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FORM 10-Q/A No.1
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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(Mark one)
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended: June 30, 1998
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[_] 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: 0-15056
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COMMNET CELLULAR INC.
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(Exact name of registrant as specified in its charter)
Colorado 84-0924904
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8350 East Crescent Parkway, Suite 400
Englewood, Colorado 80111
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(Address of principal executive offices)
(Zip Code)
303/694-3234
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(Registrant's telephone number, including area code)
N/A
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(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
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The number of shares of the registrant's Common Stock outstanding as of August
7, 1998 was 22,644,690.
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Supplemental Information:
SELECTED COMBINED AND PROPORTIONATE
OPERATING RESULTS OF CELLULAR LICENSEES
The following table presents operating data for all cellular licensees
in which the Company holds an interest. The "Combined," "Financed Proportionate"
and "Company Proportionate" operating results, which are not included in the
Company's consolidated financial statements, are provided to assist in
understanding the results of the licensees in which the Company holds an
interest. Generally accepted accounting principles ("GAAP") prescribe inclusion
of revenues and expenses for consolidated interests (generally interests of more
than 50%), but not for equity interests (generally interests of 20% to 50%) or
cost interests (generally interests of less than 20%). Equity accounting
ordinarily results in the same net income as consolidation; however, the net
operating results are reflected on one line below operating income. Operating
activity related to interests accounted for under the cost method are not
reflected at all in a GAAP operating statement.
<TABLE>
<CAPTION>
Nine Months ended June 30,
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1998 1997 1998 1997 1998 1997
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Combined (1) Financed Proportionate (2) Company Proportionate (3)
-------------------------- -------------------------- -------------------------
<S> <C> <C> <C> <C> <C> <C>
MANAGED MARKETS
Revenues:
Cellular service $101,469 $ 91,466 $ 91,379 $ 84,887 $ 76,156 $ 69,323
In-roaming 34,737 28,414 31,247 26,292 26,745 21,876
Equipment sales 2,450 2,803 2,221 2,615 1,911 2,273
-------- -------- -------- -------- -------- --------
Total revenues 138,656 122,683 124,847 113,794 104,812 93,472
Costs and expenses
involving cash:
Cost of sales:
Cellular service
(including in-roaming) 18,354 21,829 16,871 20,558 14,060 17,031
Equipment sales 12,661 10,515 11,438 9,726 9,692 8,323
General and administrative (4) 29,975 26,103 52,907 (5) 24,190 47,337 (5) 19,799
Marketing and selling 23,549 20,989 21,444 19,522 17,652 15,813
Total cash costs and -------- -------- -------- -------- -------- --------
expenses 84,539 79,436 102,660 73,996 88,741 60,966
-------- -------- -------- -------- -------- --------
EBITDA $ 54,117 $ 43,247 $ 22,187 $ 39,798 $ 16,071 $ 32,506
======== ======== ======== ======== ======== ========
Capital expenditures $ 18,891 $ 29,276 $ 15,972 $ 27,491 $ 13,314 $ 24,271
Subscriber count 320,476 257,273 287,417 233,333 237,429 191,499
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Total markets 56 56 56 56 56 56
NONMANAGED MARKETS
Revenues:
Cellular service
(including in-roaming) $ 95,452 $ 90,875 $ 15,147 $ 13,959 $ 10,914 $ 10,338
Equipment sales 6,215 5,584 530 518 421 416
-------- -------- -------- -------- -------- --------
Total revenues 101,667 96,459 15,677 14,477 11,335 10,754
Costs and expenses
involving cash:
Cost of sales:
Cellular service 21,036 19,671 3,169 3,287 2,242 2,466
Equipment sales 9,427 7,290 793 914 604 686
General and administrative 19,593 18,950 3,502 3,259 2,412 2,299
Marketing and selling 16,233 19,614 3,046 3,058 2,368 2,397
-------- -------- -------- -------- -------- --------
Total cash costs
and expenses 66,289 65,525 10,510 10,518 7,626 7,848
-------- -------- -------- -------- -------- --------
EBITDA $ 35,378 $ 30,934 $ 5,167 $ 3,959 $ 3,709 $ 2,906
======== ======== ======== ======== ======== ========
Capital expenditures $ 11,338 $ 13,267 $ 1,420 $ 1,772 $ 1,167 $ 1,127
Subscriber count 225,024 189,208 36,429 29,465 26,683 21,801
Total markets 26 26 26 26 26 26
</TABLE>
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COMMNET CELLULAR INC. (Registrant)
Date: September 21, 1998 By: /s/Daniel P. Dwyer
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Daniel P. Dwyer
Executive Vice President, Treasurer &
Chief Financial Officer
Date: September 21, 1998 By: /s/Andrew J. Gardner
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Andrew J. Gardner
Senior Vice President and Controller
(Principal Accounting Officer)
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