SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) April 30,
----------------
1999 (April 28, 1999)
--------------------------
ICG COMMUNICATIONS, INC.
----------------------------------------------------------------
(Exact name of registrant as specified in charter)
Delaware 1-11965 84-1342022
----------------------------------------------------------------
(State of Incorporation) (Commission (IRS Employer
File Number) Identification No.)
161 Inverness Drive West, Englewood, Colorado 80112
---------------------------------------------------
(Address of principal executive offices)
ICG HOLDINGS (CANADA) CO.
----------------------------------------------------------------
(Exact name of registrant as specified in charter)
Canada 1-11052 Not Applicable
-----------------------------------------------------------------
(State of Incorporation) (Commission (IRS Employer
File Number) Identification No.)
161 Inverness Drive West, Englewood, Colorado 80112
---------------------------------------------------
(Address of principal executive offices)
ICG HOLDINGS, INC.
-----------------------------------------------------------------
(Exact name of registrant as specified in charter)
Colorado 33-96540 84-1158866
-----------------------------------------------------------------
(State of Incorporation) (Commission (IRS Employer
File Number) Identification No.)
161 Inverness Drive West, Englewood, Colorado 80112
---------------------------------------------------
(Address of principal executive offices)
ICG FUNDING, LLC
-----------------------------------------------------------------
(Exact name of registrant as specified in charter)
Delaware 333-40495 84-1434980
-----------------------------------------------------------------
(State of Incorporation) (Commission (IRS Employer
File Number) Identification No.)
161 Inverness Drive West, Englewood, Colorado 80112
---------------------------------------------------
(Address of principal executive offices)
Registrants' telephone numbers, including area codes (888) 424-
----------
1144 and (303) 414-5000
-----------------------
<PAGE>
ITEM 5. OTHER EVENTS.
------ ------------
In a press release dated April 28, 1999, ICG
Communications, Inc., a Delaware corporation (the "Corporation"),
announced its earnings information and results of operations for
the Corporation's 1999 first quarter. A copy of the press
release is attached.
ITEM 7. Exhibits.
------ --------
(c) Exhibits
--------
99.1 Press Release, dated April 28, 1999.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrants have duly caused this report to be
signed on their behalf by the undersigned hereunto duly
authorized.
Dated: April 29, 1999 ICG COMMUNICATIONS, INC.
By:/s/ H. Don Teague
---------------------------
H. Don Teague
Executive Vice President,
General Counsel and Secretary
ICG HOLDINGS (CANADA) CO.
By: /s/ H. Don Teague
---------------------------
H. Don Teague
Executive Vice President,
General Counsel and Secretary
ICG HOLDINGS, INC.
By: /s/ H. Don Teague
--------------------------
H. Don Teague
Executive Vice President,
General Counsel and Secretary
ICG FUNDING, LLC
By: /s/ H. Don Teague
---------------------------
H. Don Teague
Executive Vice President,
General Counsel and Secretary
<PAGE>
EXHIBIT INDEX
--------------
Exhibits Description
-------- -----------
99.1 Press Release, dated April 28, 1999.
EXHIBIT 99.1
[GRAPHIC OMITTED]
FOR IMMEDIATE RELEASE
For more information, contact:
MEDIA CONTACT: INVESTOR CONTACT:
Mark Stutz Steve Smith
(303) 414-5529 (303) 414-5350
[email protected] [email protected]
---------------------- -------------------------------
ICG COMMUNICATIONS, INC. REPORTS RECORD $10.5 MILLION EBITDA
FOR FIRST QUARTER OF 1999
Total Revenue Grew 64 Percent
64,128 Lines Added
ENGLEWOOD, CO. (APRIL 28, 1999) - ICG Communications, Inc. (Nasdaq: ICGX)
("ICG") today announced strong first quarter results. For the three months ended
March 31, 1999, the company's total consolidated EBITDA (earnings before
interest, taxes, depreciation and amortization, and non-recurring charges) was
$10.5 million, compared to a deficit of $25.0 million reported in the
corresponding period in 1998. ICG's total consolidated revenue for the first
quarter of 1999 grew 64 percent to $129.5 million, compared to $78.9 million
last year. During the first three months of 1999, ICG installed 64,128 net new
access lines, of which 98.5 percent were on-switch, and ended the period with
418,610 total lines in service.
