PRESS RELEASE
Contact Information
Karen Chrosniak
Ed Babcock
Adelphia Business Solutions
814-274-9830
FOR IMMEDIATE RELEASE:
---------------------
ADELPHIA BUSINESS SOLUTIONS, INC ANNOUNCES THIRD QUARTER RESULTS OF OPERATIONS
Coudersport, PA - November 9, 2000
John J. Rigas, Chairman of Adelphia Communications Corporation
("Adelphia") (NASDAQ NNM: ADLAC) and Adelphia Business Solutions, Inc. ("the
Company") (NASDAQ NNM: ABIZ) reported results of operations for the Company for
the third quarter which ended on September 30, 2000. Third quarter results saw
record levels of consolidated operating revenues of $93.6 million, and record
access line installations of 83,225. Net loss applicable to common shareholders
for the third quarter totaled $75.8 million, or $1.08 per share, compared with
$53.7 million, or $0.97 per share, for the same period in the prior year.
Summarized financial results are included in Tables 1, 2, 3 and 4 below.
As presented in Table 1, on a sequential quarterly basis, consolidated
revenues increased 16.6% to $93.6 million in the September 2000 quarter, from
$80.2 million in the June 2000 quarter and were 115.8% higher than the
comparable period in the prior year. Consolidated revenues were comprised of
voice revenue (includes local, long-distance and other revenues) of $76.2
million in the September 2000 quarter as compared with $64.5 million in the June
2000 quarter and data revenue (includes internet and dedicated access and data
services) of $17.4 million in the September 2000 quarter as compared with $15.7
million in the June 2000 quarter. Average revenue per installed access line in
the September quarter was $50 per month, in line with the prior quarter of $51
per month. Consolidated revenues in the September 2000 quarter included $12.6
million of reciprocal compensation revenue, or 13% of revenues, slightly higher
than the June 2000 quarter of 10% of revenues. The Company expects similar
levels of overall consolidated revenue growth, in percentage terms, during the
fourth quarter of 2000 and on a sequential quarterly basis throughout 2001.
Consolidated gross margin as a percent of sales was 45.6% in the September
2000 quarter as compared with 48.1% of sales in the June 2000 quarter.
Consolidated EBITDA losses for the September 2000 quarter were $25.2 million
versus a $24.4 million EBITDA loss for the June 2000 quarter. Consolidated
EBITDA losses as a percentage of revenues improved in the current quarter to
26.9% from 30.4% for the June 2000 quarter. Consolidated EBITDA losses were in
line with expectations and the Company estimates consolidated EBITDA losses will
be in a similar dollar range for the last quarter of calendar 2000. The Company
expects consolidated EBITDA losses to decrease to a range of $30 million to $55
million for calendar 2001.
As shown in Table 2, the Company's fourteen Class of 1996 markets continue
to demonstrate strong financial results with sequential quarterly revenue growth
of 14.2% in the September 2000 quarter and gross margin as a percentage of sales
of 73.2%. Revenue for these markets has increased 82.7% as compared with the
September 1999 quarter, while gross margins have been in excess of 70% of
revenues for each of the past five quarters. As such, EBITDA before allocation
of corporate overhead has increased from an annualized $58 million for the
September 1999 quarter to an annualized $108 million, or almost 90%, for the
September 2000 quarter. Furthermore, duringthe same period from the September
1999 quarter to the September 2000 quarter, the eight Class of 1997/1998 markets
had a revenue increase of 108%, a grossmargin dollar increase of over 140% and
an increase in annualized EBITDA from a negative ($5.4) million to a positive
$8.8 million, or 15.6% of revenues. The Company believes these results continue
to validate the facilities based integrated communications strategy being
deployed by the Company as part of its nationwide expansion efforts.
<PAGE>
Access lines installed increased by 83,225 in the September 2000 quarter,
resulting in an installed access line base of 576,857 as of September 30, 2000.
Access lines sold as of September 30, 2000 totaled 612,544, an increase of
103,139 in the quarter. The Company expects additions of installed access lines
of 80,000 to 100,000 in the fourth quarter of 2000 and 450,000 to 550,000 for
calendar 2001. Furthermore, the Company expects the majority of its access line
additions from this point forward to be serviced on the Company's network. The
following table summarizes the Company's installed access lines as of September
30, 2000 and for the quarter then ended.
