Business Editors
STAMFORD, Conn.--(BUSINESS WIRE)--Aug. 8, 2000
Electric Lightwave, Inc. (NASDAQ:ELIX), a facilities-based competitive local exchange carrier, today announced financial results for the second quarter of 2000.
Revenue for the quarter ended June 30, 2000 was $60.6 million, 32% above revenue of $46.1 million in the second quarter of 1999. The company's EBITDA loss declined to $1.4 million in the second quarter of 2000, compared to a $16.7 million loss in the second quarter of 1999, an improvement of $15.3 million. The net loss in the 2000 second quarter was $35.0 million, or $0.69 per share, compared to a net loss of $33.2 million or $0.67 per share in the second quarter of 1999.
Revenue for the first six months of 2000 was $117.4 million, up 39% from $84.3 million during the comparable period last year. The company's six-month EBITDA loss declined to $8.1 million compared to a $39.5 million loss for the prior year period. The net loss for the first six months of 2000 was $70.1 million, or $1.39 per share, compared to a net loss of $68.2 million or $1.37 per share for the first six months of 1999.
"Revenue in every category of our current product mix has grown significantly at solid margins," said Rudy J. Graf, chief executive officer of Electric Lightwave. "We continue to make excellent progress toward our goal of positive EBITDA in the second half of this year."
Electric Lightwave, Inc. is a broadband integrated communications company providing Internet, data, voice and dedicated access services to communications-intensive businesses and the growing e-commerce market. The company owns and operates high-speed fiber optic networks that interconnect major markets in the West and operates a leading national Internet and data network. Headquartered in Vancouver, Washington, Electric Lightwave is on the World Wide Web at www.eli.net. The company is 83% owned by Citizens Communications (NYSE:CZN).
This press release contains forward-looking statements that are subject to risks and uncertainties which could cause actual results to differ materially from those expressed or implied in the statements. All forward-looking statements are only predictions or statements of current plans, which are constantly under review by Electric Lightwave (the Company). All forward-looking statements may differ from actual future results due to, but not limited to, changes in the local and overall economy, the nature and pace of technological changes, the number and effectiveness of competitors in the Company's markets, success in overall strategy, changes in legal and regulatory policy, relations with Incumbent Local Exchange Carriers (ILECs) and their ability to provide delivery of services including interoffice trunking, implementation of back office service delivery systems, the Company's ability to identify future markets and successfully expand existing ones and the mix of products and services offered in the Company's target markets. Readers should consider these important factors in evaluating any statement contained herein and/or made by the Company or on its behalf. The Company has no obligation to update or revise forward-looking statements to reflect the occurrence of future events or circumstances.
Electric Lightwave, Inc. Statements of Operations (In thousands, except per share data) Three Months Ended 06/30/2000 03/31/2000 06/30/1999 ---------- ---------- ---------- Revenue: Network Services $ 17,173 $ 16,004 $ 12,983 Local Telephone Services 25,951 24,274 18,600 Long Distance Services 4,265 4,596 9,245 Data Services 13,231 11,904 5,267 --------- --------- --------- Total Revenues 60,620 56,778 46,095 --------- --------- --------- Operating Expenses: Network Access 18,294 20,696 23,702 Operations 13,446 11,575 9,633 Selling, General and Administrative 30,315 31,172 29,447 Depreciation and Amortization 14,721 12,755 8,150 --------- --------- --------- Total Operating Expenses 76,776 76,198 70,932 --------- --------- --------- Loss from Operations (16,156) (19,420) (24,837) Interest Expense and Other 18,556 15,484 8,068 --------- --------- --------- Net Loss Before Income Taxes (34,712) (34,904) (32,905) Income Tax Expense 246 235 300 --------- --------- --------- Net Loss $ (34,958) $ (35,139) $ (33,205) ========= ========= ========= EBITDA $ (1,435) $ (6,665) $ (16,687) ========= ========= ========= Weighted average shares outstanding 50,418 50,183 49,822 Net Loss Per Common Share: Basic $ (0.69) $ (0.70) $ (0.67) Diluted $ (0.69) $ (0.70) $ (0.67) Electric Lightwave, Inc. Statements of Operations (In thousands, except per share data) Six Months Ended 06/30/2000 06/30/1999 ---------- ---------- Revenue: Network Services $ 33,177 $ 23,407 Local Telephone Services 50,225 32,908 Long Distance Services 8,862 17,775 Data Services 25,134 10,221 --------- --------- Total Revenues 117,398 84,311 --------- --------- Operating Expenses: Network Access 38,990 48,926 Operations 25,021 18,667 Selling, General and Administrative 61,487 56,214 Depreciation and Amortization 27,476 15,144 --------- --------- Total Operating Expenses 152,974 138,951 --------- --------- Loss from Operations (35,576) (54,640) Interest Expense and Other 34,040 12,847 --------- --------- Net Loss Before Income Taxes (69,616) (67,487) Income Tax Expense 481 670 --------- --------- Net Loss $ (70,097) $ (68,157) ========= ========= EBITDA $ (8,100) $ (39,496) ========= ========= Weighted average shares outstanding 50,289 49,812 Net Loss Per Common Share: Basic $ (1.39) $ (1.37) Diluted $ (1.39) $ (1.37) Electric Lightwave, Inc. Selected Financial & Operating Data (In thousands except selected operating data) 06/30/2000 03/31/2000 06/30/1999 ---------- ---------- ---------- Selected Financial Data Gross Property Plant & Equipment Owned or under capital lease $ 936,368 $ 824,671 $ 693,449 Under operating lease $ 108,541 $ 108,541 $ 108,541 ---------- ---------- ---------- Total $1,044,909 $ 933,212 $ 801,990 Selected Operating Data Markets 25 25 25 Route Miles 5,911 5,905 3,128 Fiber Miles 295,157 293,687 192,213 Buildings Connected On-Net 838 834 795 Switches and Routers: Internet Routers 63 62 42 ATM Switches 23 23 22 Frame Relay Switches 32 32 31 Voice Switches 8 8 7 Access Line Equivalents 196,259 180,935 121,516 Access Line Equivalents/Voice Switch 22,526 21,712 17,359 % on Switch 92% 96% 99% Employees 1,195 1,182 1,233 Customers 2,788 2,593 1,961
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