"ICG finished the first quarter of 1999 very strong, both operationally and
financially," said J. Shelby Bryan, ICG's president and chief executive officer.
"More importantly, we are positioned for accelerated sequential growth due to
the continued strength in our traditional CLEC business and the earlier than
expected contribution of our ISP network services business."
ICG's business strategy is to provide high-quality local, long distance,
enhanced telephony and data services to small and medium-sized businesses in
California, Colorado, Ohio, Texas, and parts of the southeastern United States.
The company also provides high-speed network services to Internet service
providers (ISPs) using its nationwide data network with 236 points of presence
(POPs).
<PAGE>
ICS Press Release, 4/28/99, page 2
REVENUE COMPONENTS:
ICG's Telecom services ("Telecom") revenue grew 78 percent to $104.3 million for
the three months ended March 31, 1999, compared to $58.5 million recorded during
the corresponding period in 1998. Telecom's local services revenue for the three
months ended March 31, 1999 was $67.4 million, an increase of $43.1 million, or
178 percent, compared to the same period in 1998. Growth in local revenue was
primarily attributed to the increase in access lines.
Telecom's special access service (dedicated transport) revenue was $22.6 million
for the quarter ended March 31, 1999, an increase of 40 percent over the first
quarter last year. Long distance revenue for the current quarter was $5.1
million, compared to $3.9 million for the first quarter last year. Switched
terminating access (terminating long distance) revenue was $9.2 million for the
three months ended March 31, 1999, compared to $14.2 million for the same period
in 1998. This decrease, as expected, was the result of the company's initiatives
to raise prices.
TELECOM SERVICES REVENUE COMPONENTS
($ IN MILLIONS)
- -------------------------------------------------------------------------------
THREE MONTHS ENDED ANNUAL SEQUENTIAL
3/31/99 3/31/98 % CHANGE 12/31/98 % CHANGE
- -------------------------------------------------------------------------------
LOCAL SERVICES $67.4 24.3 178% $60.5 11%
LONG DISTANCE 5.1 3.9 32% 5.1 n/a
SPECIAL ACCESS 22.6 16.1 40% 20.6 10%
SWITCHED TERMINATION 9.2 14.2 (35%) 11.8 (22%)
- -------------------------------------------------------------------------------
TOTAL TELECOM REV. 104.3 58.5 78% 98.0 6%
- -------------------------------------------------------------------------------
ICG's Network services generated $13.5 million of revenue for the first quarter
of 1999, an 18 percent increase, or a $2.1 million improvement, compared to the
corresponding quarter in 1998. The company's Satellite services business had
revenue of $11.7 million for the quarter ended March 31, 1999, a 31 percent
increase compared to $8.9 million a year ago.
<PAGE>
ICS Press Release, 4/28/99, page 3
IMPROVING CORE TELECOM OPERATING MARGINS:
Telecom services' gross operating margins improved to $50.7 million for the
first quarter (49% of Telecom revenue), compared to $12.8 million reported in
1998. The improvement in gross operating margin was attributable to increases in
higher margin revenue and better network utilization.
TELECOM SERVICES' GROSS OPERATING MARGINS:
($ in millions)
- -------------------------------------------------------------------------------
THREE MONTHS ENDED 3/31/99 12/31/98 9/30/98 6/30/98 3/31/98
------------------------------------------------------
Revenue $104.3 98.0 82.6 64.2 58.5
------------------------------------------------------
Operating costs (53.6) (50.1) (48.1) 43.3) (45.7)
------------------------------------------------------
Gross margin 50.7 47.9 34.5 20.9 12.8
------------------------------------------------------
% of revenue 49% 49% 42% 33% 22%
- -------------------------------------------------------------------------------
TOTAL OPERATING COSTS AND SG&A:
Total operating costs for the quarter ended March 31, 1999 were $70.2 million, a
14 percent increase compared to $61.5 million recorded for the corresponding
quarter last year. ICG's gross operating margin (revenue less operating costs)
for the current quarter was $59.3 million, or 46 percent of total revenue
compared to a gross operating margin of $17.4 million, or 22 percent of revenue,
for the first quarter of 1998.
