makesumgravy
16 years ago
Garmin Mobile(TM) for BlackBerry(R) With Turn-by-Turn Navigation Available From Centennial Wireless
LAS VEGAS, March 31 /PRNewswire-FirstCall/ -- Garmin International Inc., a unit of Garmin Ltd. (Nasdaq: GRMN), the global leader in satellite navigation, announced today that Centennial Wireless, the U.S. subsidiary of Centennial Communications Corp. (Nasdaq: CYCL) will make available via download a free, seven-day trial subscription of Garmin Mobile for BlackBerry on new and existing Centennial BlackBerry 8310(TM) Smartphones. All Centennial BlackBerry 8310 Smartphone customers will automatically be able to download Garmin Mobile, which is an application that enables smartphones with turn-by-turn, voice-prompted directions, as well as real-time traffic, weather, fuel prices and more. Garmin will display Garmin Mobile for BlackBerry at its CTIA Wireless trade show booth (#6639) in Las Vegas, Nevada, April 1-3, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20061026/CGTH082LOGO)
'Garmin Mobile for BlackBerry is an indispensable application because of its vast capabilities in everyday situations -- such as navigating to an unfamiliar location, finding the cheapest fuel station or dodging a traffic jam on your daily commute,' said Charles Morse, Garmin's director of mobile and online marketing. 'We are pleased to work with Centennial Wireless, and are confident that their customers will be pleased with the added dimension Garmin Mobile brings to this BlackBerry Wireless device.'
The combination of Garmin Mobile for BlackBerry and the BlackBerry 8310, with its built-in GPS receiver, makes navigation easy. Customers can easily route to a specific street address or point of interest (POI) -- places like hotels, restaurants, shopping and tourist attractions. The text-to-speech functionality allows the device to audibly announce the name of streets and POIs, letting drivers keep their eyes on the road while navigating through busy traffic and tricky roadways. If users stray off course, Garmin Mobile will automatically calculate the quickest way to get back on track. Map data is provided by NAVTEQ -- a world leader in premium-quality mapping.
Centennial's BlackBerry 8310 customers will also have access to real-time traffic, fuel prices and weather information. The real-time traffic service identifies accidents, road construction, or other incidents affecting traffic, and routes users around the congestion. The fuel feature displays helpful fuel information such as the filling station's name, fuel price, type of fuel, and distance to the station (U.S. only). Real-time weather information lets users see weather at their current location or anywhere in North America.
Garmin Mobile is the first off-board cellular phone navigation system to visually depict and constantly update the user's position on a detailed moving map, as well as the first to provide dynamic content like traffic and fuel price information. Since Garmin Mobile for BlackBerry is an off-board solution, mapping data is stored on Garmin's servers, not on the BlackBerry device itself. Therefore, customers have the advantage of the most up-to-date mapping information available directly from Garmin's servers. In order to access Garmin's network, the BlackBerry device must have a data plan for network access.
makesumgravy
16 years ago
March 28, 2008 - 7:00 AM EDT
Centennial Communications Announces Fiscal Third-Quarter Results; All Business Segments Support Solid Cash Flow Growth
Fiscal Third-Quarter Income From Continuing Operations of $0.06 per Diluted Share, Compared to Income of $0.00 per Diluted Share From Continuing Operations in the Prior-Year Quarter
Fiscal Third-Quarter Consolidated Adjusted Operating Income From Continuing Operations of $99.1 Million, up 11 Percent Year-Over-Year From $89.0 Million
Fiscal Third-Quarter Consolidated Revenue From Continuing Operations of $251.2 Million, up 8 Percent Year-Over-Year From $233.5 Million
Centennial Communications Corp. (NASDAQ: CYCL) ("Centennial") today reported income from continuing operations of $6.6 million, or $0.06 per diluted share, for the fiscal third quarter of 2008 as compared to income from continuing operations of $0.3 million, or $0.00 per diluted share, in the fiscal third quarter of 2007. Consolidated adjusted operating income (AOI)(1) from continuing operations for the fiscal third quarter was $99.1 million, as compared to $89.0 million for the adjusted prior-year quarter. For comparison, the Company's fiscal 2007 financial results have been adjusted to reflect the Universal Service Fund (USF) charge (2) in the period to which it relates.