For the Three Months
Ended September 30, As of
2000 September 30, 2000
---------------------- ----------------------
Lines Percent Lines Percent
----------- ---------- ---------- -----------
On-Network 20,250 24% 225,259 39%
Type II 6,132 8% 55,091 10%
Off-Network 56,843 68% 296,507 51%
----------- ---------- ---------- -----------
Totals 83,225 100% 576,857 100%
Access lines converted onto the Company's own network through a
combination of leased T-1s, unbundled network elements and on-net fiber services
totaled 12,120 for the September 2000 quarter, a substantial increase over the
June 2000 quarter which had approximately 4,000 lines converted. While the
Verizon strike had some impact on the September 2000 quarter conversions and
will impact the December 2000 quarter expected results somewhat less, the
Company expects to exceed 20,000 lines converted in the December 2000 quarter.
During the September 2000 quarter, the Company and its consolidated
subsidiaries invested approximately $188.1 million in capital expenditures which
was in line with expectations and relates primarily to local market construction
and the nationwide network build-out. As of September 30, 2000, total gross
property, plant and equipment of the Company and its consolidated subsidiaries
was approximately $1.6 billion. The Company's condensed consolidated statements
of operations and balance sheets are attached on Table 3 and Table 4,
respectively.
During the September 2000 quarter, the Company funded a portion of its
free cash flow deficit with draws of approximately $253.6 million under a $500
million bank credit commitment. As of September 30, 2000, $349.7 million was
drawn on the bank credit facility. The Company expects to fund its projected
future deficits through early 2002 through a combination of additional draws
under the credit facility, additional bank or institutional indebtedness, the
issuance of public equity or equity linked securities in which the Company
expects Adelphia Communications would participate, and capital contributions
from minority partners (including potential Adelphia contributions) relating to
the creation of new partnerships for the development of certain new markets. The
Company expects to implement these financing plans in 2000 and the first half of
2001.
A summary of the Company's non-financial statistical information as of
September 30, 2000 follows:
Under
Active Development(a) Total
----------- ------------- ----------
Local Route Miles 8,439 2,600 11,049
Fiber Strand Miles 468,026 133,000 601,026
Long-Haul Route Miles 4,497 25,840 30,337
Buildings Connected on-network
with owned facilities 3,161 N/A 3,161
Central Offices Connected
on-network 282 180 462
Lucent 5ESS Voice Switch 29 9 38
Data Switches 26 10 36
Sales Employees 741 N/A 741
Total Employees 2,594 N/A 2,594
Average Lines per Customer 14 N/A 14
(a) Includes projects in progress and, with respect to Local and Long-Haul
Route Miles, also includes fiber under construction or under agreement with
third party providers as of September 30, 2000. N/A indicates information is
either not applicable or not available.
<PAGE>
Adelphia Business Solutions is a majority owned subsidiary of Adelphia
Communications Corporation that provides integrated communications services to
business customers through its state-of-the-art fiber optic communications
network. The Company owns 100% of the interests in 76 of its 79 operational
markets in which it currently offers communications services, with the remaining
three markets operating as 50% owned joint ventures with a local partner. The
Company is currently constructing a fully redundant, 33,000-mile nationwide
long-haul fiber optic network, which combined with an estimated 15,000 local
fiber route miles, will support the Company's full line of communication service
offerings, including local and long distance voice services, messaging,
high-speed data and internet services. For more information on Adelphia Business
Solutions, or to review an electronic version of this press release visit the
Company's web site at http://www.adelphia-abs.com.
The Company will hold its quarterly conference call with investors on
Friday November 10, 2000 at 10:00a.m. Eastern Standard Time (EST). The
conference call can be accessed by dialing 1-800-482-5543 (passcode 845285). A
telephone replay of the conference call will be available immediately following
the call and through Friday, November 17, 2000. To access the replay, please
dial 1-800-625-5288 (passcode 845285). In addition, the call will be broadcast
live via the Internet on the Company's website at www.adelphia-abs.com. A
recording of the conference call will be available on the Company's website from
November 10, 2000 through November 24, 2000.
The statements in this press release that are not historical facts are
forward-looking statements that are subject to material risks and uncertainties.
