SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE |
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For the quarterly period ended September 30, 2003 |
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OR |
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TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE |
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For the transition period from to |
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Commission file number
1-8309
PRICE COMMUNICATIONS CORPORATION
(Exact Name of Registrant as specified in its charter)
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New York |
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13-2991700 |
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(State or other jurisdiction |
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(I.R.S. Employer |
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45 Rockefeller Plaza, |
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10020 |
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New York, New York |
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(Zip Code) |
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(Address of principal executive offices) |
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Registrant’s telephone number (212) 757-5600 |
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Securities registered pursuant to Section 12(b) of the Act: |
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Title of each class |
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Name of
each exchange |
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Common Stock, par value $.01 per share |
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New York Stock Exchange |
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Associated Common Stock Rights Under Rights Plan |
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Boston Stock Exchange |
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Chicago Stock Exchange |
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Pacific Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). Yes ý No o
The number of shares outstanding of the issuer’s common stock as of October 28, 2003 was 54,083,941 .
PRICE COMMUNICATIONS CORPORATION AND SUBSIDIARIES
INDEX
Item 1. Financial Statements
PRICE COMMUNICATIONS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
($ in thousands)
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September 30, |
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December 31, |
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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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$ |
9,953 |
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$ |
20,733 |
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Available for sale securities |
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10,477 |
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3,128 |
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Prepaid expenses and other current assets |
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1,382 |
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Total current assets |
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20,430 |
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25,243 |
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Restricted cash and securities (principally securities) |
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78,543 |
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80,938 |
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Investment in limited partnership |
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1,135,446 |
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1,123,478 |
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Other assets |
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392 |
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53 |
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$ |
1,234,811 |
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$ |
1,229,712 |
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Income taxes payable |
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2,729 |
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3,605 |
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Other current liabilities |
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4,321 |
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3,109 |
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Total current liabilities |
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7,050 |
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6,714 |
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Accrued income taxes - long term |
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53,165 |
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53,165 |
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Deferred income taxes |
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525,000 |
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525,000 |
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Other liabilities |
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16,000 |
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16,000 |
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Total liabilities |
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601,215 |
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600,879 |
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Commitments and contingencies |
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Shareholders’ equity |
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633,596 |
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628,833 |
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$ |
1,234,811 |
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$ |
1,229,712 |
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See accompanying notes to condensed consolidated financial statements.
I-1
PRICE COMMUNICATIONS CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
($ in thousands, except per share data)
(Unaudited)
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For the three months |
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For the nine months |
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2003 |
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2002 |
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2003 |
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2002 |
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(Restated) |
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(Restated) |
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Revenue: |
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Earnings from partnership |
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$ |
8,132 |
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$ |
4,031 |
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$ |
24,321 |
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$ |
4,031 |
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Service |
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— |
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34,197 |
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— |
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168,944 |
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Equipment sales and installation |
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— |
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1,836 |
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— |
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11,635 |
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Total revenue |
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8,132 |
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40,064 |
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24,321 |
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184,610 |
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Operating expenses: |
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Engineeri | |||||||||||||