER SHARE FROM
      DISCONTINUED OPERATIONS   $   (0.01) $   (0.03) $   (0.36) $   (0.05)
                                ---------  ---------  ---------  ---------
     NET (LOSS) INCOME PER
      SHARE                     $   (0.01) $   (0.06) $   (0.35) $    0.16
                                =========  =========  =========  =========

  DILUTED
    EARNINGS (LOSS) PER SHARE
     FROM CONTINUING
     OPERATIONS                 $    0.00  $   (0.03) $    0.01  $    0.20
    LOSS PER SHARE FROM
     DISCONTINUED OPERATIONS    $   (0.01) $   (0.03) $   (0.35) $   (0.04)
                                ---------  ---------  ---------  ---------
    NET (LOSS) INCOME PER
     SHARE                      $   (0.01) $   (0.06) $   (0.34) $    0.16
                                =========  =========  =========  =========

WEIGHTED-AVERAGE SHARES
 OUTSTANDING DURING THE PERIOD:
     BASIC                        105,698    104,889    105,437    104,475
                                =========  =========  =========  =========
     DILUTED                      108,637    104,889    107,786    107,253
                                =========  =========  =========  =========


Contact Information

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