SOURCE: Centennial Communications Corp.

April 07, 2005 07:00 ET

Centennial Communications Announces Strong Fiscal Third-Quarter 2005 Results; Company Raises 2005 Fiscal-Year Outlook, Expects Adjusted Operating Income Growth to Exceed 12 Percent

WALL, NJ -- (MARKET WIRE) -- April 7, 2005 --

--  Fiscal third-quarter income from continuing operations of $0.04 per
    diluted share, compared to a loss of $0.14 per diluted share from
    continuing operations in the prior-year quarter
    
--  Fiscal third-quarter consolidated adjusted operating income from
    continuing operations of $90.9 million, up 16 percent year-over-year from
    $78.3 million
    
--  Fiscal third-quarter consolidated revenue from continuing operations
    of $221.8 million, up 13 percent year-over-year from $195.8 million
    
--  Consolidated adjusted operating income growth expected to exceed
    previously announced 7 to 12 percent range for fiscal 2005
    
Centennial Communications Corp. (NASDAQ: CYCL) ("Centennial") today reported income from continuing operations of $4.2 million, or $0.04 per diluted share, for the fiscal third quarter of 2005 as compared to a loss from continuing operations of $14.3 million, or $0.14 per diluted share, in the fiscal third quarter of 2004. This includes a $36.4 million pre-tax charge for accelerated depreciation on the Company's existing wireless network in Puerto Rico, partially offset by a $28.8 million income tax benefit related to the network depreciation charge and the reversal of a tax reserve. Consolidated adjusted operating income (AOI)(1) from continuing operations for the fiscal third quarter was $90.9 million, as compared to $78.3 million for the prior year quarter.

"Centennial continues to build on its competitive advantage by locally tailoring the customer experience in a winning combination of attractive and growing markets," said Michael J. Small, Centennial's chief executive officer. "These financial results demonstrate our consistent ability to win with this strategy."

Centennial reported fiscal third-quarter consolidated revenue from continuing operations of $221.8 million, which included $97.2 million from U.S. wireless and $124.6 million from Caribbean operations. Consolidated revenue from continuing operations grew 13 percent versus the fiscal third quarter of 2004. The Company ended the quarter with 1,162,700 subscribers, which compares to 1,023,500 for the year-ago quarter and 1,088,300 for the previous quarter ended November 30, 2004.

"We remain encouraged by our track record of execution across all of our businesses and continue to reach significant milestones in our deleveraging progress," said Centennial chief financial officer Thomas J. Fitzpatrick. "We expect our strong operating momentum and balanced success to continue as we close our fiscal year."

OTHER HIGHLIGHTS

--  On December 28, 2004, the Company completed the sale of its Puerto
    Rico cable television properties to an affiliate of Hicks, Muse, Tate &
    Furst Incorporated for approximately $155 million in cash. The net proceeds
    from the transaction will be used to fund ongoing capital requirements.
    
--  On January 28, 2005, the Company completed its redemption of $115
    million aggregate principal amount of its $300 million outstanding 10-3/4
    percent Senior Subordinated Notes due December 15, 2008. The Company also
    recently announced the redemption of an additional $40 million of its $185
    million outstanding 10-3/4 percent Senior Subordinated Notes. The
    redemption is expected to occur on or about April 25, 2005 at a redemption
    price of 103.583 percent.
    
--  On February 10, 2005, the Company amended its senior secured credit
    facility, lowering the interest rate on term loan borrowings by 50 basis
    points through a reduction in the LIBOR spread from 2.75 percent to 2.25
    percent.
    
--  On March 1, 2005, the Company entered into an interest rate swap
    agreement to hedge variable interest rate risk on $250 million of its $594
    million of variable interest rate terms loans  The swap is effective as of
    March 31, 2005 for a two-year term at a fixed interest rate of 6.29
    percent.
    
