UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT NO. 1
TO
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: June 30, 1996
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 000-27582
CELLULARVISION USA, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 13-3853788
------------------------------- ------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
505 PARK AVENUE
NEW YORK, NEW YORK 10022
-----------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(212) 751-0900
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes x No
The number of outstanding shares the registrant's common stock, par value U.S.
$.01 per share, as of, June 30, 1996 was 16,000,000.
Total number of pages in this Report including Exhibits, if any: 31
<PAGE>
CELLULARVISION USA, INC.
(A Development Stage Company)
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
January 1, 1992
Three Months Six Months (date of inception)
Ended June 30, Ended June 30, to June 30,
1995 1996 1995 1996 1996
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Revenue ............................. $ 136,051 $ 384,423 $ 153,725 $ 878,105 2,181,322
------------ ------------ ------------ ------------ ------------
Expenses:
Service costs ............... 67,821 252,876 79, 079 539,024 1,207,718
Selling, general and
administrative .......... 1,216,379 2,606,437 2,273,583 4,794,617 15,613,428
Management fees ............. 674,406 1,347,581 4,494,941
Depreciation and amortization 146,877 576,887 235,534 1,051,390 2,739,807
------------ ------------ ------------ ------------ ------------
2,105,483 3,436,200 3,935,777 6,385,031 24,055,894
------------ ------------ ------------ ------------ ------------
Operating loss ............. (1,969,432) (3,051,777) (3,782,052) (5,506,926) (21,874,572)
Interest income ..................... 102,865 374,611 259,335 517,960 1,548,498
Interest expense .................... (561,834) (180,324) (1,121,776) (644,033) (5,150,891)
------------ ------------ ------------ ------------ ------------
Net loss ................ $ (2,428,401) $ (2,857,490) $ (4,644,493) $ (5,632,999) (25,476,965)
Net loss per common share ........... $ (.20) $ (.18) $ (.37) $ (.37)
------------ ------------ ------------ ------------
Weighted average number of shares of
common stock ........................ 12,395,142 16,000,000 12,395,142 15,138,839
------------ ------------ ------------ ------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
CELLULARVISION USA, INC.
Date: October 29, 1996 By: /s/ Shant S. Hovnanian
----------------------------
Shant S. Hovnanian
President and
Chief Executive Officer
16
