ARTT Exceeds Network Deployment Targets for First Half of Year and exceeds estimates.
Thursday August 10, 4:02 pm Eastern Time
Press Release
Advanced Radio Telecom Announces Second Quarter 2000 Financial Results
Company Exceeds Network Deployment Targets for First Half of Year
BELLEVUE, Wash.--(BUSINESS WIRE)--Aug. 10, 2000--Advanced Radio Telecom Corp. (ART) (Nasdaq:ARTT - news) today announced financial results for the second quarter and six months ended June 30, 2000.
Total revenues for the second quarter of 2000 were $363,000 compared with $339,000 for the same period last year. Total revenues for the six months ended June 30, 2000 were $761,000 compared to $565,000 for the same period last year. Net loss for the second quarter of 2000 was $17.2 million compared to $19.5 million or $.72 per share for the second quarter of 1999. The company's net loss for the six months ended June 30, 2000 was $32.0 million compared to a loss of $43.0 million or $1.59 per share for the same period last year. The loss per share of $0.67 and $1.35, respectively, for the three months and six months ended June 30, 2000, includes $0.08 and $0.24 loss per share representing deemed preferred stock dividends.
``I am excited about the progress ART made during the first half of 2000 as we exceeded our U.S. market deployment objectives, signed new customers, continued building a next generation back office and approximately tripled the number of channel pops covered by our spectrum,'' said Robert S. McCambridge, ART's COO and president.
``We are seeing robust demand for 100 Mbps fast Ethernet and 155 Mbps OC-3 connectivity. As we continue to add new markets, our primary focus is rapidly provisioning new buildings and customers to accelerate our market-based growth.''
Loss from operations for the second quarter of 2000 was $14.7 million compared to $12.5 million for the same period last year. Loss from operations for the six months ended June 30, 2000 was $28.1 million compared to $23.1 million, excluding the provision for equipment impairment, for the same period last year. The increase in operating loss is primarily attributable to expenses associated with the network buildout that has resulted in five new markets coming ``on line'' at the end of the second quarter, and six overall in the first six months of 2000.
At June 30, 2000, the Company had cash, cash equivalents and short-term investments of $144.3 million. The Company had drawn $3.3 million as of June 30, 2000 under its $175 million purchase money facility provided by Cisco Systems Capital. Capital expenditures, including vendor financed expenditures, were $17.3 million for the six months ended June 30, 2000.
About Advanced Radio Telecom
Advanced Radio Telecom Corp., headquartered in Bellevue, Wash., is a provider of broadband wireless Internet Protocol (IP) access services at speeds up to 155 Mbps. ART currently owns and operates broadband wireless metropolitan area networks in Houston, Los Angeles, Phoenix, San Jose, San Diego, Seattle and Washington, D.C. and plans to initiate service in a total of 40 U.S. markets over the next two years. ART is a Cisco Powered Network(TM) service provider. ART has a nationwide footprint of 39GHz spectrum licenses in the United States, and owns 26GHz and/or 39GHz spectrum licenses in the United Kingdom and several Scandinavian countries. For more information, please visit ART's web site at www.ipsp.com.
The above information includes forward-looking statements regarding services and network deployment. These statements are not guarantees of future performance. Known and unknown risks, uncertainties, and other factors, including without limitation, satisfying closing conditions, final FCC approval, capital requirements and other financial risks, customer demand, technological risks, management of growth, satisfying borrowing conditions, competition and government regulation may cause actual results to differ materially from the future results implied or expressed in the forward looking statements. Additional information about the most significant of such factors is set forth in ART's most recent annual report on Form 10-K. The Company does not undertake to update or revise its forward-looking statements publicly even if experience or future changes make clear that any projected results expressed or implied herein will not be realized.
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