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WALL, NJ, Jul 30, 2008 (MARKET WIRE via COMTEX News Network) -- Centennial Communications Corp. (NASDAQ: CYCL) ("Centennial") today reported income from continuing operations of $13.6 million, or $0.12 per diluted share, for the fiscal fourth quarter of 2008 as compared to income from continuing operations of $5.9 million, or $0.05 per diluted share, in the fiscal fourth quarter of 2007. Consolidated adjusted operating income (AOI)(1) from continuing operations for the fiscal fourth quarter was $109.0 million, as compared to $98.1 million for the adjusted prior-year quarter. For comparison, the Company's fiscal 2007 financial results have been adjusted to reflect the Universal Service Fund (USF) charge (2) in the period to which it relates.
"In the U.S., we move into fiscal 2009 with a high-quality customer base that supports strong retail cash flow growth," said Michael J. Small, Centennial's chief executive officer. "We'll continue to invest in our network, retail distribution presence and front-line Associates to showcase our strengths."
Small continued, "In Puerto Rico, we've introduced new unlimited rate plans to give our customers a full menu of choices, and we'll make targeted investments in fiscal 2009 to fortify a good competitive position by emphasizing our premium brand with customers who are heavy users of wireless service. We're also leveraging our strong collection of assets in the residential and enterprise markets to capitalize on emerging bandwidth growth in a way that very few players can."
Centennial reported fiscal fourth-quarter consolidated revenue from continuing operations of $258.7 million, which included $142.5 million from U.S. wireless and $116.2 million from Puerto Rico operations. Consolidated revenue from continuing operations grew 9 percent versus the adjusted fiscal fourth quarter of 2007. The Company ended the quarter with 1,092,600 total wireless subscribers, which compares to 1,049,600 for the year-ago quarter and 1,086,300 for the previous quarter ended February 29, 2008. The Company reported 582,200 total access lines and equivalents at the end of the fiscal fourth quarter, which compares to 502,100 for the year-ago quarter.
FULL-YEAR FISCAL 2008 RESULTS
For the full year, the Company reported income from continuing operations of $28.0 million, or $0.25 per diluted share, as compared to income from continuing operations of $7.0 million, or $0.06 per diluted share, for fiscal year 2007. Centennial reported full-year 2008 consolidated revenue from continuing operations of $1.0 billion, which included $550.7 million from U.S. wireless and $450.7 million from Puerto Rico operations. The Company's fiscal 2008 consolidated AOI from continuing operations was $404.1 million, an increase of 11 percent versus the adjusted 2007 fiscal year. The Company ended fiscal 2008 with net debt of $1.9 billion, a decrease of $46.3 million from the end of fiscal 2007.
FOURTH-QUARTER SEGMENT HIGHLIGHTS
U.S. Wireless Operations
-- Revenue was $142.5 million, a 9 percent increase from last year's
fourth quarter. Retail revenue (total revenue excluding roaming revenue)
increased 12 percent from the year-ago period primarily driven by strong
data, access and feature revenue. Roaming revenue decreased 9 percent from
the year-ago quarter primarily due to a 14 percent decline in the rate per
minute for roaming traffic.
-- Average revenue per user (ARPU) was $72 during the fiscal fourth
quarter, a 6 percent year-over-year increase. ARPU included approximately
$6.26 of data revenue per user, which grew 78 percent from the year-ago
period.
-- AOI was $57.8 million, a 7 percent year-over-year increase,
representing an AOI margin of 41 percent. AOI benefited from strong growth
in retail revenue, partially offset by a decline in roaming revenue.
-- U.S. wireless ended the quarter with 665,300 total subscribers, which
compares to 643,100 for the prior-year quarter and to 662,700 for the
previous quarter ended February 29, 2008. Postpaid subscribers increased
5,400 from the fiscal third quarter of 2008, supported by postpaid churn of
1.8 percent.
-- Capital expenditures were $27.0 million for the fiscal fourth quarter.
Puerto Rico Wireless Operations
-- Revenue was $83.4 million, an increase of 7 percent from the adjusted
prior-year fourth quarter, primarily driven by a 5 percent increase in
total subscribers.
-- ARPU was $65, which was unchanged when compared to the adjusted year-
ago period. ARPU included approximately $7.20 of data revenue per user,
which increased 22 percent from the year-ago period.