CENTENNIAL SEGMENT HIGHLIGHTS

U.S. Wireless Operations

--  Revenue was $97.2 million, a 6 percent increase from last year's third
    quarter.  Retail revenue fell $0.6 million, a 1 percent year-over-year
    decrease. Roaming revenue increased 15 percent from the prior year quarter
    as a result of increased traffic from strong growth in GSM minutes. Despite
    recent growth, 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 $36.6 million, a 3 percent year-over-year decrease,
    representing an AOI margin of 38 percent. AOI was unfavorably impacted by
    increased equipment expense related to GSM handset upgrades, partially
    offset by strong growth in roaming and Universal Service Fund ("USF")
    revenue.
    
--  U.S. wireless ended the quarter with 544,400 subscribers, which
    compares to 548,900 for the year-ago quarter and 544,900 for the previous
    quarter ended November 30, 2004. Customer growth was flat during the
    quarter as Centennial continued to emphasize profitability in its U.S.
    wireless markets, with renewed subscriber growth expected from the launch
    of Grand Rapids and Lansing, MI.
    
--  Capital expenditures were $14.5 million for the fiscal third quarter
    as U.S. wireless continued to invest in GSM deployment in its Southeast
    footprint and to build out its new markets in Grand Rapids and Lansing, MI.
    
Caribbean Wireless Operations
--  Revenue was $90.5 million, an increase of 16 percent from the prior-
    year third quarter, driven primarily by record subscriber growth.
    
--  Average revenue per user declined during the quarter primarily due to
    the continued impact of strong prepaid subscriber growth in the Dominican
    Republic.
    
--  AOI totaled $35.9 million, a 27 percent year-over-year increase,
    representing an AOI margin of 40 percent. AOI was favorably impacted by
    record subscriber growth and improved cost management during the fiscal
    third quarter.
    
--  Caribbean wireless ended the quarter with 618,300 subscribers, which
    compares to 474,600 for the prior year quarter and to 543,400 for the
    previous quarter ended November 30, 2004. Customer growth benefited from
    steady postpaid subscriber growth in Puerto Rico combined with record
    prepaid subscriber growth in the Dominican Republic during the period.
    
--  Capital expenditures were $17.3 million for the fiscal third quarter
    as Caribbean wireless continued to invest in the replacement and upgrade of
    its Puerto Rico wireless network.
    
Caribbean Broadband Operations
--  Revenue was $37.2 million, an increase of 26 percent year-over-year,
    driven by strong access line growth and inter-carrier compensation revenue.
    
--  AOI was $18.4 million, a 52 percent year-over-year increase,
    representing an AOI margin of 50 percent. AOI benefited from approximately
    $2.5 million of inter-carrier compensation revenue related to prior years.
    
--  Switched access lines totaled approximately 59,200 at the end of the
    fiscal third quarter, an increase of 11,100 lines, or 23 percent from the
    prior year quarter. Dedicated access line equivalents were 234,900 at the
    end of the fiscal third quarter, a 14 percent year-over-year increase.
    
--  Wholesale termination revenue was $4.0 million, a 35 percent year-over-
    year decrease, primarily due to a decrease in southbound terminating
    traffic to the Dominican Republic.
    
--  Capital expenditures were $4.8 million for the fiscal third quarter.
    
REVISED FISCAL 2005 OUTLOOK
--  The Company projects growth in consolidated AOI from continuing
    operations to exceed its previously announced 7 to 12 percent range for
    fiscal year 2005 over fiscal year 2004, due to stronger than expected
    roaming revenue, 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. Consolidated
    AOI from continuing operations for fiscal year 2004 was $315.5 million. 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.
    
--  Centennial announced a network replacement and upgrade during the
    fiscal third quarter primarily impacting its wireless network in Puerto
    Rico.  The upgrade, which is expected to increase capital expenditures by
    $15 million in fiscal 2005, will improve the network's performance and
    quality while also reducing future operating expenses and capital
    expenditures. As a result of this upgrade, the Company accelerated the
    depreciation of its existing wireless network and recorded a depreciation
    charge of $36.4 million during the quarter. The Company expects an
    additional $35 to $40 million of depreciation expense related to the
    upgrade during the fiscal fourth quarter.
    
