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14-03-2003, Fri 2:29 AM
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الخـــبـــــر :
FiberNet Reports Fourth Quarter and Year 2002 Results - Revenues and EBITDA Increase in Fourth Quarter -
NEW YORK, Mar 13, 2003 /PRNewswire-FirstCall via COMTEX/ -- FiberNet Telecom Group, Inc. (Nasdaq: FTGX), a leading provider of metropolitan optical connectivity, today announced financial results for the fourth quarter and the year ended December 31, 2002. The Company's performance was highlighted by growth in revenues and EBITDA in the fourth quarter of 2002 over the third quarter of 2002.
Fourth quarter revenues increased by 1.7% to $6.0 million, up from $5.9 million for the third quarter of 2002. Revenues for the fourth quarter of 2001 were $8.0 million; however excluding revenues from reciprocal agreements that were eliminated during the first quarter of 2002, fourth quarter revenues in 2001 were $6.7 million.
For the year ended December 31, 2002 revenues were $25.3 million, compared to $31.2 million in 2001. Excluding revenues from reciprocal agreements that were eliminated during the first quarter of 2002, revenues for the year ended December 31, 2002 were $25.0 million, compared to $26.4 million for the year ended December 31, 2001.
"The fourth quarter of 2002 showed the first sequential increase in revenues for FiberNet since the fourth quarter of 2001," said Michael S. Liss, President and CEO. "We are very proud of what we accomplished at the end of last year and are working aggressively to build on it this year. With the recapitalization of our balance sheet now complete, we have proven that we are a survivor in the telecommunications industry. The challenge now facing FiberNet is to grow revenues and profitability of the Company in this uncertain economic environment."
During the fourth quarter of 2002, FiberNet continued to add new customers to its existing base of global carriers. As of December 31, 2002 the Company had 104 customers, compared to 94 customers as of September 30, 2002, and 88 customers as of December 31, 2001. Carriers are selecting FiberNet particularly for transport and colocation services in its premier carrier hotel facilities in New York City. Transport services remain the most significant component of FiberNet's revenues, accounting for 61.7% of the total revenues generated in the fourth quarter of 2002. Colocation services, and access management and other services represented 26.4% and 11.9% of revenues, respectively, for the period.
Mr. Liss added, "Our customers place a great value on the extensive reach of our network in the New York metro market. Being able to provision up to 10 Gbps of bandwidth in a matter of days, not months, has differentiated FiberNet in our segment of the market. We have a number of the largest companies in our industry as customers. They include AT&T, Bell Canada, Bell South, British Telecom, China Telecom, Deutsche Telekom, France Telecom and Verizon."
The Company generated an EBITDA (as defined) profit of $0.5 million for the fourth quarter of 2002, compared to an EBITDA (as defined) profit of $0.2 million for the third quarter of 2002 and an EBITDA (as defined) loss of $(0.4) million for the fourth quarter of 2001. The improvement in the current quarter's results over the previous quarter and the comparable period of last year was the result of the Company's ongoing cost savings initiatives and renewed top-line growth. For the full year of 2002, FiberNet recorded an EBITDA (as defined) profit of $2.4 million, compared to an EBITDA (as defined) loss of $(15.5) million in 2001.
The net loss applicable to common stockholders for the fourth quarter of 2002 was $(24.0) million, or $(0.04) per share, compared to $(4.7) million, or $(0.07) per share, for the third quarter of 2002. The net loss applicable to common stockholders for the fourth quarter of 2001 was $(60.8) million, or $(1.49) per share. Included in the results for the fourth quarter of 2002 were an impairment of property, plant and equipment of $12.5 million and an extraordinary loss on the early extinguishment of debt of $5.8 million, relating to the Company's recapitalization. For the full year of 2002, FiberNet's net loss applicable to common stockholders was $(37.4) million, compared to $(178.2) million in 2001.