-- AOI totaled $31.2 million, an adjusted 20 percent year-over-year
increase, representing an AOI margin of 37 percent. AOI was favorably
impacted by consistent subscriber growth during the last twelve months.
-- Puerto Rico wireless ended the quarter with 427,300 total subscribers,
which compares to 406,500 for the prior-year quarter and to 423,600 for the
previous quarter ended February 29, 2008. Postpaid subscribers increased
2,700 from the fiscal third quarter of 2008, aided by stable postpaid churn
of 2.4 percent.
-- Capital expenditures were $12.3 million for the fiscal fourth quarter.
Puerto Rico Broadband Operations
-- Revenue was $35.9 million, an adjusted 14 percent year-over-year
increase. Revenue increased primarily due to strong access line and data
growth from cable television operators in Puerto Rico.
-- AOI was $20.0 million, an 11 percent increase from the adjusted year-
ago period, representing an AOI margin of 56 percent. AOI increased due to
robust access line growth, partially offset by increased expense related to
the deployment of network capacity.
-- Switched access lines totaled approximately 95,200 at the end of the
fiscal fourth quarter, an increase of 18,900 lines, or 25 percent from the
prior-year quarter. Dedicated access line equivalents were 487,000 at the
end of the fiscal fourth quarter, a 14 percent year-over-year increase.
-- Capital expenditures were $18.6 million for the fiscal fourth quarter.
FISCAL 2009 OUTLOOK
-- As of June 1, 2008, the Company discontinued its loaned phones program
in its Puerto Rico wireless operations due to a variety of competitive
factors. Under the program, in which Centennial retained title to the
customer handsets, phones were appropriately capitalized and depreciated
over 18 months and accordingly not deducted in calculating AOI. With the
discontinuation of the loaned phones program, phones will be exclusively
sold to customers and charged to the cost of equipment sold and deducted in
calculating AOI. In fiscal 2008, approximately $18.4 million in phone
expenditures were capitalized, while no phone expenditures will be
capitalized in fiscal 2009. The Company's fiscal 2009 outlook was prepared
in consideration of the discontinuation of the program and relevant
comparisons to historical results have been adjusted to enable
comparability (3).
-- The Company expects consolidated AOI from continuing operations
between $395 million and $415 million for fiscal 2009, excluding
approximately $12 million of projected stock-based compensation expense
based on stock options outstanding as of May 31, 2008. Consolidated AOI
from continuing operations for fiscal year 2008 would have been $385.7
million if adjusted for the discontinuation of the loaned phones program in
the Company's Puerto Rico wireless operations. The Company has not
included a reconciliation of projected AOI because projections for some
components of this reconciliation are not possible to forecast at this
time.
-- The Company expects U.S. wireless roaming revenue to decline between
$10 million and $15 million during fiscal 2009. U.S. wireless roaming
revenue for fiscal 2008 was $58.3 million.
-- The Company expects capital expenditures will be approximately $130
million for fiscal 2009 including roughly $15 million to partially upgrade
its U.S. wireless network to next-generation (3G) technology. Capital
expenditures including spectrum acquisition costs for fiscal 2008 would
have been $118.7 million if adjusted for the discontinuation of the loaned
phones program in the Company's Puerto Rico wireless operations.
FY2008 Results FY2008 Adjusted Results FY2009 Outlook
Consolidated $404.1 million $385.7 million (adjusted for $395 million -
Adjusted $18.4 million of capitalized $415 million
Operating Income phones)
(AOI)
U.S. Wireless $58.3 million N/A $10 million -
Roaming Revenue $15 million
decline
Consolidated $137.1 million $118.7 million (adjusted for $130 million
Capital including $18.4 million of capitalized including
Expenditures spectrum phones) partial next-
(Capex) acquisition generation (3G)
costs network upgrade
in U.S. wireless
DEFINITIONS AND RECONCILIATION
(1) Adjusted operating income is defined as net income (loss) before loss from discontinued operations, income from equity investments, minority interest in income of subsidiaries, income tax (expense) benefit, loss on extinguishment of debt, gain on sale of equity investments, interest expense, net, loss on disposition of assets, litigation settlement expense, transaction evaluation 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 (loss) 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 (loss):
Three Months Ended Twelve Months Ended
May 31, May 31,
-------------------- --------------------
2008 2007 2008 2007
--------- --------- --------- ---------
Adjusted operating income $ 108,996 $ 89,093 $ 404,124 $ 354,080
Depreciation and amortization (36,846) (32,852) (139,719) (130,389)
Stock-based compensation
expense (3,463) (1,768) (12,011) (8,437)
Transaction evaluation costs (2,004) -- (2,004) (285)
Litigation settlement expense -- -- (2,950) -
Loss on disposition of assets (1,319) (1,316) (3,050) (1,344)
--------- --------- --------- ---------
Operating income 65,364 53,157 244,390 213,625
Interest expense, net (46,615) (48,930) (190,209) (201,646)
Gain on sale of equity
investments -- -- -- 4,730
Loss on extinguishment of debt -- (763) (307) (990)
Income tax (expense) benefit (4,923) 3,263 (25,193) (8,022)
Minority interest in income of
subsidiaries (212) (837) (704) (1,542)
Income from equity investments -- -- -- 804
--------- --------- --------- ---------
Income from continuing
operations 13,614 5,890 27,977 6,959
Loss from discontinued
operations (667) (650) (2,924) (38,578)
--------- --------- --------- ---------
Net income (loss) $ 12,947 $ 5,240 $ 25,053 $ (31,619)
========= ========= ========= =========
(2) Please refer to the Company's Form 10-K for the year ending May 31, 2007 and the fiscal fourth-quarter 2007 earnings press release for information regarding prior-period USF charges.