Selling, general and administrative ("SG&A") expenses for the three months ended
March 31, 1999 were $48.9 million, a 16 percent increase compared to $42.3
million recorded for the same three-month period in 1998. SG&A as a percentage
of total revenue was 38 percent for the first quarter of this year, compared to
54 percent last year.
NET INCOME (LOSS):
Depreciation and amortization for the three months ended March 31, 1999 was
$39.0 million, up $25.4 million compared to last year. This increase was due to
an increase in depreciable assets and goodwill. Interest expense for the three
months ended March 31, 1999 was $47.4 million, while interest income was $4.1
million.
<PAGE>
ICS Press Release, 4/28/99, page 4
During the first quarter of this year ICG disposed of its Netcom domestic and
international operations and posted an extraordinary gain of $193.0 million.
Total proceeds from this disposition were approximately $286.1 million.
Net income for the three months ended March 31, 1999 was $106.7 million,
compared to a net loss of $101.8 million recorded for the corresponding quarter
in 1998. Loss from continuing operations for the three months ended March 31,
1999 was $86.3 million, compared to a loss from continuing operations of $81.6
million recorded for the first quarter last year. Earnings per share for the
quarter ended March 31, 1999 was $2.29, compared to a loss of $2.30 recorded for
the corresponding quarter in 1998. Loss per share from continuing operations for
the quarter ended March 31, 1999 was $1.85 compared to a loss of $1.84 for the
corresponding quarter in 1998.
RESOURCES AND CAPITAL EXPENDITURES:
ICG had $369.0 million in cash, cash equivalents and short-term investments at
March 31, 1999. The company's capital expenditures for the quarter ended March
31, 1999 were $105.7 million.
OPERATIONS:
At March 31, 1999 ICG had 4,351 operational fiber route miles (with another 533
miles under construction), compared to 3,194 route miles at March 31, 1998. The
company increased its buildings connected 56 percent, reaching 6,126 buildings
at the end of the current quarter, compared to 3,931 buildings connected on
March 31, 1998.
ICG had 46 switches at the end of the first quarter in 1999, of which 29 were
voice switches and 17 were data switches. This compares to 35 switches (20 voice
and 15 data) at the end of March last year.
<PAGE>
ICS Press Release, 4/28/99, page 5
ABOUT ICG COMMUNICATIONS:
With headquarters in Englewood, Colo., ICG Communications, Inc. (NASDAQ: ICGX)
is a competitive telecommunications provider of high-quality, integrated
communications solutions. ICG offers local, long distance, enhanced telephony
and data communications to small and medium-sized businesses in California,
Colorado, Ohio, Texas and the southeastern United States. The Company also
provides high-speed data network capabilities and services to Internet service
providers throughout the U.S., using ICG's nationwide network. Through other
subsidiary operations, ICG designs and installs copper, fiber and wireless
infrastructure for buildings and campuses; and offers international satellite
voice and data services. At March 31, 1999 ICG had 2,665 full time employees.