Actual results could differ materially from those stated or implied by such
forward-looking statements due to risks and uncertainties associated with the
Company's business, which include among others, competitive developments, risks
associated with the Company's growth and financings, the cost and availability
of capital, the development of the Company's markets, regulatory risks, reliance
on vendors, dependence on its customers and their spending patterns, the ability
of the Company to design and construct fiber optic networks and related
facilities, and other risks which are discussed in the Company's filings with
the Securities and Exchange Commission. Additional information regarding factors
that may affect the business and financial results of Adelphia Business
Solutions can be found in the Company's filings with the Securities and Exchange
Commission, including the prospectus and most recent prospectus supplement under
Registration Statement File No. 333-11142 (formerly No. 333-88927), under the
caption "Risk Factors," and the Company's filings under the Securities Exchange
Act of 1934. The Company does not undertake to update any forward looking
statements in this press release or with respect to matters described herein.
<PAGE>
Adelphia Business Solutions,Inc.
Table 1 - Unaudited Consolidated and
Joint Venture Operating Results
<TABLE>
<CAPTION>
Quarter Ended Quarter Ended Quarter Ended
September 30, 2000 June 30,2000 September 30, 1999
-------------------------------- ---------------------------------- ---------------------------------
Joint Joint Joint
Consolidated Venture Total Consolidated Venture Total Consolidated Venture Total
(dollars in thousands) Operating Operating Operating Operating Operating Operating Operating Operating Operating
Results Results Results Results Results Results Results Results Results
-------------------------------- --------------------------------- ----------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Revenues $ 93,551 $ 17,612 $111,163 $ 80,214 $ 15,777 $ 95,991 $ 43,347 $ 9,501 $ 52,848
Direct Operating Expenses 50,893 4,441 55,334 41,661 4,112 45,773 15,862 2,526 18,388
-------------------------------- --------------------------------- ----------------------------------
Gross Margin 42,658 13,171 55,829 38,553 11,665 50,218 27,485 6,975 34,460
Gross Margin Percentage 45.6% 74.8% 50.2% 48.1% 73.9% 52.3% 63.4% 73.4% 65.2%
Sales, General and
Administrative Expenses 67,845 7,710 75,555 62,922 7,122 70,044 39,972 4,194 44,166
-------------------------------- --------------------------------- ----------------------------------
EBITDA (a) (25,187) 5,461 (19,726) (24,369) 4,543 (19,826) (12,487) 2,781 (9,706)
-------------------------------- --------------------------------- ----------------------------------
EBITDA Percentage of Revenues (26.9%) 31.0% (17.7%) (30.4%) 28.8% (20.7%) (28.8%) 29.3% (18.4%)
</TABLE>
<TABLE>
<CAPTION>
September 2000 Quarter September 2000 Quarter
vs. vs.
June 2000, Quarter September 1999 Quarter
-------------------------------- ---------------------------------
Joint Joint
Percent Change Comparison Consolidated Venture Total Consolidated Venture Total
Operating Operating Operating Operating Operating Operating
Results Results Results Results Results Results
-------------------------------- ---------------------------------
<S> <C> <C> <C> <C> <C> <C>
Revenues 16.6% 11.6% 15.8% 115.8% 85.4% 110.3%
Direct Operating Expenses 22.2% 8.0% 20.9% 220.8% 75.8% 200.9%
-------------------------------- ---------------------------------
Gross Margin 10.7% 12.9% 11.2% 55.2% 88.8% 62.0%
Sales, General and
Administrative Expenses 7.8% 8.3% 7.9% 69.7% 83.8% 71.1%
-------------------------------- ---------------------------------
EBITDA (a) (3.4%) 20.2% 0.5% (101.7%) 96.4% (103.2%)
-------------------------------- ---------------------------------
</TABLE>
Table 1 summarizes operating results for (i) Adelphia Business Solutions and its
consolidated subsidiaries and (ii) its three non-consolidated joint ventures.
(a)Earnings before interest, income taxes, depreciation and amortization,
non-cash stock compensation and other income/expense ("EBITDA") and similar
measures of cash flow are commonly used in the telecommunications industry to
analyze and compare telecommunications companies on the basis of operating
performance, leverage, and liquidity. While EBITDA is not an alternative to
operating income as an indicator of operating performance or an alternative
to cash flows from operating activities as a measure of liquidity as defined
by GAAP, and while EBITDA may not be comparable to other similarly titled
measures of other companies, management of Adelphia Business Solutions
believes that EBITDA is a meaningful measure of performance.