(3) Please refer to the Company's Form 10-K for the year ending May 31, 2008 and the attached appendix for information regarding the discontinuation of the loaned phones program.
CONFERENCE CALL INFORMATION
As previously announced, the Company will host a conference call to discuss results at 8:30 a.m. ET on Wednesday, July 30, 2008. Callers should dial (800) 829-0786 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 Wednesday, July 30 through Wednesday, August 13 on Centennial's Investor Relations website. Callers can also dial (888) 203-1112, Access Code 2815488 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 582,200 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 is a significant shareholder 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; our ability to gain access to the latest technology handsets in a timeframe and at a cost similar to our competitors; our ability to acquire, and the cost of acquiring, additional spectrum in our markets to support growth and deployment of advanced technologies, including 3G and 4G services; our ability to successfully deploy and deliver wireless data services to our customers, including next generation 3G and 4G technology; the effect of changes in the level of support provided to us by the Universal Service Fund; our ability to grow our subscriber base at a reasonable cost to acquire; 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 ability to successfully integrate any acquired markets or businesses; the effects of higher than anticipated handset subsidy costs; 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; the effects of adding new subscribers with lower credit ratings; our substantial debt obligations, including restrictive covenants, which place limitations on how we conduct business; market prices for the products and services we offer may decline in the future; 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; the effects of a decline in the market for our CDMA based technology; 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 downturns in the economy, world events, terrorism, hurricanes, tornadoes, wind storms and other natural disasters; our ability to generate cash and the availability and cost of additional capital to fund our operations and our significant planned capital expenditures; our need to refinance or amend existing indebtedness prior to its stated maturity; the effects of governmental regulation of the telecommunications industry; our ability to attract and retain qualified personnel; the effects of network disruptions and system failures; our ability to manage, implement and monitor billing and operational support systems; the results of litigation filed or which may be filed against us or our vendors, including litigation relating to wireless billing, using wireless telephones while operating an automobile and litigation relating to infringement of patents; the effects of scientific reports that may demonstrate possible health effects of radio frequency transmission from use of wireless telephones; and the influence on us by our significant stockholder and anti-takeover provisions and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission. All forward-looking statements included in this release are based upon information available to Centennial as of the date of the release, and we assume no obligation to update or revise any such forward-looking statements.
CENTENNIAL COMMUNICATIONS CORP.