###
INFORMATION AND STATEMENTS CONTAINED IN THIS PRESS RELEASE CONTAIN, EXPRESSED OR
IMPLIED, FORWARD-LOOKING DISCLOSURES THAT ARE BASED ON THE BELIEFS OF MANAGEMENT
AS WELL AS ASSUMPTIONS MADE BASED ON INFORMATION CURRENTLY AVAILABLE TO
MANAGEMENT. THESE FORWARD-LOOKING STATEMENTS AND INFORMATION INVOLVE RISKS AND
UNCERTAINTY, INCLUDING, BUT NOT LIMITED TO, FUTURE DEMAND FOR THE COMPANY'S
SERVICES, GENERAL ECONOMIC CONDITIONS, GOVERNMENT REGULATIONS, COMPETITION AND
CUSTOMER STRATEGIES, CAPITAL DEPLOYMENT, THE IMPACT OF PRICING, AND OTHER RISKS
AND UNCERTAINTIES. SHOULD ONE OR MORE OF THESE RISKS MATERIALIZE, OR SHOULD
UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM
THOSE DESCRIBED HEREIN AS ANTICIPATED, BELIEVED, ESTIMATED OR EXPECTED. THESE
RISKS ARE DETAILED FROM TIME TO TIME IN VARIOUS REPORTS FILED BY ICG WITH THE
SEC, INCLUDING FORM 10-K FILED FOR THE FISCAL YEAR ENDED DECEMBER 31, 1998 AND
FORM 10-Q TO BE FILED FOR THE QUARTER ENDED MARCH 31, 1999.
Attachments: Key Operating Statistics
Consolidated Statements of Operations
Consolidated Balance Sheet
[GRAPHIC OMITTED]
<PAGE>
ICS Press Release, 4/28/99, page 6
<TABLE>
<CAPTION>
KEY OPERATING STATISTICS
<S> <C> <C> <C> <C>
==========================================================================================
AS OF, MARCH 31, DEC. 31, SEPT. 30, JUNE 30,
TELECOM SERVICES 1999 1998 1998 1998
==========================================================================================
ACCESS LINES IN SERVICE 418,610 354,482 290,983 237,458
- ------------------------------------------------------------------------------------------
FIBER ROUTE MILES
Operational 4,351 4,255 3,995 3,812
Under construction 533 -- -- --
- ------------------------------------------------------------------------------------------
FIBER STRAND MILES
Operational 155,788 134,152 127,756 124,642
Under construction 15,863 -- -- --
- ------------------------------------------------------------------------------------------
BUILDINGS CONNECTED
On network 789 777 684 665
Hybrid 5,337 4,620 4,217 3,733
Total buildings connected 6,126 5,397 4,901 4,398
- ------------------------------------------------------------------------------------------
SWITCHES
Voice 29 29 21 20
Data 17 16 15 15
--------------------------------------------------------
Total switches 46 45 36 35
- ------------------------------------------------------------------------------------------
COLLOCATIONS WITH ILECS 111 59 47 45
- ------------------------------------------------------------------------------------------
SATELLITE SERVICES
- ------------------------------------------------------------------------------------------
C-BAND INSTALLATIONS 78 76 69 66
</TABLE>
KEY OPERATING STATISTICS
=================================================================
AS OF, MARCH 31, DEC. 31,
TELECOM SERVICES 1998 1997
=================================================================
ACCESS LINES IN SERVICE 186,156 141,035
- -----------------------------------------------------------------
FIBER ROUTE MILES
Operational 3,194 3,043
Under construction -- --
- -----------------------------------------------------------------
FIBER STRAND MILES
Operational 118,074 111,435
Under construction -- --
- -----------------------------------------------------------------
BUILDINGS CONNECTED
On network 637 626
Hybrid 3,294 2,527
Total buildings connected 3,931 3,153
- -----------------------------------------------------------------
SWITCHES
Voice 20 19
Data 15 15
----------------------------
Total switches 35 34
- -----------------------------------------------------------------
COLLOCATIONS WITH ILECS 35 32
- -----------------------------------------------------------------
SATELLITE SERVICES
- -----------------------------------------------------------------
C-BAND INSTALLATIONS 59 57