<PAGE>
Adelphia Business Solutions, Inc.
Table 2 - Unaudited Combined Results of Original and Expansion
Markets before allocateion of Corporate Overhead (a)
<TABLE>
<CAPTION>
Quarter Ended September 30, 2000 Quarter Ended June 30, 2000
----------------------------------------------- -----------------------------------------------
Original Expansion Original Expansion
Markets Markets Markets Markets
------------------ ----------------- ------------------ -----------------
(dollars in Class Class Class Class Total Class Class Class Class Total
thousands) of of of of Operating of of of of Operating
1996 1997/98 1999 2000 Results(a) 1996 1997/98 1999 2000 Results(a)
-------- -------- -------- -------- ---------- -------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Revenue $ 78,168 $ 14,061 $ 18,829 $ 105 $ 111,163 $ 68,478 $ 11,931 $ 15,576 $ 6 $ 95,991
Direct Operating
Expenses 20,933 6,575 23,986 879 52,373 17,998 5,971 18,997 155 43,121
-------- -------- -------- -------- ---------- -------- -------- -------- -------- ----------
Gross Margin 57,235 7,486 (5,157) (774) 58,790 50,480 5,960 (3,421) (149) 52,870
Gross Margin
Percentage 73.2% 53.2% (27.4%) NM 52.9% 73.7% 50.0% (22.0%) NM 55.1%
Sales, General
and Administrative
Expenses 30,171 5,296 21,689 3,519 60,675 31,825 4,980 18,545 1,910 57,260
-------- -------- -------- -------- ---------- -------- -------- -------- -------- ----------
EBITDA before
allocation of
Corporate
Overhead (b) 27,064 2,190 (26,846) (4,293) (1,885) 18,655 980 (21,966) (2,059) (4,390)
-------- -------- -------- -------- ---------- -------- -------- -------- -------- ----------
EBITDA as a
Percentage
of Revenues 34.6% 15.6% (142.6%) NM (1.7%) 27.2% 8.2% (141.0%) NM (4.6%)
September 2000 Quarter vs.
June 2000 Quarter
Percentage Change Comparison
-----------------------------------------------
Original Expansion
Markets Markets
------------------ -----------------
Percent Change Class Class Class Class Total
Comparison of of of of Operating
1996 1997/98 1999 2000 Results(a)
-------- -------- -------- -------- ----------
Revenues 14.2% 17.9% 20.9% NM 15.8%
Direct Operating
Expenses 16.3% 10.1% 26.3% NM 21.5%
-------- -------- -------- -------- ----------
Gross Margin 13.4% 25.6% 50.7% NM 11.2%
Sales, General
and Administrative
Expenses (5.2%) 6.3% 17.0% NM 6.0%
-------- -------- -------- -------- ----------
EDITDA before
allocation of
Corporate
Overhead (b) 45.1% 123.5% (22.2%) NM 57.1%
-------- -------- -------- -------- ----------
<FN>
(a) Table 2 summarizes operating results before the allocation of corporate
overhead for Adelphia Business Solutions' Original and Expansion Markets,
grouped by the year or years in which operations commenced. Operating Results
are presented before an allocation of Corporate Overhead for network operating
control center, engineering and other administrative support functions totaling
$17.1 million in the September 2000 quarter and $15.9 million in the June 2000
quarter. The Expansion Markets include thirty markets in the Class of 1999 and
twenty-seven markets in the Class of 2000.
(b)Earnings before interest, income taxes, depreciation and amortization, other
income/expense and noncash stock compensation ("EBITDA") and similar measures
of cashflow are commonly used in the telecommunications industry to analyze and
compare telecommunications companies on the basis of operating performance,
leverage, and liquidity. While EBITDA is not an alternative indicator of
operating performance or an alternative to cash flows from operating activities
as a measure of liquidity as defined by GAAP, and while EBITDA may not be
comparable to other similarly titled measure of other companies, management of
Adelphia Business Solutions believes that EBITDA is a meaningful measure of
performance.
</FN>
</TABLE>
<PAGE>
Adelphia Business Solutions,Inc.