FINANCIAL DATA AND OPERATING STATISTICS
May 31, 2008
($000's, except per subscriber data)
Three Months Ended Twelve Months Ended
------------------------ ------------------------
May-08 May-07 May-08 May-07
----------- ----------- ----------- -----------
CONSOLIDATED
------------
Total Wireless
Subscribers 1,092,600 1,049,600 1,092,600 1,049,600
Net Gain - Total
Subscribers 6,300 15,400 43,000 69,200
Revenue per Average
Wireless Customer (1) $ 69 $ 64 $ 69 $ 66
Penetration - Wireless
(4) 8.4% 8.3% 8.4% 8.3%
Prepaid & Postpaid
Churn - Wireless (5) 2.3% 2.0% 2.3% 2.3%
Monthly MOU's per
Wireless Customer 1,344 1,244 1,328 1,175
U.S. WIRELESS
-------------
Postpaid Wireless
Subscribers 646,400 618,100 646,400 618,100
Prepaid Wireless
Subscribers 18,900 25,000 18,900 25,000
----------- ----------- ----------- -----------
Total Wireless
Subscribers 665,300 643,100 665,300 643,100
Total Wireless Gross
Adds 44,500 43,300 199,300 200,000
Net Gain - Wireless
Subscribers 2,600 8,300 22,200 46,200
GSM as a % of Wireless
Subscribers 98.7% 92.1% 98.7% 92.1%
Revenue per Average
Wireless Customer (1) $ 72 $ 68 $ 70 $ 67
Retail Revenue per
Average Wireless
Customer (2) $ 65 $ 60 $ 63 $ 58
Data Revenue per
Average Wireless
Customer (3) $ 6.26 $ 3.52 $ 5.18 $ 2.98
Retail Revenue $ 128,883 $ 115,179 $ 492,385 $ 433,091
Roaming Revenue $ 13,588 $ 14,970 $ 58,299 $ 65,480
Penetration - Wireless
(4) 7.4% 7.5% 7.4% 7.5%
Postpaid Churn -
Wireless (5) 1.8% 1.6% 2.0% 1.8%
Prepaid & Postpaid
Churn - Wireless (5) 2.1% 1.8% 2.3% 2.1%
Monthly MOU's per
Wireless Customer 1,089 986 1,062 923
Cost to Acquire (6) $ 273 $ 287 $ 305 $ 294
Capital Expenditures $ 26,961 $ 22,198 $ 61,935 $ 56,641
PUERTO RICO
-----------
Postpaid Wireless
Subscribers 423,600 402,900 423,600 402,900
Prepaid Wireless
Subscribers 3,700 3,600 3,700 3,600
----------- ----------- ----------- -----------
Total Wireless
Subscribers 427,300 406,500 427,300 406,500
Total Wireless Gross
Adds 35,800 36,000 144,100 148,100
Net Gain - Wireless
Subscribers 3,700 7,100 20,800 23,000
Revenue per Average
Wireless Customer (1) $ 65 $ 58 $ 66 $ 64
Data Revenue per
Average Wireless
Customer (3) $ 7.20 $ 5.88 $ 6.70 $ 4.79
Penetration - Wireless
(4) 10.7% 10.2% 10.7% 10.2%
Postpaid Churn -
Wireless (5) 2.4% 2.3% 2.4% 2.5%
Prepaid & Postpaid
Churn - Wireless (5) 2.5% 2.4% 2.5% 2.7%
Monthly MOU's per
Wireless Customer 1,742 1,654 1,744 1,570
Fiber Route Miles 1,347 1,309 1,347 1,309
Switched Access Lines 95,200 76,300 95,200 76,300
Dedicated Access Line
Equivalents (7) 487,000 425,800 487,000 425,800
On-Net Buildings 2,220 1,983 2,220 1,983
Capital Expenditures -
Wireless $ 12,320 $ 11,409 $ 39,342 $ 36,763
Capital Expenditures -
Broadband $ 18,631 $ 6,958 $ 32,230 $ 21,805
----------- ----------- ----------- -----------
Capital Expenditures -
Total Puerto Rico $ 30,951 $ 18,367 $ 71,572 $ 58,568
=========== =========== =========== ===========
REVENUES
--------
U.S. Wireless $ 142,471 $ 130,149 $ 550,684 $ 498,571
----------- ----------- ----------- -----------
Puerto Rico - Wireless $ 83,423 $ 70,496 $ 328,241 $ 302,138
Puerto Rico - Broadband $ 35,948 $ 30,363 $ 134,877 $ 122,841
Puerto Rico -
Intercompany $ (3,158) $ (2,827) $ (12,427) $ (11,654)
----------- ----------- ----------- -----------
Total Puerto Rico $ 116,213 $ 98,032 $ 450,691 $ 413,325
----------- ----------- ----------- -----------
Consolidated $ 258,684 $ 228,181 $ 1,001,375 $ 911,896
=========== =========== =========== ===========
ADJUSTED OPERATING INCOME (8)
-----------------------------
U.S. Wireless $ 57,760 $ 54,205 $ 212,768 $ 184,658
----------- ----------- ----------- -----------
Puerto Rico - Wireless $ 31,219 $ 18,197 $ 118,065 $ 101,659
Puerto Rico - Broadband $ 20,017 $ 16,691 $ 73,291 $ 67,763
----------- ----------- ----------- -----------
Total Puerto Rico $ 51,236 $ 34,888 $ 191,356 $ 169,422
----------- ----------- ----------- -----------
Consolidated $ 108,996 $ 89,093 $ 404,124 $ 354,080
=========== =========== =========== ===========
NET DEBT
--------
Total Debt Less Cash
and Cash Equivalents $ 1,905,500 $ 1,951,800 $ 1,905,500 $ 1,951,800
(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 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 customers for such period.
