----OT-------
WATCH OUT FOR THIS ONE. I SMELL GEOTEK ALL OVER THIS.
CAI Wireless Systems, Inc. Releases Fiscal 1999 Third Quarter and Nine Month Results; Impact of Chapter 11 Case Reflected
ALBANY, N.Y.--(BUSINESS WIRE)--Feb. 17, 1999--CAI Wireless Systems, Inc. (OTC:CWSS)("CAI" or the "Company") today released results for the third quarter of its fiscal year ending March 31, 1999 ("Fiscal 1999").
The third quarter results reflect the consummation of the Company's previously announced Chapter 11 reorganization (the "Reorganization") on October 14, 1998. The Reorganization has significantly reduced the amount of CAI's indebtedness. The Reorganization included a $207,793,000 reduction of debt carried by CAI. The $204,345,000 extraordinary gain resulting from the extinguishment of such debt produces net income in the third quarter. CAI, however, continues to operate at a loss, and posted a net loss for the period from October 14, 1998 to December 31, 1998 (the "post-Reorganization period") of $(16,668,000), or $(0.97) per share, as more fully described below, which loss is reflected in the accompanying consolidated statements of operations.
For the third quarter ended December 31, 1998, sales were $4,120,000 versus $6,591,000 for the comparable year-ago quarter. The decrease was primarily due to a decline in analog-based video subscribers and the sale of certain assets relating to multi-dwelling unit ("MDU") operations.
|