Table 2 (Cont.) - Unaudited Combined Results of Original and Expansion
Markets before allocation of Corporate Overhead (a)
<TABLE>
<CAPTION>
Quarter Ended September 30, 2000 Quarter Ended September 30, 1999
----------------------------------------------- -----------------------------------------------
Original Expansion Original Expansion
Markets Markets Markets Markets
------------------ ----------------- ------------------ -----------------
(dollars in Class Class Class Class Total Class Class Class Class Total
thousands) of of of of Operating of of of of Operating
1996 1997/98 1999 2000 Results(a) 1996 1997/98 1999 2000 Results(a)
-------- -------- -------- -------- ---------- -------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Revenue $ 78,168 $ 14,061 $ 18,829 $ 105 $ 111,163 $ 42,785 $ 6,730 $3,335 $ - $ 52,850
Direct
Operating
Expenses 20,933 6,575 23,986 879 52,373 10,507 3,616 2,707 (1) 16,829
-------- -------- -------- -------- ---------- -------- -------- -------- -------- ----------
Gross Margin 57,235 7,486 (5,157) (774) 58,790 32,278 3,114 628 1 36,021
Gross Margin
Percentage 73.2% 53.2% (27.4%) NM 52.9% 75.4% 46.3% 18.8% NM 68.2%
Sales, General
and Administrative
Expenses 30,171 5,296 21,689 3,519 60,675 17,778 4,460 13,067 87 35,392
-------- -------- -------- -------- ---------- -------- -------- -------- -------- ----------
EBITDA before
allocation
of Corporate
Overhead (b) 27,064 2,190 (26,846) (4,293) (1,885) 14,500 (1,346) (12,439) (86) 629
-------- -------- -------- -------- ---------- -------- -------- -------- -------- ----------
EBITDA
Percentage
of Revenues 34.6% 15.6% (142.6%) NM (1.7%) 33.9% (20.0%) (373.0%) NM 1.2%
September 2000 Quarter vs.
September 1999 Quarter
Percentage Change Comparison
-----------------------------------------------
Original Expansion
Markets Markets
------------------ -----------------
Percent Change Class Class Class Class Total
Comparison of of of of Operating
1996 1997/98 1999 2000 Results(a)
-------- -------- -------- -------- ----------
Revenues 82.7% 108.9% 464.6% NM 110.3%
Direct
Operating
Expenses 99.2% 81.8% 786.1% NM 211.2%
-------- -------- -------- -------- ----------
Gross Margin 77.3% 140.4% NM NM 63.2%
Sales, General
and Administrative
Expenses 69.7% 18.7% 66.0% NM 71.4%
-------- -------- -------- -------- ----------
EDITDA before
allocation of
Corporate
Overhead (b) 86.6% NM (115.8%) NM NM
-------- -------- -------- -------- ----------
<FN>
(a)Table 2 summarizes operating results before the allocation of corporate
overhead for Adelphia Business Solutions' Original and Expansion Markets,
grouped by the year or years in which operations commenced. Operating Results
are presented before an allocation of Corporate Overhead for network operating
control center, engineering and other administrative support functions totaling
$17.1 million in the September 2000 quarter and $10.3 million in the September
1999 quarter. The Expansion Markets include thirty markets in the Class of 1999
and twenty-seven markets in the Class of 2000.
(b)Earnings before interest, income taxes, depreciation and amortization, other
income/expense and noncash stock compensation ("EBITDA") and similar measures
of cash flow are commonly used in the telecommunications industry to analyze and
compare telecommunications companies on the basis of operating performance,
leverage, and liquidity. While EBITDA is not an alternative indicator of
operating performance or an alternative to cash flows from operating activities
as a measure of liquidity as defined by GAAP, and while EBITDA may not be
comparable to other similarly titled measure of other companies, management of
Adelphia Business Solutions believes that EBITDA is a meaningful measure of
performance.
