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Previous: INSURED MUNICIPAL SEC TR NY NAV INS SER 5 & NJ NAV INS SER 2, 497J, 2000-11-30 |
Next: INSURED MUNICIPALS INC TR & INV QUAL TAX EX TR MULTI SER 133, 24F-2NT, 2000-11-30 |
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): November 30, 2000
RURAL CELLULAR CORPORATION
(Exact name of Registrant as Specified in its Charter)
| Minnesota (State or Other Jurisdiction of Incorporation) |
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| 0-27416 (Commission File Number) |
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41-1693295 (IRS Employer Identification No.) |
| 3905 Dakota Street S.W., Alexandria, Minnesota (Address of principal executive offices) |
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56308 (zip code) |
Registrant's Telephone Number, Including Area Code (320) 762-2000
Former Name or Former Address, if Changed Since Last Report
Item 9. Regulation FD Disclosure.
On April 1, 2000 Rural Cellular Corporation's ("RCC") subsidiary, RCC Holdings, Inc. completed its $1.230 billion acquisition of the licenses, operations, and related assets of Triton Cellular Partners, L.P. ("Triton Cellular"). Starting in the fourth quarter of 2000, RCC will no longer show Wireless Alliance as a business segment in its press releases and SEC filings because its operations are not material to RCC's operations as a whole.
Therefore, for informational purposes only, RCC is furnishing under Item 9 of this Current Report on Form 8-K, the following unaudited pro forma operating data for the seven quarters ended September 30, 2000 and the year ended December 31, 1999, which assume that both the acquisition of Triton Cellular and the discontinuance of Wireless Alliance as a segment had occurred as of January 1, 1999.
The unaudited pro forma financial data are based on currently available information and assumptions that RCC believes to be reasonable. This summary is not necessarily indicative of what the results of operations of RCC and Triton Cellular would have been if they had been a single entity during such period, nor does it purport to represent results of operations for any future periods.
The information in this report is furnished pursuant to Item 9 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. This report will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.
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Unaudited Pro forma Condensed Consolidated Statements of Operations and Key Indicators |
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Three months ended |
Year ended |
Three months ended |
Nine Months ended |
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March 31, 1999 |
June 30, 1999 |
Sept. 30, 1999 |
Dec. 31, 1999 |
Dec. 31, 1999 |
March 31, 2000 |
June 30, 2000 |
Sept. 30, 2000 |
Sept. 30, 2000 |
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(In thousands, except key indicators) |
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| Revenues: | ||||||||||||||||||||||||||||||
| Service | $ | 51,199 | $ | 56,427 | $ | 59,993 | $ | 59,309 | $ | 226,928 | $ | 59,989 | $ | 66,608 | $ | 69,936 | $ | 196,533 | ||||||||||||
| Roaming | 18,578 | 23,759 | 35,317 | 25,955 | 103,609 | 23,895 | 27,138 | 35,409 | 86,442 | |||||||||||||||||||||
| Equipment | 2,728 | 3,245 | 4,637 | 4,027 | 14,637 | 4,993 | 6,011 | 4,800 | 15,804 | |||||||||||||||||||||
| Total revenues | 72,505 | 83,431 | 99,947 | 89,291 | 345,174 | 88,877 | 99,757 | 110,145 | 298,779 | |||||||||||||||||||||
| Network costs | 18,481 | 18,898 | 20,985 | 20,109 | 78,473 | 20,254 | 23,643 | 26,088 | 69,985 | |||||||||||||||||||||
| Cost of equipment sales | 4,486 | 5,346 | 6,253 | 6,420 | 22,505 | 8,887 | 10,713 | 8,125 | 27,725 | |||||||||||||||||||||
| Selling, general and administrative | 21,759 | 23,601 | 26,999 | 27,399 | 99,758 | 26,805 | 25,216 | 27,007 | 79,028 | |||||||||||||||||||||
| Depreciation | 23,836 | 26,691 | 23,934 | 26,611 | 101,072 | 28,389 | 25,795 | 26,687 | 80,871 | |||||||||||||||||||||
| 68,562 | 74,536 | 78,171 | 80,539 | 301,808 | 84,335 | 85,367 | 87,907 | 257,609 | ||||||||||||||||||||||
| Operating income (loss) | $ | 3,943 | $ | 8,895 | $ | 21,776 | $ | 8,752 | $ | 43,366 | $ | 4,542 | $ | 14,390 | $ | 22,238 | $ | 41,170 | ||||||||||||
| EBITDA | $ | 27,779 | $ | 35,586 | $ | 45,710 | $ | 35,363 | $ | 144,438 | $ | 32,931 | $ | 40,185 | $ | 48,925 | $ | 122,041 | ||||||||||||
| EBITDA margin | 38.3 | % | 42.7 | % | 45.7 | % | 39.6 | % | 41.8 | % | 37.1 | % | 40.3 | % | 44.4 | % | 40.8 | % | ||||||||||||
| Key indicators for post and prepaid wireless voice customers | ||||||||||||||||||||||||||||||
| Customers | 384,502 | 404,687 | 425,532 | 449,618 | 449,618 | 469,671 | 493,022 | 513,653 | 513,653 | |||||||||||||||||||||
| Penetration: | 7.1 | % | 7.4 | % | 7.8 | % | 8.3 | % | 8.3 | % | 8.6 | % | 9.1 | % | 9.4 | % | 9.4 | % | ||||||||||||
| *ARPU: | N/A | N/A | N/A | N/A | N/A | $ | 57 | $ | 62 | $ | 66 | $ | 62 | |||||||||||||||||
| *Acquisition cost per customer: | N/A | N/A | N/A | N/A | N/A | $ | 432 | $ | 337 | $ | 320 | $ | 349 | |||||||||||||||||
| *Retention: (excluding prepaids) | N/A | N/A | N/A | N/A | N/A | 98.0 | % | 98.3 | % | 98.3 | % | 98.2 | % | |||||||||||||||||
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.
| Date: November 30, 2000 | RURAL CELLULAR CORPORATION | ||
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By: |
/s/ RICHARD P. EKSTRAND Richard P. Ekstrand President and Chief Executive Officer |
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