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, 2003
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) |
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
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 as of September 30, 2003 (unaudited) |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
ClearComm, L.P.
CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES
AND PARTNERS’ DEFICIT
The accompanying notes are an integral part of these consolidated statements.
ClearComm, L.P.
CONSOLIDATED STATEMENTS OF REVENUES AND EXPENSES
(2003 UNAUDITED and 2002 UNAUDITED )
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Three Month Periods Ended September 30 |
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Nine Month Periods Ended September 30 |
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2003 |
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2002 |
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2003 |
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2002 |
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Revenues: |
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Service revenues |
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$ |
24,908,493 |
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$ |
20,340,849 |
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$ |
75,068,668 |
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$ |
72,411,264 |
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Handset and accessories sales |
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1,811,184 |
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5,868,471 |
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5,742,195 |
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9,581,532 |
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26,719,677 |
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26,209,320 |
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80,810,863 |
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81,992,796 |
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Operating Cost and Expenses: |
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4,970,662 |
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1,346,332 |
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15,888,091 |
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13,778,576 |
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Cost of handset and accessories |
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1,263,297 |
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754,137 |
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3,604,982 |
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3,734,885 |
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Interconnection expense |
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1,338,561 |
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1,364,697 |
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4,301,766 |
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3,624,206 |
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Sales and dealers commissions |
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4,970,662 |
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1,346,332 |
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15,888,091 |
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13,778,576 |
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Salaries and benefits |
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3,743,473 |
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4,486,661 |
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12,024,659 |
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11,822,554 |
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Advertising expense |
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1,919,543 |
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1,398,567 |
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4,917,904 |
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6,289,900 |
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Legal and professional services |
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2,060,866 |
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2,917,803 |
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5,964,637 |
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7,615,695 |
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Provision for doubtful accounts |
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1,063,241 |
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2,143,788 |
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7,155,290 |
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7,598,802 |
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Rent expense |
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2,176,087 |
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7,269,060 |
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6,565,186 |
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11,440,856 |
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Taxes other than income |
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1,595,141 |
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1,024,724 |
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4,099,977 |
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2,949,949 |
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Network Operation and Maintenance |
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779,797 |
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— |
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2,518,987 |
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— |
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Other expenses |
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2,098,215 |
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1,468,339 |
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5,465,850 |
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3,951,991 |
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Management fee to General Partner |
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60,750 |
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34,000 |
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182,250 |
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96,000 |
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Services rendered by related parties |
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728,667 |
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1,309,270 |
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2,260,091 |
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4,330,612 |
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23,798,300 |
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25,517,378 |
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74,949,670 |
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77,234,026 |
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Income (Loss) from Operations |
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2,921,377 |
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691,942 |
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5,861,193 |
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4,758,770 |
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Other Income (Expense) |
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Interest income |
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32,637 |
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12,737 |
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163,541 |
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318,199 |
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Depreciation |
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(4,313,717 |
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(4,203,439 |
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(12,739,229 |
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(12,223,068 |
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Gain on sale of NewComm’s Stock to Fleet |
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— |
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— |
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13,000,000 |
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Loss of WriteOff in inventory |
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(2,413,119 |
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— |
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(6,777,847 |
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— |
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Other Income |
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— |
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— |
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46 |
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— |
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Interest expense |
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(3,132,618 |
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(3,062,518 |
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(10,094,425 |
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(11,796,876 |
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