CHANGE IN ACCOUNTING ESTIMATE

--  In consideration of the recently announced Puerto Rico network
    replacement and upgrade and as a result of industry, competitive and
    technological developments, Centennial undertook a detailed reassessment of
    the useful lives of its U.S. and Caribbean wireless network equipment
    during the fiscal third quarter. As a result of this evaluation, the
    Company reduced the useful lives of its U.S. GSM and Caribbean wireless
    network equipment from ten years to seven years. The useful lives of its
    U.S. TDMA network equipment have been reduced from ten years to four years.
    As a result of these changes, The Company expects an increase in
    depreciation expense of $4.5 to $5.5 million for the 2005 fiscal year.
    
DEFINITIONS AND RECONCILIATION

(1) Adjusted operating income is defined as net income (loss) before income (loss) from discontinued operations, minority interest in income of subsidiaries, income tax benefit (expense), other (expense) income, loss on extinguishment of debt, interest expense-net, income from equity investments, (gain) loss on disposition of assets, and depreciation and amortization. Please refer to the schedule below for a reconciliation of consolidated net income (loss) to AOI 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 consolidated net income (loss) to adjusted operating
income:
                            THREE MONTHS ENDED       NINE MONTHS ENDED
                            FEB. 28,    FEB. 29,    FEB. 28,   FEB. 29,
                               2005       2004        2005       2004
                            ---------  ----------   ---------  ----------
                                  Unaudited               Unaudited
   (In thousands)                      (As Restated)          (As Restated)
NET INCOME (LOSS)           $  28,887  $  (15,480)  $  58,698  $  (25,958)
Net (income) loss from
 discontinued operations      (24,656)      1,181     (25,424)      5,694
Minority interest in
 income of subsidiaries           191         125         642         408
Income tax (benefit)
 expense                      (28,785)     (6,416)      4,034       2,789
Other expense (income)             83        (232)      2,165         370
Loss on extinguishment
 of debt                        6,749      28,625       6,749      36,160
Interest expense, net          37,163      41,889     110,580     124,898
Income from equity
 investments                     (137)        (24)       (427)        (52)
                            ---------  ----------   ---------  ----------
Operating income               19,495      49,668     157,017     144,309
Loss (gain) on disposition
 of assets                        150         (63)    (14,782)       (748)
Depreciation and
 amortization                  71,269      28,708     130,034      87,751
ADJUSTED OPERATING INCOME   $  90,914  $   78,313   $ 272,269  $  231,312
                            =========  ==========   =========  ==========
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 7, 2005. Callers can dial 800-289-0496 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 7 through Thursday, April 21 at both Centennial's Investor Relations website and www.streetevents.com. Callers can also dial (888) 203-1112, Access Code 6106498 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 over 1.1 million wireless subscribers. 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 the telecommunications industry, which may increase churn, increase our costs to compete and decrease prices charged; the fact that many of our competitors are larger, better capitalized and less leveraged than we are, have greater resources than we do, may offer less expensive products than we do and may offer more technologically advanced products than we do; 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 new wireless subscribers in Grand Rapids and Lansing, Michigan; market prices for the products and services we offer may continue to decline in the future; general economic, business, political and social conditions in the areas in which we operate, including the Caribbean region, including the effects of world events, terrorism, wind storms and weather conditions on tourism in the Caribbean; our access to the latest technology handsets in a timeframe and cost similar to our competitors; uncertainty concerning 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 customer switches to another carrier; continued overbuilding by personal communications service providers in our U.S. wireless markets and the effects of increased competition in our markets, which may cause increased subscriber cancellations, a continued reduction of prices charged, a reduction in roaming revenue and lower average revenue per subscriber; the availability and cost of additional capital to fund our operations, including the need to refinance or amend existing indebtedness; our dependence on roaming agreements for a significant portion of our U.S. wireless revenue and the continued price declines in roaming rates and potential reduction of roaming minutes of use; our dependence on roaming agreements for our ability to offer our wireless customers nationwide rate plans at competitive prices; our ability to attract and retain qualified personnel; the fact that our coverage areas are not as extensive as those of other wireless operators, which may limit our ability to attract and retain customers; the effects of consolidation in the telecommunications industry; the effects of governmental regulation of the telecommunications industry, including changes in the level of support provided to us by the Universal Service Fund; the capital intensity of the telecommunications industry, including our plans to make significant capital expenditures during the coming years to continue to build out and upgrade our networks and the availability of additional capital to fund these capital expenditures; 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; 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; local operating hazards and risks in the areas in which we operate, including without limitation, terrorist attacks, hurricanes, tornadoes, earthquakes, windstorms and other natural disasters; 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 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
                           February 28, 2005
                  ($000's, except per subscriber data)

