[WCII numbers]
i think the $13.2M in Q4 1996 is telecom-related revenue only and
the difference must have been from some other lines of business.
mark
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WinStar Communications, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
For the three months ended For the year ended
December 31, December 31,
1996 1997 1996 1997
Operating revenues
Telecommunications
services - commercial $2,253 $12,587 $4,487 $29,796
Telecommunications
services - residential 3,759 1,780 29,482 8,481
Information services 7,171 15,661 14,650 41,354
Total operating revenues 13,183 30,028 48,619 79,631
Operating expenses
Cost of services and
products 13,130 32,529 38,233 81,017
Selling, general and
administrative expenses 23,303 47,043 62,365 156,959
Depreciation and
amortization 2,172 14,227 4,501 29,701
Total operating expenses 38,605 93,799 105,099 267,677
Operating loss (25,422) (63,771) (56,480) (188,046)
Other (expense) income
Interest expense (10,053) (24,183) (36,748) (77,257)
Interest income 2,173 6,525 10,515 17,577
Other income -- -- -- 2,219
Loss from continuing
operations before
income tax benefit (33,302) (81,429) (82,713) (245,507)
Income tax benefit -- 2,500 -- 2,500
Loss from continuing
operations (33,302) (78,929) (82,713) (243,007)
Loss from discontinued
operations (394) (4,500) (1,010) (6,477)
Net loss (33,696) (83,429) (83,723) (249,484)
Preferred stock
dividends -- (1,998) -- (5,879)
Net loss applicable
to common stockholders $(33,696) $(85,427) $(83,723) $(255,363)
Basic and diluted
loss per share:
From continuing
operations $(1.17) $(2.37) $(2.96) $(7.49)
From discontinued
operations (0.01) (0.13) (0.04) (0.19)
Net loss per share $(1.18) $(2.50) $(3.00) $(7.68)
Weighted average
shares outstanding 28,553 34,215 27,911 33,249
WinStar Communications, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
December 31, December 31,
1996 1997
ASSETS
Current assets
Cash and cash equivalents $ 95,490 $ 402,359
Short term investments 26,997 16,903
Cash, cash equivalents and short term
investments 122,487 419,262
Investments in equity securities 688 -
Accounts receivable, net of allowance
for doubtful accounts 13,150 30,328
Inventories 5,009 10,296
Prepaid expenses and other current assets 15,969 8,985
Net assets of discontinued operations 3,814 2,105
Total current assets 161,117 470,976
Property and equipment, net 62,572 284,835
Licenses, net 27,434 174,763
Intangible assets, net 12,955 14,293
Deferred financing costs, net 10,535 27,463
Other assets 4,176 4,071
Total assets $ 278,789 $ 976,401
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities
Current portion of long-term debt $ 19,901 $ 386
Accounts payable and accrued expenses 29,442 97,714
Current portion of capitalized lease
obligations 3,110 6,848
Total current liabilities 52,453 104,948
Capitalized lease obligations, less current
portion 10,846 21,823
Long-term debt, less current portion 265,161 768,469
Deferred income taxes - 24,000
Total liabilities 328,460 919,240
Series C exchangeable redeemable preferred
stock - 175,553
Commitments and contingencies
Stockholders' equity (deficit)
Series A preferred stock - 39
Common stock, par value $.01; authorized
75,000 and 200,000 shares, issued and
outstanding 28,989 and 34,610,
respectively 290 346
Additional paid-in-capital 75,436 255,741
Accumulated deficit (125,034) (374,518)
---------- -----------
(49,308) (118,392)
Unrealized loss on investments (363) -
Total stockholder's equity (deficit) (49,671) (118,392)
Total liabilities, exchangeable
redeemable preferred stock
and stockholders' equity (deficit) $ 278,789 $ 976,401 |
