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Clearwire Reports Record Third Quarter 2011 Results

(November 02, 2011)



  • Record 3Q 2011 Revenue of $332.2 Million, Up 134% From $142.2 Million, Year Over Year


  • Record Quarterly Net Wholesale Subscriber Additions of 1.9 Million Representing 29% Sequential Growth in Ending Wholesale Subscribers


  • 57% Sequential Improvement in 3Q 2011 Adjusted EBITDA as compared to 2Q 2011 Pro Forma Adjusted EBITDA


  • Smartphone Data Traffic Driving Network Demand with 43% Quarter over Quarter Increase in Smartphone Network Usage


  • New CLEAR Retail Pricing Options Offer Flexibility, Convenience and Unlimited Usage



BELLEVUE, Wash., Nov. 2, 2011 (GLOBE NEWSWIRE) -- Clearwire Corporation (Nasdaq:CLWR), a leading provider of 4G wireless broadband services in the U.S., today reported its financial and operating results for third quarter 2011.



"Our record third quarter results demonstrate that our efforts to optimize performance are succeeding," said Erik Prusch, President and CEO of Clearwire. "We believe the growth of our subscriber base and improvements in our cost structure resulted in significant Adjusted EBITDA improvement in the third quarter, and support the merits of our business model. Additionally, the continued growth in network usage by our subscribers highlights the rapidly increasing demand for mobile broadband data that Clearwire is best-positioned to deliver.



"Today Clearwire is the only operational 4G wholesale business combining an all-IP network, substantial spectrum resources, and a technology roadmap to serve the growing demand for mobile broadband. We believe Clearwire's deep spectrum resources are capable of meeting the urban demand that will likely strain the lower-capacity LTE deployments planned by other wireless operators. Our common global technology roadmap, aligned with members of the Global TDD-LTE Initiative (GTI), including China Mobile, the largest wireless carrier in the world, should position us to benefit from the significant economies of scale of a converged LTE ecosystem. We look forward to opportunities to work with our current wholesale partners, and other wireless carriers, to serve this growing market."


Clearwire ended third quarter 2011 with approximately 9.54 million total subscribers, up 240% from 2.81 million subscribers in third quarter 2010. The subscriber base consists of 1.32 million retail subscribers and 8.22 million wholesale subscribers. During third quarter 2011, Clearwire added 1.89 million total net new subscribers, comprised of 35 thousand retail and 1.86 million wholesale net new subscribers. Clearwire's wholesale subscribers consist primarily of Sprint 3G/4G smartphone customers.




Third quarter 2011 aggregate network usage by wholesale customers increased 34% compared to second quarter 2011, driven primarily by growth in aggregate smartphone usage, which increased 43% over the same period.



Third quarter 2011 revenue was $332.2 million, a 134% increase over third quarter 2010 revenue of $142.2 million. Third quarter 2011 retail revenue and other revenue was $195.0 million, a year over year increase of 55% from $125.6 million in third quarter 2010. Third quarter 2011 retail average revenue per user (ARPU) was $47.05 up from $43.10 in third quarter 2010. Wholesale revenue in third quarter 2011 was $137.2 million, a year over year increase of 730% from $16.5 million in third quarter 2010. Third quarter 2011 wholesale ARPU was $6.20, up from $4.46 in third quarter 2010.



Retail cost per gross addition (CPGA) was $288 in the third quarter 2011 compared to $313 in second quarter 2011. Retail churn was 4.2% in third quarter 2011, up from 3.9% in second quarter 2011. Wholesale churn was 1.5% in third quarter 2011, up from second quarter 2011 wholesale churn of 1.3%.



Adjusted EBITDA in third quarter 2011 was a loss of $46.4 million, representing a sequential improvement of $62.1 million when compared to second quarter 2011 pro forma Adjusted EBITDA loss of $108.5 million. When compared to second quarter 2011 actual Adjusted EBITDA loss of $79.6 million, third quarter 2011 Adjusted EBITDA improved by $33.2 million.



Third quarter 2011 reported net loss from continuing operations attributable to Clearwire was $83.5 million, or $0.34 per basic share. Including the effects of discontinued operations, third quarter 2011 reported net loss attributable to Clearwire was $84.8 million, or $0.35 per basic share.



