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 THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended March 31, 2004 |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number 0-28362 |
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ClearComm, L.P.
(Exact name of registrant as specified in its charter)
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Delaware |
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66-0514434 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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268
Muñoz Rivera Ave. Suite 2206 |
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00918-1929 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code: (787) 620-0140 |
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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 o No ý
ClearComm, L.P.
INDEX
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Notes to Interim Consolidated Financial Statements as of March 31, 2004 (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
ITEM 1. FINANCIAL STATEMENTS
ClearComm, L.P.
CONSOLIDATED STATEMENTS
OF ASSETS, LIABILITIES
AND PARTNERS’ DEFICIT
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March 31, |
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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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Cash and cash equivalents |
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$ |
926,871 |
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$ |
1,007,353 |
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Cash in escrow account |
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1,500,000 |
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1,500,000 |
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Accounts receivable, net |
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11,882,826 |
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12,297,162 |
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Accounts receivable, other |
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8,694,011 |
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7,457,028 |
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Interest receivable |
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15,500 |
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14,000 |
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Inventories, net |
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3,883,876 |
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3,908,736 |
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Prepaid expenses |
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1,310,784 |
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672,406 |
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Investment in securities |
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4,484,339 |
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7,338,288 |
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Investment in subsidiary |
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519,078 |
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397,980 |
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PCS licenses, net |
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57,517,974 |
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57,517,974 |
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Deferred financing costs |
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719,311 |
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774,363 |
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Note receivable from officer |
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100,000 |
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100,000 |
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Property and equipment, net |
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86,835,208 |
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90,753,422 |
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178,389,778 |
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$ |
183,738,712 |
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LIABILITIES AND PARTNERS’ DEFICIT: |
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Accounts payable and accrued liabilities |
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$ |
44,093,163 |
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$ |
40,224,333 |
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Notes payable — short-term |
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115,711,646 |
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113,816,297 |
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Notes payable — long-term |
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110,826,444 |
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117,390,809 |
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Unitholders’ capital (deficit) 2,906.1 units and 1 general partnership interest |
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(92,241,475 |
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(87,692,727 |
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Total liabilities and partner’s deficit |
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$ |
178,389,778 |
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$ |
183,738,712 |
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BOOK VALUE(DEFICIT) PER UNIT |
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$ |
(31,730 |
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$ |
(30,165 |
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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 |
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2004 |
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2003 |
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Revenues: |
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Service revenues |
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$ |
26,878,225 |
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$ |
24,399,397 |
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Handsets and accessories sales |
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1,436,596 |
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1,895,484 |
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Total Revenues |
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28,314,821 |
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26,294,881 |
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Expenses: |
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Operating expenses |
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26,261,410 |
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23,955,984 |
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Income from operations |
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2,053,411 |
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2,338,897 |
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Interest expense |
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(2,366,768 |
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(3,445,554 |
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Depreciation and amortization |
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(4,304,462 |
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(4,018,139 |
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Loss before other income (expense) |
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(4,617,819 |
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(5,124,796 |
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Other Income (expense) |
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Equity in net loss of subsidiary |
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(9,569 |
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(35,152 |
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Interest income |
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78,423 |
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64,524 |
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Other |
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217 |
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95 |
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Loss on write-off of inventories |
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— |
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(5,559,350 |
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Net loss |
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$ |
(4,548,748 |
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(10,654,679 |
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Net loss attributable to General Partner |
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$ |
(4,548,748 |
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(10,654,679 |
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Net loss attributable to Limited Partners |
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$ |
— |
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$ |
— |
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