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WALL, NJ, Apr 05, 2007 (MARKET WIRE via COMTEX News Network) -- 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
========= ========= ========= =========
For investor and media inquiries please contact: Steve E. Kunszabo Executive Director, Investor Relations 732-556-2220
SOURCE: Centennial Communications Corp.