(3) Data Revenue per Average Wireless Customer is determined for each
period by dividing data revenue by the average customers for such
period.
(4) The penetration rate equals the percentage of total population in our
service areas who are subscribers to our wireless service as of
period-end. May 2008 for U.S. Wireless includes an additional 400,000
population equivalents for spectrum purchased in Ohio.
(5) Churn is calculated by dividing the aggregate number of 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) May 2007 includes 82,700 dedicated access line equivalents related to
repeatedly renewed short term contracts that had previously been
excluded due to their term.
(8) Adjusted operating income is defined as net income (loss) before loss
from discontinued operations, income from equity investments, minority
interest in income of subsidiaries, income tax (expense) benefit, loss
on extinguishment of debt, gain on sale of equity investments,
interest expense, net, loss on disposition of assets, litigation
settlement expense, transaction evaluation 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 Twelve Months Ended
-------------------- --------------------
May 31, May 31, May 31, May 31,
2008 2007 2008 2007
--------- --------- --------- ---------
REVENUE:
Service revenue $ 243,581 $ 214,238 $ 942,038 $ 856,451
Equipment sales 15,103 13,943 59,337 55,445
--------- --------- --------- ---------
258,684 228,181 1,001,375 911,896
--------- --------- --------- ---------
COSTS AND EXPENSES:
Cost of services 46,206 43,267 182,181 172,396
Cost of equipment sold 34,074 29,010 129,905 124,957
Sales and marketing 24,025 23,538 101,842 94,974
General and administrative 50,850 45,041 200,288 174,211
Depreciation and
amortization 36,846 32,852 139,719 130,389
Loss on disposition of assets 1,319 1,316 3,050 1,344
--------- --------- --------- ---------
193,320 175,024 756,985 698,271
--------- --------- --------- ---------
OPERATING INCOME 65,364 53,157 244,390 213,625
--------- --------- --------- ---------
INTEREST EXPENSE, NET (46,615) (48,930) (190,209) (201,646)
LOSS ON EXTINGUISHMENT OF DEBT - (763) (307) (990)
GAIN ON SALE OF EQUITY INVESTMENT - - - 4,730
--------- --------- --------- ---------
INCOME FROM CONTINUING
OPERATIONS BEFORE INCOME TAX
(EXPENSE) BENEFIT, MINORITY
INTEREST IN INCOME OF
SUBSIDIARIES AND INCOME FROM
EQUITY INVESTMENTS 18,749 3,464 53,874 15,719
INCOME TAX (EXPENSE) BENEFIT (4,923) 3,263 (25,193) (8,022)
--------- --------- --------- ---------
INCOME FROM CONTINUING
OPERATIONS BEFORE MINORITY
INTEREST IN INCOME OF
SUBSIDIARIES AND INCOME FROM
EQUITY INVESTMENTS 13,826 6,727 28,681 7,697
MINORITY INTEREST IN INCOME OF
SUBSIDIARIES (212) (837) (704) (1,542)
INCOME FROM EQUITY INVESTMENTS - - - 804
--------- --------- --------- ---------
INCOME FROM CONTINUING
OPERATIONS 13,614 5,890 27,977 6,959
Discontinued operations:
Income - 1,120 - 461
Loss on disposition (667) (871) (2,924) (33,132)
Income tax expense - (899) - (5,907)
--------- --------- --------- ---------
Net loss from discontinued
operations (667) (650) (2,924) (38,578)
========= ========= ========= =========
NET INCOME (LOSS) $ 12,947 $ 5,240 $ 25,053 $ (31,619)
========= ========= ========= =========
EARNINGS PER SHARE:
BASIC
EARNINGS PER SHARE FROM
CONTINUING OPERATIONS $ 0.13 $ 0.06 $ 0.26 $ 0.07
LOSS PER SHARE FROM
DISCONTINUED OPERATIONS $ (0.02) $ (0.01) $ (0.03) $ (0.37)
--------- --------- --------- ---------
NET INCOME (LOSS) PER SHARE $ 0.11 $ 0.05 $ 0.23 $ (0.30)
========= ========= ========= =========
DILUTED
EARNINGS PER SHARE FROM
CONTINUING OPERATIONS $ 0.12 $ 0.05 $ 0.25 $ 0.06
LOSS PER SHARE FROM
DISCONTINUED OPERATIONS $ (0.02) $ (0.01) $ (0.03) $ (0.36)
--------- --------- --------- ---------
NET INCOME (LOSS) PER SHARE $ 0.10 $ 0.04 $ 0.22 $ (0.30)
========= ========= ========= =========
WEIGHTED-AVERAGE SHARES
OUTSTANDING DURING THE PERIOD:
BASIC 107,802 106,377 107,544 105,673
========= ========= ========= =========
DILUTED 109,559 109,360 110,120 108,182
========= ========= ========= =========
Centennial Communications Corp.