                         Three Months Ended           Nine Months Ended
                        Feb-05        Feb-04        Feb-05        Feb-04
                     -----------   -----------   -----------   -----------

U.S. WIRELESS

Postpaid Wireless
 Subscribers             526,200       526,100       526,200       526,100
Prepaid Wireless
 Subscribers              18,200        22,800        18,200        22,800
                     -----------   -----------   -----------   -----------
Total Wireless
 Subscribers (1)         544,400       548,900       544,400       548,900
Prepaid Wholesale
 Subscribers              33,100         4,000        33,100         4,000
Net (Loss) Gain
 - Wireless
 Subscribers (2)            (500)          700       (10,600)       10,400
Revenue per Average
 Wireless Customer   $        59   $        55   $        60   $        56
Service Revenue Per
 Average Wireless
 Customer            $        48   $        45   $        49   $        44
Roaming Revenue      $    13,776   $    11,978   $    40,128   $    41,659
Penetration -
 Total Wireless (3)          8.9%          9.0%          8.9%          9.0%
Postpaid Churn
 - Wireless                  2.3%          2.1%          2.2%          2.0%
Prepaid & Postpaid
 Churn - Wireless            2.6%          2.5%          2.5%          2.4%
Monthly MOU's
 per Wireless
 Customer (4)                584           449           551           432
Cost to Acquire      $       292   $       290   $       327   $       291
Capital Expenditures $    14,472   $    14,393   $    40,005   $    37,409


CARIBBEAN

Postpaid Wireless
 Subscribers             404,600       347,100       404,600       347,100
Prepaid Wireless
 Subscribers             210,600       124,300       210,600       124,300
Home Phone Wireless
 Subscribers               3,100         3,200         3,100         3,200
                     -----------   -----------   -----------   -----------
Total Wireless
 Subscribers             618,300       474,600       618,300       474,600
Net Gain  - Wireless
 Subscribers              74,900        28,700       122,100        76,000
Revenue per Average
 Wireless Customer   $        52   $        56   $        53   $        58
Penetration - Total
 Wireless                    4.8%          3.7%          4.8%          3.7%
Postpaid Churn -
 Wireless                    2.5%          2.8%          2.4%          2.4%
Prepaid  Churn -
 Wireless                    5.9%          5.4%          6.9%          5.3%
Prepaid & Postpaid
 Churn - Wireless            3.5%          3.5%          3.6%          3.2%
Monthly MOU's per
 Wireless Customer           929           897           962           905
Fiber Route Miles
 - Continuing
 Operations                1,169         1,037         1,169         1,037
Switched Access Lines     59,200        48,100        59,200        48,100
Dedicated Access
 Line Equivalents        234,900       205,300       234,900       205,300
On-Net Buildings           1,371         1,114         1,371         1,114
Capital Expenditures
 - Continuing
 Operations          $    22,136   $    21,908   $    60,887   $    57,566
Capital Expenditures
 - Discontinued
 Operations          $       738   $     1,288   $     4,880   $     3,008


REVENUES (5)