At the end of third quarter 2011, Clearwire operated networks in the U.S. covering areas where approximately 135 million people reside, including approximately 133 million people in 4G markets in the U.S.



2011 Outlook



Clearwire now expects to exceed its previous guidance of 10 million subscribers by the end of 2011, with most of the new subscribers coming from its wholesale business. Before any impact of an LTE deployment, the company now expects capital expenditures in 2011 to be less than $300 million, approximately $100 million lower than previous guidance.



New CLEAR Pricing



This week, Clearwire launched a family of new, user-friendly service plans for our new customers in order to simplify our CLEAR retail product offerings and focus on our core 4G network. All of the new CLEAR 4G internet plans now feature no long-term contracts and unlimited* Internet usage following successful retail trials in certain markets this summer. In addition, there are no credit checks, consumers and businesses choose from the same plans, and in most cases, the CLEAR service comes with a 15-day Risk-Free Satisfaction Guarantee.



The new flexible service plans allow customers to get CLEAR for 2 hours, one day, one week or on a monthly recurring basis. Monthly service prices start at $50 (plus tax) for a 4G Mobile or 4G Home plan. Device prices for new customers start at $39.99 and device leases will no longer be available.



Results of Continuing Operations



Cost of goods and services and network costs (COGS) for third quarter 2011 decreased 35% to $282.5 million compared to $433.4 million for second quarter 2011. These amounts include non-cash charges for network equipment reserves and other write-downs of $214.6 million and $38.7 million in the second and third quarters of 2011, respectively, and non-cash network related rents of $38.4 million and $65.2 million in the second and third quarters of 2011, respectively. The sequential increase in non-cash network related rents in third quarter 2011 was primarily due to a higher provision for unused tower-related leases and other network agreements. Excluding non-cash expenses, COGS decreased 1.3% sequentially reflecting a full quarter's benefit of outsourcing efficiencies.



Selling, general and administrative (SG&A) expense for the third quarter 2011 decreased 1% to $176.5 million compared to $178.2 million for the second quarter 2011. The decrease is primarily attributable to lower general and administrative expenses resulting from workforce reductions and outsourcing arrangements, partially offset by higher non-cash stock compensation expense.



Third quarter 2011 capital expenditures (capex) declined to $17 million from $56 million in second quarter 2011 primarily due to favorable settlements on prior capex purchases. The company ended the third quarter 2011 with cash and investments of approximately $711 million invested primarily in U.S. Treasury securities. In October 2011 Clearwire received cash payments totaling $110.1 million for the third installment of the pre-payment and take-or-pay commitment for 2011 in accordance with the Sprint wholesale agreements.


































































































































































































































































































































































































































































 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clearwire Corporation

Summary of Financial Data From Continuing Operations

(In thousands)

(Unaudited)

 

 

 

 

 

 

 

 

Three months ended

 

Actual

Pro forma (1)

Actual

 

September 30,

June 30,

March 31,

June 30,

March 31,

September 30,

 

2011

2011

2011

2011

2011

2010

 

 

 

 

 

 

 

REVENUES

 

 

 

 

 

 

Retail revenues

 $ 194,789

 $ 190,583

 $ 175,242

 $ 190,583

 $ 175,242

 $ 125,002

Wholesale revenues

 137,162

 102,624

 76,974

 131,522

 60,895

 16,525

Other revenue

 226

 506

 671

 506

 671

 635

Total revenues

 332,177

 293,713

 252,887

 322,611

 236,808

 142,162

OPERATING EXPENSES:

 

 

 

 

 

 

Cost of goods and services and network costs (exclusive of items shown separately below)

 282,459

 433,363

 240,145

 433,363

 240,145

 222,035

Selling, general and administrative expense 

 176,469

 178,232

 214,864

 178,232

 214,864

 236,178

Depreciation and amortization 

 165,560

 169,640

 182,474

 169,640

 182,474

 121,289

Spectrum lease expense

 77,696

 76,620

 74,821

 76,620

 74,821

 72,761

Loss from abandonment of network and other assets

 29,129

 376,350

 171,862

 376,350

 171,862

 9,391

Total operating expenses 

 731,313

 1,234,205

 884,166

 1,234,205

 884,166

 661,654

OPERATING LOSS

 (399,136)