Reported AOI vs. Adjusted Results for PR Phone Capex
in $000's
FY06
------------------------------------------------
Q1 Q2 Q3 Q4 FY
Consolidated AOI
AOI as Adjusted for USF 88,005 85,759 81,577 89,188 344,529
Y/Y Growth Rate - as
Adjusted for USF n/a n/a n/a n/a n/a
PR Phone Capex
Adjustment(1) (5,949) (5,900) (5,117) (3,159) (20,125)
Adjusted AOI for PR Phone
Capex 82,056 79,859 76,460 86,029 324,404
Y/Y Growth Rate -
Adjusted for PR Phone
Capex n/a n/a n/a n/a n/a
Consolidated Capex(2) 25,282 36,100 23,949 49,089 134,420
PR Phone Capex Adjustment (5,949) (5,900) (5,117) (3,159) (20,125)
Adjusted Consolidated
Capex 19,333 30,200 18,832 45,930 114,295
FY07
------------------------------------------------
Q1 Q2 Q3 Q4 FY
Consolidated AOI
AOI as Adjusted for USF 91,350 86,622 88,957 98,130 365,059
Y/Y Growth Rate - as
Adjusted for USF 3.8% 1.0% 9.0% 10.0% 6.0%
PR Phone Capex
Adjustment(1) (4,800) (4,221) (6,025) (4,406) (19,452)
Adjusted AOI for PR Phone
Capex 86,550 82,401 82,932 93,724 345,607
Y/Y Growth Rate -
Adjusted for PR Phone
Capex 5.5% 3.2% 8.5% 8.9% 6.5%
Consolidated Capex(2) 16,375 23,458 34,811 40,565 115,209
PR Phone Capex Adjustment (4,800) (4,221) (6,025) (4,406) (19,452)
Adjusted Consolidated
Capex 11,575 19,237 28,786 36,159 95,757
FY08
------------------------------------------------
Q1 Q2 Q3 Q4 FY
Consolidated AOI
AOI as Adjusted for USF 100,037 95,983 99,108 108,996 404,124
Y/Y Growth Rate - as
Adjusted for USF 9.5% 10.8% 11.4% 11.1% 10.7%
PR Phone Capex
Adjustment(1) (5,404) (3,993) (5,614) (3,397) (18,408)
Adjusted AOI for PR Phone
Capex 94,633 91,990 93,494 105,599 385,716
Y/Y Growth Rate -
Adjusted for PR Phone
Capex 9.3% 11.6% 12.7% 12.7% 11.6%
Consolidated Capex(2) 19,996 25,426 30,173 57,912 133,507
PR Phone Capex Adjustment (5,404) (3,993) (5,614) (3,397) (18,408)
Adjusted Consolidated
Capex 14,592 21,433 24,559 54,515 115,099
(1) PR phone capex adjustment shows historical results as if the
discontinuation of the loaned phones program had been in effect in all
prior periods. The Company's fiscal 2009 outlook was prepared in
consideration of the discontinuation of the program as of June 1, 2008 and
relevant comparisons of historical results have been adjusted to enable
comparability.
(2) Excludes spectrum acquisition costs of $14.9 million in fiscal 2007 and
$3.6 million in fiscal 2008.
For investor and media inquiries please contact: Steve E. Kunszabo Executive Director, Investor Relations 732-556-2220
SOURCE: Centennial Communications Corp.
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