</FN>
</TABLE>
<PAGE>
ADELPHIA BUSINESS SOLUTIONS, INC. AND SUBSIDIARIES
TABLE 3 - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Amounts in thousands, except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- ----------------------
1999 2000 1999 2000
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Revenues .............................. $ 43,347 $ 93,551 $ 99,000 $ 243,066
--------- --------- ---------- ----------
Operating expenses:
Network operations .................. 15,862 50,893 36,037 126,286
Selling, general and administrative . 39,269 67,845 92,915 188,814
Noncash stock compensation .......... 703 (640) 703 585
Depreciation and amortization ....... 18,168 27,103 45,289 73,230
--------- --------- ---------- ----------
Total ....................... 74,002 145,201 174,944 388,915
--------- --------- ---------- ----------
Operating loss ........................ (30,655) (51,650) (75,944) (145,849)
Other income (expense):
Interest income ..................... 2,867 1,247 19,645 2,671
Interest income-affiliate ........... 1,336 --- 6,943 6,282
Interest expense .................... (19,045) (16,748) (56,383) (44,942)
--------- --------- ---------- ----------
Loss before income taxes and equity in
net (loss)income of joint ventures ... (45,497) (67,151) (105,739) (181,838)
Income tax expense .................... --- --- (4) ---
--------- --------- ---------- ----------
Loss before equity in net (loss) income
of joint ventures .................... (45,497) (67,151) (105,743) (181,838)
Equity in net (loss) income of joint
ventures ............................. (246) 381 (7,340) (70)
--------- --------- ---------- ----------
Net loss .............................. (45,743) (66,770) (113,083) (181,908)
Dividend requirements applicable to
preferred stock ...................... (7,969) (9,053) (23,168) (26,321)
--------- --------- ---------- ----------
Net loss applicable to common
stockholders ......................... $(53,712) $(75,823) $(136,251) $(208,229)
========= ========= ========== ==========
Basic and diluted net loss per
weighted average share of common stock $ (0.97) $ (1.08) $ (2.46) $ (2.98)
========= ========= ========== ==========
Weighted average shares of
common stock outstanding ............. 55,497 70,531 55,497 69,788
========= ========= ========== ==========
</TABLE>
<PAGE>
ADELPHIA BUSINESS SOLUTIONS, INC. AND SUBSIDIARIES
TABLE 4 - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollars in thousands, except per share amounts)
<TABLE>
<CAPTION>
December 31, September 30,
1999 2000
------------ ------------
<S> <C> <C>
ASSETS:
Current assets:
Cash and cash equivalents ......................... $ 2,133 $ 2,466
Due from parent - net ............................. 392,629 --
Due from affiliates - net ......................... 6,230 --
Accounts receivable - net ......................... 68,075 108,755
Other current assets .............................. 9,852 16,489
------------ ------------
Total current assets ......................... 478,919 127,710
U.S. government securities - pledged ................... 29,899 --
Restricted cash ........................................ -- 66,652
Investments ............................................ 44,066 51,197
Property, plant and equipment - net .................... 943,756 1,384,844
Other assets - net ..................................... 67,063 95,965
------------ ------------
Total ........................................ $ 1,563,703 $ 1,726,368
============ ============
LIABILITIES, PREFERRED STOCK, COMMON STOCK AND
OTHER STOCKHOLDERS' EQUITY (DEFICIENCY):
Current liabilities:
Accounts payable ................................. $ 150,151 $ 78,677
Due to affiliates-net ............................ -- 5,106
Accrued interest and other current liabilities ... 27,595 33,575
------------ ------------
Total current liabilities .................... 177,746 117,358
13% Senior discount notes due 2003 ..................... 253,860 281,764
12 1/4% Senior secured notes due 2004 .................. 250,000 250,000
12% Senior subordinated notes due 2007 ................. 300,000 300,000
Note payable ........................................... -- 349,709
Other debt ............................................. 41,318 54,892
------------ ------------
Total liabilities ............................ 1,022,924 1,353,723
------------ ------------
12 7/8% Senior exchangeable redeemable preferred stock . 260,848 287,584
------------ ------------
Common stock and other stockholders' equity:
Class A common stock, $0.01 par value, 800,000,000
shares authorized, 34,066,587 and 35,749,866 shares
outstanding, respectively ......................... 341 357
Class B common stock, $0.01 par value, 400,000,000
shares authorized, 35,371,458 and 35,143,859 shares
outstanding, respectively ......................... 354 351
Additional paid in capital ........................... 666,021 652,619
Class B common stock warrants ........................ 2,177 1,370
Unearned stock compensation .......................... (5,715) (4,481)
Accumulated deficit .................................. (383,247) (565,155)
------------ ------------
Total common stock and other stockholders'
equity ...................................... 279,931 85,061
------------ ------------
Total ........................................ $ 1,563,703 $ 1,726,368
============ ============
</TABLE>