- -----------------------------------------------------------------
<PAGE>
ICG Press Release, 4/28/99, Page 7
ICG
COMMUNICATIONS
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
($ in thousands except per share data)
<TABLE>
<CAPTION>
Year-over-year comparison
-------------------------
Three months ended,
-------------------------
Revenue 3/31/99 3/31/98 % Change
------------ ------------ ----------
<S> <C> <C> <C>
Telecom services
Local services $ 67,399 24,277 178%
Long distance 5,131 3,883 32%
Special access 22,562 16,127 40%
Switched terminating access 9,239 14,200 (35%)
------------ ------------
Total Telecom services 104,331 58,487 78%
Network services (FOTI) 13,500 11,431 18%
Satellite services 11,688 8,949 31%
------------ ------------
TOTAL REVENUE 129,519 78,867 64%
Operating costs
Telecom services (53,649) (45,658) 18%
Network services (FOTI) (10,303) (10,865) (5%)
Satellite services (6,224) (4,992) 25%
------------ ------------
Total operating costs (70,176) (61,515) 14%
Selling, general and administrative (48,893) (42,326) 16%
------------ ------------
EBITDA (before nonrecurring charges) 10,450 (24,974) (142%)
Depreciation and amortization (39,031) (13,603) 187%
Net gain (loss) on disposal of
long-lived assets 908 (505) (280%)
Provision for impairment of long-lived assets - - NA
------------ ------------
Operating loss (27,673) (39,082) (29%)
Interest expense (47,441) (34,471) 38%
Interest income 4,105 5,502 (25%)
Other, net (504) (321) 57%
------------ ------------
Loss before income taxes, preferred
dividends and extraordinary gain (71,513) (68,372) 5%
Income tax expense - - NA
Preferred dividends on preferred securities
of subsidiaries, net of minority interest (14,804) (13,192) 12%
------------ ------------
Loss from continuing operations
before extraordinary gain (86,317) (81,564) 6%
Discontinued operations
Loss from discontinued operations - (20,191) (100%)
Loss on disposal of discontinued
operations - - NA
------------ ------------
Loss before extraordinary gain (86,317) (101,755) (15%)
Extraordinary gain on sales of operations
of NETCOM, net of income taxes 193,029 - NA
------------ ------------
Net income (loss) $ 106,712 (101,755) 205%
============ ============
Earnings (loss) per share - basic and diluted:
Loss from continuing operations (1.85) (1.84) (1%)
Loss from discontinued operations - (0.46) 100%
Extraordinary gain 4.14 - NA
------------ ------------
Earnings (loss) per share 2.29 (2.30) 200%
============ ============
Weighted average number
of shares outstanding 46,538 44,311
============ ============
<CAPTION>
Sequential comparison
--------------------------
Three months ended,
---------------------------
Revenue 3/31/99 12/31/98 % Change
------------ ------------ ---------
<S> <C> <C> <C>
Telecom services
Local services $ 67,399 60,457 11%
Long distance 5,131 5,160 (1%)
Special access 22,562 20,606 9%
Switched terminating access 9,239 11,825 (22%)
------------ -------------
Total Telecom services 104,331 98,048 6%
Network services (FOTI) 13,500 13,111 3%
Satellite services 11,688 10,469 12%
------------ -------------
TOTAL REVENUE 129,519 121,628 6%
Operating costs
Telecom services (53,649) (50,147) 7%
Network services (FOTI) (10,303) (11,689) (12%)
Satellite services (6,224) (4,889) 27%
------------ -------------
Total operating costs (70,176) (66,725) 5%
Selling, general and administrative (48,893) (50,766) (4%)
------------ -------------
EBITDA (before nonrecurring charges) 10,450 4,137 153%
Depreciation and amortization (39,031) (40,224) (3%)
Net gain (loss) on disposal of
long-lived assets 908 (4,371) (121%)
Provision for impairment of long-lived assets - (1,786) (100%)
------------ -------------
Operating loss (27,673) (42,244) (34%)
Interest expense (47,441) (48,153) (1%)
Interest income 4,105 6,226 (34%)
Other, net (504) (624) (19%)
------------ -------------