"In the U.S., we continue to invest heavily in training our front-line Associates to engender a competitive spirit that keeps everyone focused on the bottom line," said Michael J. Small, Centennial's chief executive officer. "We've improved upon our long successful local market strategy by delighting customers at every touch-point with innovative new features, improving an already superior network and targeting our advertising within our footprint to showcase our strengths against the most relevant competitors."
Small continued, "In Puerto Rico, we're capitalizing on our leading position to consistently grow customers, improve customer retention and sustain a robust ARPU. Our Puerto Rico wireless business grew cash flow 13 percent during the fiscal third quarter, our best effort in more than two years. We're also leveraging our assets to attack new revenue streams in the residential market, and are seeing meaningful growth from our cable partnerships."
Centennial reported fiscal third-quarter consolidated revenue from continuing operations of $251.2 million, which included $137.8 million from U.S. wireless and $113.4 million from Puerto Rico operations. Consolidated revenue from continuing operations grew 8 percent versus the adjusted fiscal third quarter of 2007. The Company ended the quarter with 1,086,300 total wireless subscribers, which compares to 1,034,200 for the year-ago quarter and 1,068,300 for the previous quarter ended November 30, 2007(3). The Company reported 474,500 total access lines and equivalents at the end of the fiscal third quarter, which compares to 397,800 for the year-ago quarter.
OTHER HIGHLIGHTS
-- On February 7, 2008, Centennial announced that Thomas E. McInerney, a
general partner of Welsh, Carson, Anderson & Stowe, stepped down as the
Company's non-executive chairman. Mr. McInerney will continue to serve as
a director of Centennial. The Company further stated that J. Stephen
Vanderwoude, who has been a director of the Company since 1999, was
unanimously appointed by the board of directors to serve as Centennial's
non-executive chairman.
CENTENNIAL SEGMENT HIGHLIGHTS
U.S. Wireless Operations
-- Revenue was $137.8 million, a 9 percent increase from last year's
third quarter. Retail revenue (total revenue excluding roaming revenue)
increased 12 percent from the year-ago period primarily driven by a 4
percent increase in total subscribers, and supported by strong data,
feature and access revenue. Roaming revenue decreased 12 percent from the
year-ago quarter primarily due to a 20 percent decline in the rate per
minute for roaming traffic.
-- Average revenue per user (ARPU) was $70 during the fiscal third
quarter, a 4 percent year-over-year increase. ARPU included approximately
$5.45 of data revenue per user, which grew 64 percent from the year-ago
period.
-- AOI was $50.5 million, a 13 percent year-over-year increase,
representing an AOI margin of 37 percent. AOI benefited from strong growth
in retail revenue, partially offset by a decline in roaming revenue.
-- U.S. wireless ended the quarter with 662,700 total subscribers, which
compares to 634,800 for the prior-year quarter and to 650,100 for the
previous quarter ended November 30, 2007. Postpaid subscribers increased
14,900 from the fiscal second quarter of 2008, supported by stable postpaid
churn of 2.0 percent.
-- Capital expenditures were $16.2 million for the fiscal third quarter.
Puerto Rico Wireless Operations
-- Revenue was $82.7 million, an increase of 5 percent from the adjusted
prior-year third quarter, primarily driven by a 6 percent increase in total
subscribers.
-- ARPU was $65, which decreased from $66 when compared to the adjusted
year-ago period. ARPU slipped largely due to a decline in airtime revenue,
partially offset by an increase in data revenue. ARPU included
approximately $7.06 of data revenue per user, which increased 31 percent
from the year-ago period.
-- AOI totaled $31.0 million, an adjusted 13 percent year-over-year
increase, representing an AOI margin of 37 percent. AOI was favorably
impacted by consistent subscriber growth during the last twelve months.
-- Puerto Rico wireless ended the quarter with 423,600 subscribers, which
compares to 399,400 for the prior-year quarter and to 418,200 for the
previous quarter ended November 30, 2007. Postpaid subscribers increased
5,400 from the fiscal second quarter of 2008, aided by lower postpaid churn
of 2.4 percent.
-- Capital expenditures were $10.3 million for the fiscal third quarter.
Puerto Rico Broadband Operations
-- Revenue was $33.9 million, an adjusted 10 percent year-over-year
increase. Revenue increased primarily due to strong access line and data
growth from cable television operators in Puerto Rico.