Cost of services for the fourth quarter of 2002 were $2.1 million, compared to $2.0 million for the third quarter of 2002 and $3.3 million for the fourth quarter of 2001. Selling, general and administrative expenses for the fourth quarter of 2002, excluding $2.7 million of certain non-recurring items, were $3.5 million, compared to $3.7 million in the third quarter of 2002 and $5.0 million in the fourth quarter of 2001. These non-recurring items included $2.1 million of expenses relating to our recapitalization and $0.6 million relating to a legal settlement. The continued reduction in selling, general and administrative expenses was the result of the Company's ongoing cost savings initiatives, including a further reduction in headcount from 108 at the beginning of 2002 to 75 at the end of the fourth quarter of 2002.
Capital expenditures for the year ended December 31, 2002 were $2.5 million, resulting primarily from the completion of the 60 Hudson Street Meet-Me-Room, investments in equipment for the implementation of customer specific orders and general network improvements. Capital expenditures for 2001 were $46.7 million, as the Company completed the construction of its networks, and the Company believes that capital expenditures for 2003 may be lower than the amount recorded in 2002.
As of December 31, 2002, FiberNet had total assets of $113.8 million and total stockholders' equity of $68.6 million. On January 10, 2003, the Company converted $13.4 million of senior secured indebtedness into 138.5 million shares of common stock and raised an additional $3.5 million of new equity capital in a private offering by issuing 29.2 million shares of common stock and warrants to purchase 56.9 million shares of common stock. The warrants have an exercise price of $0.12 per share and a term of five years. As a result of these transactions, the Company had $21.7 million of indebtedness outstanding under its senior secured credit facility, a reduction of $74.5 million from its peak of $96.2 million in the fourth quarter of 2002. As of March 1, 2003, the Company had 1.0 billion shares of common stock outstanding, or 1.2 billion shares of common stock outstanding on a fully-diluted basis, assuming the exercise of all outstanding options and warrants.
FiberNet Teleconference:
FiberNet will hold a teleconference for the financial community today, Thursday, March 13, at 11:00 a.m. EST. To participate in the teleconference please call: 800-588-4973.
About FiberNet:
FiberNet Telecom Group, Inc. enables carriers to connect directly with one another with unprecedented speed and simplicity over its broadband networks. FiberNet manages high-density short-haul networks between carrier hubs within major metropolitan areas. By using FiberNet's next-generation infrastructure, carriers can quickly and efficiently deliver the full potential of their high bandwidth data, voice and video services directly to their customers.
FiberNet has lit multiple strands of fiber on a redundant and diversely routed SONET ring and IP architecture throughout New York City. In addition, the Company also provides services in Chicago and Los Angeles. FiberNet sets a new standard for the fastest local loop delivery and connectivity in carrier hubs and Class A commercial buildings, at speeds up to OC-192 SONET and Gigabit Ethernet. For more information on FiberNet, please visit the Company's website at http://www.ftgx.com.
Financial Information and Forward-Looking Statements:
This partial discussion of the statements of financial condition and operations of the Company should be read in conjunction with the consolidated financial statements and related notes contained in the Company's annual report on Form 10-K for the year ended December 31, 2002, to be filed with the Securities and Exchange Commission.
EBITDA (as defined), as discussed above, is defined as net loss before income taxes and minority interest, interest expense, interest income, depreciation and amortization, stock related expense and other non-cash, non-recurring charges. EBITDA (as defined) is commonly used in the communications industry and by financial analysts, and others who follow the industry, to measure operating performance. EBITDA (as defined) should not be construed as an alternative to operating income or cash flows from operating activities, both of which are determined in accordance with generally accepted accounting principles, or as a measure of liquidity. Because it is not calculated under generally accepted accounting principles, FiberNet's EBITDA (as defined) may not be comparable to similarly titled measures used by other companies.