Loss before income taxes, preferred
dividends and extraordinary gain (71,513) (84,795) (16%)
Income tax expense - (45) (100%)
Preferred dividends on preferred securities
of subsidiaries, net of minority interest (14,804) (14,409) 3%
------------ -------------
Loss from continuing operations
before extraordinary gain (86,317) (99,249) (13%)
Discontinued operations
Loss from discontinued operations - (18,965) (100%)
Loss on disposal of discontinued
operations - (576) (100%)
------------ -------------
Loss before extraordinary gain (86,317) (118,790) (27%)
Extraordinary gain on sales of operations
of NETCOM, net of income taxes 193,029 - NA
------------ -------------
Net income (loss) $ 106,712 (118,790) 190%
============ =============
Earnings (loss) per share - basic and diluted:
Loss from continuing operations (1.85) (2.16) 14%
Loss from discontinued operations - (0.42) 100%
Extraordinary gain 4.14 - NA
------------ -------------
Earnings (loss) per share 2.29 (2.58) 189%
============ =============
Weighted average number
of shares outstanding 46,538 46,010
============ =============
</TABLE>
<PAGE>
ICG Press Release, 4/28/99, Page 8
ICG
COMMUNICATIONS
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
($ in thousands except per share data)
<TABLE>
<CAPTION>
Three months ended,
----------------------------------
Revenue 3/31/99 12/31/98 9/30/98
----------- ---------- ----------
<S> <C> <C> <C>
Telecom services
Local services $ 67,399 60,457 46,171
Long distance 5,131 5,160 4,572
Special access 22,562 20,606 20,213
Switched terminating access 9,239 11,825 11,611
----------- ---------- ----------
Total Telecom services 104,331 98,048 82,567
Network services (FOTI) 13,500 13,111 14,550
Satellite services 11,688 10,469 9,350
----------- ---------- ----------
TOTAL REVENUE 129,519 121,628 106,467
Operating costs
Telecom services (53,649) (50,147) (48,145)
Network services (FOTI) (10,303) (11,689) (12,177)
Satellite services (6,224) (4,889) (4,358)
----------- ---------- ----------
Total operating costs (70,176) (66,725) (64,680)
Selling, general and administrative (48,893) (50,766) (45,435)
----------- ---------- ----------
EBITDA 10,450 4,137 (3,648)
Depreciation and amortization (39,031) (40,224) (24,883)
Net gain (loss) on disposal of
long-lived assets 908 (4,371) 814
Restructuring costs - (1,786) -
----------- ---------- ----------
Operating loss (27,673) (42,244) (27,717)
Interest expense (47,441) (48,153) (45,982)
Interest income 4,105 6,226 8,196
Other, net (504) (624) (547)
----------- ---------- ----------
Loss before income taxes, preferred
dividends and extraordinary gain (71,513) (84,795) (66,050)
Income tax expense - (45) (45)
Preferred dividends on preferred securities
of subsidiaries, net of minority interest (14,804) (14,409) (13,987)
----------- ---------- ----------
Loss from continuing operations
before extraordinary gain (86,317) (99,249) (80,082)
Loss from discontinued operations - (18,965) (15,381)
Loss on disposal of discontinued
operations - (576) (1,201)
----------- ---------- ----------
Loss before extraordinary gain (86,317) (118,790) (96,664)
Extraordinary gain on sales of operations
of NETCOM, net of income taxes 193,029 - -
----------- ---------- ----------
Net income (loss) $ 106,712 (118,790) (96,664)
=========== ========== ==========
Earnings (loss) per share - basic and diluted:
Loss from continuing operations (1.85) (2.16) (1.76)
Loss from discontinued operations - (0.42) (0.36)
Extraordinary gain 4.14 - -
----------- ---------- ----------
Earnings (loss) per share 2.29 (2.58) (2.12)
=========== ========== ==========
Weighted average number
of shares outstanding 46,538 46,010 45,588
=========== ========== ==========
<CAPTION>
Trailing 12
months ended
--------------
Revenue 6/30/98 3/31/99
----------- ------------
<S> <C> <C>
Telecom services
Local services 30,328 $ 204,355
