Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-Q
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(Mark One) |
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF |
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THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2002
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF |
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THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 0-28362
ClearComm, L.P.
(Exact name of registrant as specified in its charter)
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Delaware |
66-0514434 |
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(State or other jurisdiction of |
(I.R.S. Employer |
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incorporation or organization) |
Identification No.) |
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268 Muñoz Rivera Ave. Suite 2206 |
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(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (787) 620-0140
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
ClearComm, L.P.
INDEX
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Notes to Interim Consolidated Financial Statements (unaudited) |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Exhibit Index. |
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2
ClearComm, L.P.
CONSOLIDATED STATEMENTS OF ASSETS,
LIABILITIES
AND PARTNERS’ DEFICIT
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June 30, |
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December 31, |
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2002 |
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2001 |
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(Unaudited) |
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(Audited) |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
17,246,750 |
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$ |
10,241,902 |
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Accounts receivable, net of allowance for doubtful accounts of $17,083,935 and $18,341,025 |
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17,319,848 |
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19,099,986 |
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Accounts receivable due from officer |
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391,314 |
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102,000 |
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Insurance claim receivable |
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1,496,680 |
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1,496,324 |
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Investment in Emilio’s |
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238,266 |
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— |
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Inventories |
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11,097,074 |
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10,305,254 |
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Prepaid expenses |
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1,769,469 |
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652,279 |
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Total current assets |
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49,559,401 |
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41,897,745 |
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DEFERRED FINANCING COSTS, net |
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— |
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906,731 |
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PCS LICENSES, net |
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56,200,567 |
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57,517,974 |
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PROPERTY AND EQUIPMENT, net |
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98,949,158 |
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102,095,953 |
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$ |
204,709,126 |
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$ |
202,418,403 |
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LIABILITIES AND PARTNER’S DEFICIT |
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CURRENT LIABILITIES: |
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Accounts payable and accrued liabilities |
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$ |
24,202,318 |
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$ |
27,868,716 |
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Note payable to Lucent Technologies |
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60,531,697 |
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60,531,697 |
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Bridge Loan Facility |
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60,000,000 |
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60,000,000 |
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Accounts payable to related parties |
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9,774,448 |
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8,705,353 |
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Note Payable to Alcatel |
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7,436,029 |
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12,790,140 |
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Accrued interest |
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2,658,916 |
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3,517,319 |
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Deferred income |
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1,281,400 |
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1,550,665 |
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Total current liabilities |
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165,884,808 |
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174,963,890 |
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LONG-TERM NOTES PAYABLE |
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92,475,463 |
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81,723,962 |
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MINORITY INTEREST |
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12,760,072 |
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13,362,939 |
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PARTNER’S DEFICIT |
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Limited partners’ capital (2,907.7 units, issued and outstanding) |
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73,039,616 |
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73,039,616 |
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General partner’s capital |
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100,000 |
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100,000 |
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Undistributed losses— |
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Accumulated during development stage |
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(48,704,525 |
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(48,704,525 |
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Operations |
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(90,846,308 |
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(92,067,478 |
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Total partners’ deficit |
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(66,411,217 |
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(67,632,388 |
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$ |
204,709,126 |
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$ |
202,418,403 |
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The accompanying notes are integral part of these consolidated statements.
3
ClearComm, L.P.
CONSOLIDATED
STATEMENTS OF REVENUES AND EXPENSES
(UNAUDITED)
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Three-Month Periods Ended June 30 |
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Six-Month Periods Ended June 30 |
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2002 |
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2001 |
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2002 |
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2001 |
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Revenues: |
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Service revenues |
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$ |
25,443,665 |
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$ |
27,345,079 |
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$ |
52,070,415 |
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$ |
52,375,461 |
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Handset and accessories sales |
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2,359,450 |
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6,174,279 |
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3,713,061 |
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9,156,163 |
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27,803,115 |
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33,519,358 |
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55,783,476 |
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61,531,624 |
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Operating Cost and Expenses: |
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Cost of handset and accessories |
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5,381,502 |
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9,700,493 |
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12,432,244 |
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17,760,845 |
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Interconnection expense |
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2,001,828 |
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400,316 |
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