Consolidated Financial Data
(in thousands)
(unaudited)
Three months ended
December 31, December 31, September 30,
2002 2001 2002
Calculation of EBITDA
(as defined):
Net loss $ (24,025) $ (58,331) $ (4,736)
Plus:
Operating expenses:
Stock related expense
for selling, general,
and administrative matters 31 103 46
Impairment of property,
plant and equipment 12,490 51,848 --
Depreciation and
amortization 2,551 3,932 2,567
Placement fee on
recapitalization (included
in selling, general, and
administrative expenses) 2,092 -- --
Legal settlement expenses
(included in selling,
general, and administrative
expenses) 628 -- --
Interest expense, net 932 2,096 2,335
Extraordinary loss on early
extinguishment of debt 5,761 -- --
EBITDA (as defined) $ 460 $ (352) $ 212
Consolidated Financial Data
(in thousands)
(unaudited)
Year ended December 31,
2002 2001
Calculation of EBITDA (as defined):
Net loss $ (37,404) $ (153,977)
Plus:
Operating expenses:
Stock related expense for selling,
general, and administrative matters 225 (1,172)
Impairment of property, plant and equipment 13,175 51,848
Impairment of goodwill -- 56,467
Depreciation and amortization 10,346 15,319
Placement fee on recapitalization (included
in selling, general, and administrative
expenses) 2,092 --
Legal settlement expenses (included in
selling, general, and administrative
expenses) 628 --
Interest expense, net 7,543 8,594
Extraordinary loss on early
extinguishment of debt 5,761 7,398
EBITDA (as defined) $ 2,366 $ (15,523)
Various remarks that we may make about the Company's future expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Such remarks are valid only as of today, and we disclaim any obligation to update this information. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Company's most recent Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission.
FIBERNET TELECOM GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN 000'S, EXCEPT PER SHARE AMOUNTS)
Year Ended Dec. 31, Three Months Ended Dec. 31,
(Audited) (Unaudited)
2002 2001 2002 2001
Revenues $ 25,334 $ 31,195 $ 6,019 $ 7,991
Operating expenses:
Cost of services
(exclusive of items
shown separately
below) 7,537 13,801 2,100 3,306
Selling, general and
administrative expense
excluding stock related
expense 18,151 32,917 6,179 5,037
Stock related expense
for selling, general,
and administrative
matters 225 (1,172) 31 103
Impairment of property,
plant and equipment 13,175 51,848 12,490 51,848
Impairment of goodwill -- 56,467 -- --
Depreciation and
amortization 10,346 15,319 2,551 3,932
Total operating expenses 49,434 169,180 23,351 64,226
Loss from operations (24,100) (137,985) (17,332) (56,235)
Interest expense, net (7,543) (8,594) (932) (2,096)
Loss before
extraordinary item (31,643) (146,579) (18,264) (58,331)
Extraordinary loss on
early extinguishment
of debt (5,761) (7,398) (5,761) --
Net loss (37,404) (153,977) (24,025) (58,331)
Preferred stock dividends (44) (1,080) -- (394)
Preferred stock -
beneficial conversion -- (23,109) -- (2,091)
Net loss applicable to
common stockholders $ (37,448) $(178,166) $(24,025) $(60,816)
Net loss applicable to
common stockholders
per share -
basic and diluted $ (0.20) $ (4.34) $ (0.04) $ (1.49)
Weighted average
common shares
outstanding -
basic and diluted 186,455 41,065 551,774 40,922
FIBERNET TELECOM GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(AUDITED)
(IN 000'S, EXCEPT PER SHARE AMOUNTS)
December 31, December 31,
2002 2001
ASSETS
Current Assets:
Cash and cash equivalents $ 3,788 $ 3,338
Accounts receivable, net of allowance of
$1,005 and $2,245 at December 31, 2002 and
2001, respectively 2,765 2,659
Prepaid expenses and other 740 700
Total current assets 7,293 6,697
Property, Plant and Equipment, net 95,122 109,837
Other Assets:
Goodwill 7,509 7,509
Deferred charges, net of accumulated
amortization of $1,189 and $1,937 at
December 31, 2002 and 2001, respectively 3,383 12,099
Other assets 488 445
Total other assets 11,380 20,053
TOTAL ASSETS $113,795 $136,587
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 4,147 $ 6,742
Accrued expenses 5,608 7,452
Deferred revenues 4,613 6,071
Capital lease obligation-current portion 271 250
Note payable, affiliate -- 2,321
