UNITED STATES
Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-Q
(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, 2005 |
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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 March 31, 2005 (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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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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$ |
9,548,999 |
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$ |
10,612,430 |
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Accounts receivable, net |
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8,989,906 |
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7,909,573 |
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Accounts receivable, other |
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4,522,916 |
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4,204,524 |
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Insurance claim receivable |
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103,657 |
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403,657 |
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Interest receivable |
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— |
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20,000 |
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Inventories, net |
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11,786 |
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1,304,392 |
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Prepaid expenses |
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1,198,977 |
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841,750 |
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Leasehold rights, net |
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3,757,905 |
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3,314,144 |
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Investment in subsidiary |
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217,959 |
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247,959 |
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PCS licenses, net |
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46,750,449 |
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46,750,449 |
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Deferred financing costs |
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580,772 |
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635,824 |
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Note receivable from officer |
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— |
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100,000 |
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Property and equipment, net |
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76,478,945 |
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80,546,773 |
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152,162,271 |
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$ |
156,891,475 |
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LIABILITIES AND PARTNERS’ DEFICIT: |
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Accounts payable and accrued liabilities |
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$ |
46,673,916 |
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$ |
48,810,130 |
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Notes payable — short-term |
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133,764,820 |
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136,836,780 |
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Notes payable — long-term |
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95,740,297 |
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90,226,258 |
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Unitholders’ capital (deficit) 2,765.20 Units in 2005, 2906.1 Units in 2004, and 1 general partnership interest. |
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(124,016,762 |
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(118,981,693 |
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Total liabilities and partner’s deficit |
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$ |
152,162,271 |
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$ |
156,891,475 |
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BOOK VALUE(DEFICIT) PER UNIT |
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$ |
(44,849 |
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$ |
(43,013 |
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The accompanying notes are integral part of these consolidated statements.
1
ClearComm, L.P.
CONSOLIDATED STATEMENTS OF REVENUES AND EXPENSES
(UNAUDITED)
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Three-Month Periods Ended |
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2005 |
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2004 |
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Revenues: |
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Service revenues |
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$ |
22,878,520 |
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$ |
26,878,225 |
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Handsets and accessories sales |
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737,460 |
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1,436,596 |
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Total Revenues |
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23,615,980 |
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28,314,821 |
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Expenses: |
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Operating expenses |
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25,599,110 |
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30,565,872 |
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Income from operations |
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(1,983,130 |
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(2,251,051 |
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Interest expense |
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(3,054,582 |
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(2,366,768 |
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Loss before other income (expense) |
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(5,037,712 |
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(4,617,819 |
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Other Income (expense) |
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Equity in net loss of subsidiary |
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(30,000 |
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(9,569 |
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Interest income |
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32,644 |
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78,423 |
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Other | |||||||