-- AOI was $17.7 million, a 4 percent increase from the adjusted year-ago
period, representing an AOI margin of 52 percent. AOI increased due to
robust access line growth, partially offset by increased expense related to
the deployment of network capacity in consideration of customer contracts
for future service.
-- Switched access lines totaled approximately 91,600 at the end of the
fiscal third quarter, an increase of 19,100 lines, or 26 percent from the
prior-year quarter. Dedicated access line equivalents were 382,900 at the
end of the fiscal third quarter, an 18 percent year-over-year increase.
-- Capital expenditures were $3.8 million for the fiscal third quarter.
DEFINITIONS AND RECONCILIATION
(1) Adjusted operating income is defined as net income (loss) before loss from discontinued operations, income from equity investments, minority interest in income of subsidiaries, income tax expense, gain on sale of equity investments, interest expense, net, (loss) gain on disposition of assets, litigation settlement expense, strategic alternatives/recapitalization costs, stock-based compensation expense and depreciation and amortization. Please refer to the schedule below for a reconciliation of adjusted operating income to consolidated net income (loss) and the Investor Relations website at www.ir.centennialwireless.com for a discussion and reconciliation of this and other non-GAAP financial measures.
Reconciliation of adjusted operating income to consolidated net income
(loss):
Three Months Ended Nine Months Ended
February February February February
29, 2008 28, 2007 29, 2008 28, 2007
-------- -------- --------- ---------
Adjusted operating income $ 99,108 $ 84,599 $ 295,128 $ 264,987
Depreciation and amortization (35,262) (32,624) (102,873) (97,537)
Stock-based compensation expense (2,112) (1,851) (8,548) (6,669)
Strategic alternatives/
recapitalization costs -- -- -- (285)
Litigation settlement expense -- -- (2,950) --
(Loss) gain on disposition of
assets (120) 265 (1,731) (28)
--------- --------- --------- ---------
Operating income 61,614 50,389 179,026 160,468
Interest expense, net (47,508) (50,540) (143,901) (152,943)
Gain on sale of equity
investments -- 4,730 -- 4,730
Income tax expense (7,302) (4,252) (20,270) (11,285)
Minority interest in income of
subsidiaries (171) (264) (492) (705)
Income from equity investments -- 258 -- 804
--------- --------- --------- ---------
Income from continuing operations 6,633 321 14,363 1,069
Loss from discontinued operations (1,218) (1,669) (2,257) (37,928)
========= ======== ========= =========
Net income (loss) $ 5,415 $ (1,348) $ 12,106 $ (36,859)
========= ======== ========= =========
(2) Please refer to the Company's Form 10-K for the year ending May 31, 2007 and the fiscal fourth-quarter 2007 earnings press release for information regarding prior-period USF charges.
(3) During the quarter ending February 29, 2008, our U.S. wireless wholesale reseller terminated approximately 35,000 of Centennial's 50,200 wholesale subscribers. As a result, the Company has determined that revenues received from wholesale subscribers are immaterial and has removed these subscribers from all reported periods.
CONFERENCE CALL INFORMATION
As previously announced, the Company will host a conference call to discuss results at 8:30 a.m. ET on Friday, March 28, 2008. Callers should dial (800) 823-4842 to access the call. The conference call will also be simultaneously webcast on Centennial's Investor Relations website at www.ir.centennialwireless.com. A replay of the conference call will also be available beginning Friday, March 28 through Friday, April 11 at both Centennial's Investor Relations website and www.streetevents.com. Callers can also dial (888) 203-1112, Access Code 9948488 to access an audio replay of the conference call.
ABOUT CENTENNIAL
Centennial Communications (NASDAQ: CYCL), based in Wall, NJ, is a leading provider of regional wireless and integrated communications services in the United States and Puerto Rico with approximately 1.1 million wireless subscribers and 474,500 access lines and equivalents. The U.S. business owns and operates wireless networks in the Midwest and Southeast covering parts of six states. Centennial's Puerto Rico business owns and operates wireless networks in Puerto Rico and the U.S. Virgin Islands and provides facilities-based integrated voice, data and Internet solutions. Welsh, Carson, Anderson & Stowe is a significant shareholder of Centennial. For more information regarding Centennial, please visit our websites http://www.centennialwireless.com/ and http://www.centennialpr.com/.
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