 (940,492)

 (631,279)

 (911,594)

 (647,358)

 (519,492)

 

 

 

 

 

 

 

LESS NON-CASH ITEMS

 

 

 

 

 

 

Non-cash expenses

 119,321

 71,388

 76,243

 71,388

 76,243

 84,716

Non-cash write-downs

 67,810

 590,948

 178,325

 590,948

 178,325

 29,397

Depreciation and amortization

 165,560

 169,640

 182,474

 169,640

 182,474

 121,289

Total non-cash items

 352,691

 831,976

 437,042

 831,976

 437,042

 235,402

Adjusted EBITDA

 $ (46,445)

 $ (108,516)

 $ (194,237)

 $ (79,618)

 $(210,316)

 $ (284,090)

Adjusted EBITDA margin

-14%

-37%

-77%

-25%

-89%

-200%

 

 

 

 

 

 

 

KEY OPERATING METRICS (k for '000's, MM for '000,000's)

 

 

 

 

 

Total net subscriber additions

1,893k

1,543k

1,761k

1,543k

1,761k

1,226k

Wholesale

1,858k

1,504k

1,610k

1,504k

1,610k

1,077k

Retail

35k

39k

151k

39k

151k

149k

Total subscribers

9,541k

7,648k

6,105k

7,648k

6,105k

2,805k

Wholesale(2)

8,219k

6,360k

4,856k

6,360k

4,856k

1,829k

Retail

1,322k

1,288k

1,249k

1,288k

1,249k

976k

ARPU

 

 

 

 

 

 

Wholesale 

$6.20

$6.18

$6.37

$7.92

$5.04

$4.46

Retail 

$47.05

$47.59

$46.80

$47.59

$46.80

$43.10

Churn

 

 

 

 

 

 

Wholesale 

1.5%

1.3%

1.3%

1.3%

1.3%

1.3%

Retail 

4.2%

3.9%

3.3%

3.9%

3.3%

3.4%

Retail CPGA

$288

$313

$295

$313

$295

$504

Capital expenditures

 $17MM 

 $56MM 

 $130MM 

 $56MM 

 $130MM 

 $760MM 

Domestic 4G covered POPS 

 132.7MM 

 132.4MM 

 125.6MM 

 132.4MM 

 125.6MM 

 82.3MM 

Cash, cash equivalents and investments

 $711MM 

 $848MM 

 $1,245MM 

 $848MM 

 $1,245MM 

 $1,390MM 

 

 

 

 

 

 

 

(1) Pro Forma revenue includes the impact of approximately $16.1 million of wholesale revenue related to Q1 2011 that was recorded in Q2 2011 

 and approximately $12.8 million of wholesale revenue recorded in Q2 2011 to settle disputes related to prior usage. 

(2) Includes non-launched markets.


Management Webcast



Clearwire executives will host a conference call and simultaneous webcast to discuss the company's third quarter 2011 financial results at 4:30 p.m. Eastern Time today. A live broadcast of the conference call will be available online on the company's investor relations website located at http://investors.clearwire.com.



Interested parties can access the conference call by dialing 1- 877-392-9886, or from outside the United States by dialing 1-707-287-9329, five minutes prior to the start time. A replay of the call will be available beginning at approximately 7:30 p.m. Eastern Time on November 2, through Wednesday, November 9, by calling 1-855-859-2056, or from outside the United States by dialing 1-404-537-3406. The passcode for the replay is 19135355.



About Clearwire



Clearwire Corporation (Nasdaq:CLWR), through its operating subsidiaries, is a leading provider of mobile broadband services. Clearwire's 4G network currently provides coverage in areas of the U.S. where more than 130 million people live. Clearwire's open all-IP network, combined with significant spectrum holdings, provides an unprecedented combination of speed and mobility to deliver next generation broadband access. The company markets its 4G service through its own brand called CLEAR® as well as through its wholesale relationships with companies such as Sprint, Comcast, Time Warner Cable, Locus Telecommunications, Cbeyond, Mitel, NetZero and Best Buy. Strategic investors include Intel Capital, Comcast, Sprint, Google, Time Warner Cable, and Bright House Networks. Clearwire is headquartered in Bellevue, Wash. Additional information is available at http://www.clearwire.com.



