Monday May 17, 7:08 pm Eastern Time
Company Press Release
SOURCE: Advanced Radio Telecom Corp.
Advanced Radio Telecom Announces First Quarter 1999 Results
Recent Developments: * Receipt of $7 million in proceeds from previously disclosed spectrum transaction. * Announcement of plans for first international market in Oslo, Norway. * Agreement to provide customers with high-speed access to NBC and CNET's Snap Internet portal service (www.snap.com)
BELLEVUE, Wash., May 17 /PRNewswire/ -- Advanced Radio Telecom Corp. (Nasdaq: ARTT - news) today announced financial and operating results for first quarter 1999.
Total revenues for the quarter ended March 31, 1999 were $225,962 compared with $236,557 for the same period last year. Operating costs and expenses for the first quarter of 1999 were $10,781,886, excluding a non-cash equipment impairment charge of $6,375,996, compared with $7,089,860 for the same period last year. Excluding the equipment impairment charge, the operating loss for the first quarter of 1999 was $10,555,924 compared to $6,853,303 for the same period last year. Including the equipment impairment charge, the net loss for the first quarter of 1999 was $23,531,385 or $(0.87) per share, compared to $9,100,795 or $(0.42) per share for the first quarter of 1998.
ART provides Internet services to business customers in the Seattle, Phoenix and Portland metropolitan areas. In the first quarter ending March 31, 1999, ART increased the number of customers ordering service from 116 to 250. ART acquired 61 additional buildings in these three markets bringing the total acquired to 216. The total number of buildings connected to ART's network increased from 85 to 126 in the first quarter.
''In the first quarter, we were very heavily focused on securing financing to fund the company's growth as well as increasing our penetration of previously acquired on-net buildings in our three markets,'' said Henry ''Harry'' C. Hirsch, ART chairman and CEO. ''Given our capital constraints during the quarter, we were limited to working within existing markets and to concentrating our efforts on growing our customer base in a relatively small universe of buildings. Under the circumstances, we are satisfied with our operating results.
''As to the status of the financing, although significant progress has been made, it is taking longer than expected to complete the process,'' Hirsch added.
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