U.S. Wireless        $    97,227   $    91,377   $   298,256   $   276,270
                     -----------   -----------   -----------   -----------
Caribbean -
 Wireless            $    90,469   $    77,826   $   259,243   $   227,964
Caribbean -
 Broadband           $    37,188   $    29,482   $   103,819   $    83,227
Caribbean -
 Intercompany        $    (3,050)  $    (2,847)  $    (8,593)  $    (9,540)
                     -----------   -----------   -----------   -----------
Total Caribbean      $   124,607   $   104,461   $   354,469   $   301,651
                     -----------   -----------   -----------   -----------
Consolidated -
 Continuing
 Operations          $   221,834   $   195,838   $   652,725   $   577,921
                     -----------   -----------   -----------   -----------
Discontinued
 Operations          $     3,982   $    12,319   $    30,303   $    36,540
                     -----------   -----------   -----------   -----------
Caribbean -
 Intercompany        $       (94)  $      (151)  $      (502)  $      (442)
                     -----------   -----------   -----------   -----------
Consolidated - with
 Discontinued
 Operations          $   225,722   $   208,006   $   682,526   $   614,019
                     ===========   ===========   ===========   ===========


Adjusted Operating
 Income (5),(6)

U.S. Wireless        $    36,582   $    37,873   $   126,052   $   110,203
                     -----------   -----------   -----------   -----------
Caribbean
 - Wireless          $    35,910   $    28,338   $   102,091   $    88,783
Caribbean
 - Broadband         $    18,422   $    12,102   $    44,126   $    32,326
                     -----------   -----------   -----------   -----------
Total Caribbean      $    54,332   $    40,440   $   146,217   $   121,109
                     -----------   -----------   -----------   -----------
Consolidated -
 Continuing
 Operations          $    90,914   $    78,313   $   272,269   $   231,312
                     -----------   -----------   -----------   -----------
Discontinued
 Operations          $     1,268   $     3,642   $     9,001   $    10,417
                     -----------   -----------   -----------   -----------
Consolidated - with
 Discontinued
 Operations          $    92,182   $    81,955   $   281,270   $   241,729
                     ===========   ===========   ===========   ===========


NET DEBT

Total Debt Less
 Cash and Cash
 Equivalents         $ 1,495,900   $ 1,714,700   $ 1,495,900   $ 1,714,700

(1)  Total wireless subscribers exclude 33,100 wholesale subscribers at
     February 2005 and 4,000 wholesale subscribers at February 2004.

(2)  Net (loss) gain excludes wholesale subscriber gain of 13,100 for
     the three months ended February 2005 and 25,100 for the nine months
     ended February 2005.

     Net (loss) gain excludes wholesale subscriber gain of 880 for the
     three months ended February 2004 and 1,600 for the nine months ended
     February 2004.

(3)  Excludes approximately 2.2 million incremental POPs acquired as part
     of the Midwest spectrum purchase for the three and nine months ended
     February 2005.

(4)  Monthly MOU's per wireless customer for the three and nine months
     ended February 2004 have been restated to include free night and
     weekend minutes.

(5)  As restated for the three and nine months ended February 2004.

(6)  Adjusted operating income is defined as net income (loss) before
     income (loss) from discontinued operations, minority interest in
     income of subsidiaries, income tax benefit (expense), other (expense)
     income, loss on extinguishment of debt, interest expense, net, income
     from equity investments, (gain) loss 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          Nine Months Ended
                    February 28,  February 29,  February 28,  February 29,
                        2005          2004          2005          2004
                     ----------    ----------    ----------    ----------
                                  (As Restated)               (As Restated)
REVENUE:
  Service revenue    $  214,067    $  187,349    $  631,120    $  554,374
  Equipment sales         7,767         8,489        21,605        23,547
                     ----------    ----------    ----------    ----------
                        221,834       195,838       652,725       577,921
                     ----------    ----------    ----------    ----------