The Clearwire Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8493



Forward-Looking Statements



This release, and other written and oral statements made by Clearwire from time to time, contain forward-looking statements which are based on management's current expectations and beliefs, as well as on a number of assumptions concerning future events made with information that is currently available. Forward-looking statements may include, without limitation, management's expectations regarding future financial and operating performance and financial condition; proposed transactions; network development and market launch plans; strategic plans and objectives; industry conditions; the strength of the balance sheet; and liquidity and financing needs. The words "will," "would," "may," "should," "estimate," "project," "forecast," "intend," "expect," "believe," "target," "designed," "plan" and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to put undue reliance on such forward- looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside of Clearwire's control, which could cause actual results to differ materially and adversely from such statements. Some factors that could cause actual results to differ are:




  • We have a history of operating losses and we expect to continue to realize significant net losses for the foreseeable future.


  • If our business fails to perform as we expect or if we incur unforeseen expenses in the near term, we will require additional capital to fund our current business. Also, we will need substantial additional capital over the intermediate and long-term. Such additional capital may not be available on acceptable terms or at all. If we fail to obtain additional capital, our business prospects, financial condition and results of operations will likely be materially and adversely affected, and we will be forced to consider all available alternatives.


  • Our current plans and projections are based on a number of assumptions about our future performance, which may prove to be inaccurate, such as our ability to substantially expand our wholesale business and implement various cost savings initiatives.


  • Our business has become increasingly dependent on our wholesale partners, and Sprint in particular. If we do not receive the amount of revenues we expect from existing wholesale partners or if we are unable to enter into new agreements with Sprint and additional wholesale partners for new wholesale commitments, our business prospects, results of operations and financial condition could be adversely affected, or we could be forced to consider all available alternatives. For instance, Sprint has recently made a series of announcements that will likely adversely affect our wholesale business over the long term, including announcing: plans to deploy its own nationwide 4G LTE network, that it is only committed to selling mobile WiMAX devices through 2012, that it has commenced sales of Apple's iPhone, and that it is limiting mobile WiMAX usage on non-smartphone devices.


  • We regularly evaluate our plans, and we may elect to pursue new or alternative strategies which we believe would be beneficial to our business, including among other things, expanding our network coverage to new markets, augmenting our network coverage in existing markets, changing our sales and marketing strategy and/or acquiring additional spectrum. Such modifications to our plans could significantly change our capital requirements.


  • With Sprint's recent announcements about its plans to switch to LTE, and that it is committed to selling mobile WiMAX devices only through 2012, we believe we will need to deploy LTE on our wireless broadband network, alongside mobile WiMAX, to be able to continue to operate in the long term. We will incur significant costs to deploy such technology, and will need to raise substantial additional capital to cover such costs. Additionally, LTE technology, or other alternative technologies that we may consider, may not perform as we expect on our network and deploying such technologies would result in additional risks to the company, including uncertainty regarding our ability to successfully add a new technology to our current network and to operate dual technology networks without disruptions to customer service, as well as our ability to generate new wholesale customers for the new network.


  • We currently depend on our commercial partners to develop and deliver the equipment for our legacy and mobile WiMAX networks.


  • Many of our competitors for our retail business are better established and have significantly greater resources, and may subsidize their competitive offerings with other products and services.


  • Our substantial indebtedness and restrictive debt covenants could limit our financing options and liquidity position and may limit our ability to grow our business.


  • Sprint owns just less than a majority of our common shares, is our largest shareholder, and has the contractual ability to obtain enough shares to hold the majority voting interest in the company, and Sprint may have, or may develop in the future, interests that may diverge from other stockholders.


  • Future sales of large blocks of our common stock may adversely impact our stock price.