Long distance 4,940 19,803
Special access 17,543 80,924
Switched terminating access 11,404 44,079
----------- ------------
Total Telecom services 64,215 349,161
Network services (FOTI) 14,759 55,920
Satellite services 11,683 43,190
----------- ------------
Total revenue 90,657 448,271
Operating costs
Telecom services (43,310) (195,251)
Network services (FOTI) (12,590) (46,759)
Satellite services (5,869) (21,340)
----------- ------------
Total operating costs (61,769) (263,350)
Selling, general and administrative (45,156) (190,250)
----------- ------------
EBITDA (16,268) (5,329)
Depreciation and amortization (22,835) (126,973)
Net gain (loss) on disposal of
long-lived assets 7 (2,642)
Restructuring costs (553) (2,339)
----------- ------------
Operating loss (39,649) (137,283)
Interest expense (41,521) (183,097)
Interest income 8,490 27,017
Other, net (3,160) (4,835)
----------- ------------
Loss before income taxes, preferred
dividends and extraordinary gain (75,840) (298,198)
Income tax expense - (90)
Preferred dividends on preferred securities
of subsidiaries, net of minority interest (13,595) (56,795)
----------- ------------
Loss from continuing operations
before extraordinary gain (89,435) (355,083)
Loss from discontinued operations (11,401) (65,938)
Loss on disposal of discontinued
operations - (1,777)
----------- ------------
Loss before extraordinary gain (100,836) (402,607)
Extraordinary gain on sales of operations
of NETCOM, net of income taxes - 193,029
----------- ------------
Net income (loss) (100,836) (209,578)
=========== ============
Earnings (loss) per share - basic and diluted:
Loss from continuing operations (1.99)
Loss from discontinued operations (0.26)
Extraordinary gain -
-----------
Earnings (loss) per share (2.25)
===========
Weighted average number
of shares outstanding 44,865
===========
</TABLE>
<PAGE>
ICG Press Release, 4/28/99, Page 9
ICG
COMMUNICATIONS
CONSOLIDATED BALANCE SHEETS (unaudited)
($ in thousands)
MARCH 31,
ASSETS: 1999
- ------- ------------------
Cash, cash equivalents and short-term investments $ 368,975
Receivables, net 197,702
Property and equipment, net 1,067,167
Other assets, net 243,415
------------------
Total assets $ 1,877,259
==================
LIABILITIES AND STOCKHOLDERS' DEFICIT:
- --------------------------------------
Accounts payable and accrued liabilities $ 161,160
Debt 1,677,815
Capital leases 76,538
Net current liabilities of discontinued operations 934
------------------
Total liabilities 1,916,447
------------------
Redeemable preferred securities of subsidiaries 478,924
Stockholders' deficit:
Common stock 468
Additional paid-in capital 584,170
Accumulated deficit (1,102,750)
Accumulated other comprehensive loss -
------------------
Total stockholders' deficit (518,112)
------------------
Total liabilities and stockholders' deficit $ 1,877,259
==================
Diluted shares (in thousands) 49,227
DECEMBER 31,
ASSETS: 1998
- ------- ------------------
Cash, cash equivalents and short-term investments $ 262,831
Receivables, net 145,138
Property and equipment, net 934,134
Other assets, net 283,322
------------------
Total assets $ 1,625,425
==================
LIABILITIES AND STOCKHOLDERS' DEFICIT:
- -------------------------------------
Accounts payable and accrued liabilities $ 99,490
Debt 1,599,043
Capital leases 68,445
Net current liabilities of discontinued operations 23,272
------------------
Total liabilities 1,790,250
------------------
Redeemable preferred securities of subsidiaries 466,352
Stockholders' deficit:
Common stock 584
Additional paid-in capital 577,820
Accumulated deficit (1,209,462)
Accumulated other comprehensive loss (119)
------------------
Total stockholders' deficit (631,177)
------------------
Total liabilities and stockholders' deficit $ 1,625,425
==================
Diluted shares (in thousands) 56,183
