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
========== ========== ========== ==========