COSTS AND EXPENSES:
  Cost of services       41,722        35,135       123,806       107,745
  Cost of equipment
   sold                  25,273        22,051        69,514        65,818
  Sales and marketing    23,601        22,287        70,228        67,083
  General and
   administrative        40,324        38,052       116,908       105,963
  Depreciation and
   amortization          71,269        28,708       130,034        87,751
  Loss (gain) on
   disposition of
   assets                   150           (63)      (14,782)         (748)
                     ----------    ----------    ----------    ----------
                        202,339       146,170       495,708       433,612
                     ----------    ----------    ----------    ----------

OPERATING INCOME         19,495        49,668       157,017       144,309
                     ----------    ----------    ----------    ----------

INCOME FROM EQUITY
 INVESTMENTS                137            24           427            52
INTEREST EXPENSE,
 NET                    (37,163)      (41,889)     (110,580)     (124,898)
LOSS ON EXTINGUISHMENT
 OF DEBT                 (6,749)      (28,625)       (6,749)      (36,160)
OTHER (EXPENSE)
 INCOME                     (83)          232        (2,165)         (370)
                     ----------    ----------    ----------    ----------

(LOSS) INCOME
 FROM CONTINUING
 OPERATIONS BEFORE
 INCOME TAX EXPENSE
 AND MINORITY
 INTEREST IN INCOME
 OF SUBSIDIARIES        (24,363)      (20,590)       37,950       (17,067)

INCOME TAX BENEFIT
 (EXPENSE)               28,785         6,416        (4,034)       (2,789)
                     ----------    ----------    ----------    ----------

INCOME (LOSS)
 FROM CONTINUING
 OPERATIONS BEFORE
 MINORITY INTEREST
 IN INCOME OF
 SUBSIDIARIES             4,422       (14,174)       33,916       (19,856)

MINORITY INTEREST IN
 INCOME OF
 SUBSIDIARIES              (191)         (125)         (642)         (408)
                     ----------    ----------    ----------    ----------

INCOME (LOSS)
 FROM CONTINUING
 OPERATIONS               4,231       (14,299)       33,274       (20,264)
Discontinued
 operations:
  Income (loss)           1,280        (2,483)        2,767        (7,565)
  Gain on disposition    38,353             -        38,353             -
  Tax expense           (14,977)        1,302       (15,696)        1,871
                     ----------    ----------    ----------    ----------
Net income (loss)
 from discontinued
 operations              24,656        (1,181)       25,424        (5,694)

NET INCOME (LOSS)    $   28,887    $  (15,480)   $   58,698    $  (25,958)
                     ==========    ==========    ==========    ==========


EARNINGS (LOSS) PER
 SHARE:
  BASIC
    EARNINGS (LOSS)
     PER SHARE FROM
     CONTINUING
     OPERATIONS      $     0.04    $    (0.14)   $     0.32    $    (0.21)
    EARNINGS (LOSS)
     PER SHARE FROM
     DISCONTINUED
     OPERATIONS      $     0.24    $    (0.01)   $     0.25    $    (0.05)

                     ----------    ----------    ----------    ----------
    NET INCOME
    (LOSS) PER SHARE $     0.28    $    (0.15)   $     0.57    $    (0.26)
                     ==========    ==========    ==========    ==========


  DILUTED
    EARNINGS (LOSS)
     PER SHARE FROM
     CONTINUING
     OPERATIONS      $     0.04    $    (0.14)   $     0.32    $    (0.21)
    EARNINGS (LOSS)
     PER SHARE FROM
     DISCONTINUED
     OPERATIONS      $     0.23    $    (0.01)   $     0.24    $    (0.05)

                     ----------    ----------    ----------    ----------
    NET INCOME (LOSS)
     PER SHARE       $     0.27    $    (0.15)   $     0.56    $    (0.26)
                     ==========    ==========    ==========    ==========


WEIGHTED-AVERAGE
 SHARES OUTSTANDING
 DURING THE PERIOD:

    BASIC               103,471       103,046       103,332        98,868
                     ==========    ==========    ==========    ==========

    DILUTED             105,692       103,046       104,772        98,868
                     ==========    ==========    ==========    ==========

Contact Information

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