For a more detailed description of the factors that could cause such a difference, please refer to Clearwire's filings with the Securities and Exchange Commission, including the information under the heading "Risk Factors" in our Annual Report on Form 10-K filed on February 22, 2011 and subsequent Form 10-Q filings. Clearwire assumes no obligation to update or supplement such forward-looking statements.



*Please note, unlimited plans subject to CLEAR's Acceptable Use Policy, posted at www.clear.com/legal.aup.





























































































































































































































































 

 

 

CLEARWIRE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value)

(Unaudited)

 

 

 

 

September 30,

December 31,

 

2011

2010

 

 

 

ASSETS

 

 

Current assets:

 

 

Cash and cash equivalents 

 $ 188,199

 $ 1,230,242

Short-term investments

 509,609

 502,316

Restricted cash

 1,000

 1,000

Accounts receivable, net of allowance of $11,715 and $3,792

 98,117

 24,653

Inventory, net

 8,710

 17,432

Prepaids and other assets

 67,887

 82,580

Total current assets

 873,522

 1,858,223

Property, plant and equipment, net 

 3,306,387

 4,447,374

Restricted cash

 5,881

 29,355

Long-term investments

 13,567

 15,251

Spectrum licenses, net

 4,311,917

 4,348,882

Other intangible assets, net

 45,853

 60,884

Investments in equity investees

 12,629

 14,263

Other assets

 156,250

 169,489

Assets of discontinued operations

 38,599

 96,765

Total assets

 $ 8,764,605

 $ 11,040,486

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

Current liabilities:

 

 

Accounts payable and accrued expenses

 $ 282,762

 $ 448,789

Other current liabilities

 202,309

 226,997

Total current liabilities

 485,071

 675,786

Long-term debt, net

 4,019,326

 4,017,019

Deferred tax liabilities, net

 28,212

 838

Other long-term liabilities 

 598,658

 444,774

Liabilities of discontinued operations

 26,968

 32,071

Total liabilities 

 5,158,235

 5,170,488

Commitments and contingencies

 

 

 

 

 

Stockholders' equity:

 

 

Class A common stock, par value $0.0001, 1,500,000 shares authorized; 249,705 and 243,544 shares outstanding

 25

 24

Class B common stock, par value $0.0001, 1,000,000 shares authorized; 666,068 and 743,481 shares outstanding

 66

 74

Additional paid-in capital

 2,250,661

 2,221,110

Accumulated other comprehensive income

 3,288

 2,495

Accumulated deficit

 (1,380,977)

 (900,493)

Total Clearwire Corporation stockholders' equity

 873,063

 1,323,210

Non-controlling interests

 2,733,307

 4,546,788

Total stockholders' equity

 3,606,370

 5,869,998

Total liabilities and stockholders' equity

 $ 8,764,605

 $ 11,040,486
























































































































































































































 

 

 

 

 

 

CLEARWIRE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

 

Three Months Ended

September 30,

 

2011

2010

 

 

 

Revenues

 $ 332,177

 $ 142,162

Operating expenses:

 

 

Cost of goods and services and network costs (exclusive of items shown separately below)

 282,459

 222,035

Selling, general and administrative expense 

 176,469

 236,178

Depreciation and amortization 

 165,560

 121,289

Spectrum lease expense

 77,696

 72,761

Loss from abandonment of network and other assets

 29,129

 9,391

Total operating expenses 

 731,313

 661,654

Operating loss

 (399,136)

 (519,492)

Other income (expense):

 

 

Interest income

 534

 1,325

Interest expense 

 (128,596)

 (26,563)

Gain on derivative instruments

 59,729

 -- 

Other income (expense), net 

 (1,261)

 (3,739)

Total other income (expense), net 

 (69,594)

 (28,977)

Loss from continuing operations before income taxes

 (468,730)

 (548,469)

Income tax provision

 (10,727)

 (206)

Net loss from continuing operations 

 (479,457)

 (548,675)

Less: non-controlling interests in net loss from continuing operations of consolidated subsidiaries

 395,955

 413,174

Net loss from continuing operations attributable to Clearwire Corporation

 (83,502)

 (135,501)

Net loss from discontinued operations attributable to Clearwire Corporation

 (1,289)

