Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-Q
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2004
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF 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 |
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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
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes o No ý
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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2
PART I. FINANCIAL INFORMATION.
ITEM 1. FINANCIAL STATEMENTS
ClearComm, L.P.
CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES
AND PARTNERS’ DEFICIT
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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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Cash and cash equivalents |
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$ |
10,244,369 |
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$ |
1,007,353 |
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Cash in escrow account |
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— |
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1,500,000 |
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Accounts receivable, net |
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11,540,094 |
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12,297,162 |
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Accounts receivable, other |
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7,062,436 |
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7,457,028 |
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Accounts receivable, insurance claim |
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403,657 |
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— |
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Interest receivable |
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18,500 |
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14,000 |
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Inventories, net |
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2,003,196 |
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3,908,736 |
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Prepaid expenses |
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1,613,415 |
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672,406 |
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Investment in securities |
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— |
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7,338,288 |
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Investment in subsidiary |
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490,441 |
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397,980 |
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PCS licenses, net |
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46,750,449 |
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57,517,974 |
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Deferred financing costs |
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638,375 |
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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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80,052,781 |
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90,753,422 |
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$ |
160,917,713 |
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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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$ |
44,768,897 |
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$ |
40,224,333 |
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Notes payable — short-term |
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119,406,225 |
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113,816,297 |
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Notes payable — long-term |
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102,268,357 |
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117,390,809 |
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Unitholders’ capital (deficit) 2,765.20 as of September 30, 2004 (2,906.1 as of December 31, 2003) units and 1 general partnership interest |
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(105,525,766 |
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(87,692,727 |
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Total liabilities and partner’s deficit |
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$ |
160,917,713 |
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$ |
183,738,712 |
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BOOK VALUE(DEFICIT) PER UNIT |
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$ |
(38,162 |
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$ |
(30,165 |
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The accompanying notes are an 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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Nine-Month Periods Ended |
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2004 |
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2003 |
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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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$ |
24,156,171 |
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$ |
24,908,493 |
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$ |
76,940,544 |
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$ |
75,068,668 |
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Handset and accessories sales |
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975,313 |
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1,811,184 |
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3,640,103 |
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5,742,195 |
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25,131,484 |
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26,719,677 |
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80,580,647 |
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80,810,863 |
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Operating Cost and Expenses: |
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Cost of handset and accessories |
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5,643,781 |
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4,970,662 |
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16,753,699 |
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15,888,091 |
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Interconnection expense |
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694,166 |
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1,263,297 |
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2,735,145 |
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3,604,982 |
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Sales and dealers commissions |
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2,731,291 |
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1,338,561 |
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8,111,674 |
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4,301,766 |
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Salaries and benefits |
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4,018,377 |
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3,743,473 |
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12,008,249 |
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12,024,659 |
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Advertising expense |
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1,539,925 |
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1,919,543 |
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4,854,071 |
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4,917,904 |
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Legal and professional services |
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