 (3,919)

Net loss attributable to Clearwire Corporation

 $ (84,791)

 $ (139,420)

 

 

 

Net loss from continuing operations attributable to Clearwire Corporation per Class A common share:

 

 

Basic

 $ (0.34)

 $ (0.56)

Diluted 

 $ (0.53)

 $ (0.56)

 

 

 

Net loss attributable to Clearwire Corporation per Class A common share:

 

 

Basic

 $ (0.35)

 $ (0.58)

Diluted 

 $ (0.54)

 $ (0.58)

 

 

 

Weighted average Class A common shares outstanding:

 

 

Basic

 248,796

 242,332

Diluted 

 914,864

 985,813
























































































































































































































 

 

 

 

 

 

CLEARWIRE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

 

Nine Months Ended

September 30,

 

2011

2010

 

 

 

Revenues

 $ 891,596

 $ 359,953

Operating expenses:

 

 

Cost of goods and services and network costs (exclusive of items shown separately below)

 955,967

 641,124

Selling, general and administrative expense 

 569,565

 647,086

Depreciation and amortization 

 517,674

 278,842

Spectrum lease expense

 229,137

 207,604

Loss from abandonment of network and other assets

 577,341

 10,762

Total operating expenses 

 2,849,684

 1,785,418

Operating loss

 (1,958,088)

 (1,425,465)

Other income (expense):

 

 

Interest income

 2,063

 4,080

Interest expense 

 (377,133)

 (84,869)

Gain on derivative instruments

 148,227

 -- 

Other income (expense), net 

 966

 (5,384)

Total other income (expense), net 

 (225,877)

 (86,173)

Loss from continuing operations before income taxes

 (2,183,965)

 (1,511,638)

Income tax provision

 (28,422)

 (997)

Net loss from continuing operations 

 (2,212,387)

 (1,512,635)

Less: non-controlling interests in net loss from continuing operations of consolidated subsidiaries

 1,751,483

 1,162,074

Net loss from continuing operations attributable to Clearwire Corporation

 (460,904)

 (350,561)

Net loss from discontinued operations attributable to Clearwire Corporation

 (19,580)

 (8,867)

Net loss attributable to Clearwire Corporation

 $ (480,484)

 $ (359,428)

 

 

 

Net loss from continuing operations attributable to Clearwire Corporation per Class A common share:

 

 

Basic

 $ (1.87)

 $ (1.63)

Diluted 

 $ (2.34)

 $ (1.63)

 

 

 

Net loss attributable to Clearwire Corporation per Class A common share:

 

 

Basic

 $ (1.95)

 $ (1.67)

Diluted

 $ (2.42)

 $ (1.67)

 

 

 

Weighted average Class A common shares outstanding:

 

 

Basic

 246,621

 215,515

Diluted 

 955,507

 215,515















































































































































 

 

 

CLEARWIRE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

 

Nine Months Ended

September 30,

 

2011

2010

 

 

 

Cash flows from operating activities:

 

 

Net loss from continuing operations

 $ (2,212,387)

 $ (1,512,635)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

Deferred income taxes

 27,374

 -- 

Losses from equity investees, net 

 1,691

 1,563

Non-cash gain on derivative instruments

 (148,227)

 -- 

Accretion of discount on debt

 30,390

 2,954

Depreciation and amortization

 517,674

 278,842

Amortization of spectrum leases

 40,699

 43,644

Non-cash rent expense

 205,098

 149,909

Share-based compensation 

 21,156

 40,370

Loss on property, plant and equipment 

 837,083

 121,224

Changes in assets and liabilities:

 

 

Inventory

 8,608

 (2,512)

Accounts receivable

 (68,767)

 (16,444)

Prepaids and other assets

 19,371

 (88,910)

Prepaid spectrum licenses

 (4,371)

 (2,775)

Accounts payable and other liabilities

 82,716

 147,106

Net cash used in operating activities of continuing operations

 (641,892)

 (837,664)

Net cash (used in) provided by operating activities of discontinued operations

 1,284

 (3,177)

Net cash used in operating activities

 (640,608)

Page: 1


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