Total current liabilities 14,639 22,836
Long-Term Liabilities:
Notes payable, less original issue discount
of $4,880 and $6,071 at December 31, 2002 and
2001, respectively 30,356 88,929
Capital lease obligation 202 474
Total liabilities 45,197 112,239
Stockholders' Equity:
Common stock, $.001 par value, 2,000,000,000
and 150,000,000 shares authorized and
792,164,462 and 61,572,611 shares issued and
outstanding at December 31, 2002 and 2001,
respectively 792 62
Series H preferred stock $.001 par value,
none and 100,556 shares issued and outstanding
at December 31, 2002 and 2001, respectively
(Preference in involuntary liquidation value,
$100 per share) -- 17,096
Series J preferred stock $.001 par value,
none and 356 shares issued and outstanding at
December 31, 2002 and 2001, respectively
(Preference in involuntary liquidation value,
$10,000 per share) -- 7,063
Subscription receivable from Series J preferred
stock -- (5,700)
Additional paid-in-capital and other 400,532 295,649
Accumulated deficit (332,726) (289,822)
Total stockholders' equity 68,598 24,348
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $113,795 $136,587
الخـــبـــــر :
FiberNet Reports Fourth Quarter and Year 2002 Results - Revenues and EBITDA Increase in Fourth Quarter -
NEW YORK, Mar 13, 2003 /PRNewswire-FirstCall via COMTEX/ -- FiberNet Telecom Group, Inc. (Nasdaq: FTGX), a leading provider of metropolitan optical connectivity, today announced financial results for the fourth quarter and the year ended December 31, 2002. The Company's performance was highlighted by growth in revenues and EBITDA in the fourth quarter of 2002 over the third quarter of 2002.
Fourth quarter revenues increased by 1.7% to $6.0 million, up from $5.9 million for the third quarter of 2002. Revenues for the fourth quarter of 2001 were $8.0 million; however excluding revenues from reciprocal agreements that were eliminated during the first quarter of 2002, fourth quarter revenues in 2001 were $6.7 million.
For the year ended December 31, 2002 revenues were $25.3 million, compared to $31.2 million in 2001. Excluding revenues from reciprocal agreements that were eliminated during the first quarter of 2002, revenues for the year ended December 31, 2002 were $25.0 million, compared to $26.4 million for the year ended December 31, 2001.
"The fourth quarter of 2002 showed the first sequential increase in revenues for FiberNet since the fourth quarter of 2001," said Michael S. Liss, President and CEO. "We are very proud of what we accomplished at the end of last year and are working aggressively to build on it this year. With the recapitalization of our balance sheet now complete, we have proven that we are a survivor in the telecommunications industry. The challenge now facing FiberNet is to grow revenues and profitability of the Company in this uncertain economic environment."
During the fourth quarter of 2002, FiberNet continued to add new customers to its existing base of global carriers. As of December 31, 2002 the Company had 104 customers, compared to 94 customers as of September 30, 2002, and 88 customers as of December 31, 2001. Carriers are selecting FiberNet particularly for transport and colocation services in its premier carrier hotel facilities in New York City. Transport services remain the most significant component of FiberNet's revenues, accounting for 61.7% of the total revenues generated in the fourth quarter of 2002. Colocation services, and access management and other services represented 26.4% and 11.9% of revenues, respectively, for the period.
Mr. Liss added, "Our customers place a great value on the extensive reach of our network in the New York metro market. Being able to provision up to 10 Gbps of bandwidth in a matter of days, not months, has differentiated FiberNet in our segment of the market. We have a number of the largest companies in our industry as customers. They include AT&T, Bell Canada, Bell South, British Telecom, China Telecom, Deutsche Telekom, France Telecom and Verizon."
The Company generated an EBITDA (as defined) profit of $0.5 million for the fourth quarter of 2002, compared to an EBITDA (as defined) profit of $0.2 million for the third quarter of 2002 and an EBITDA (as defined) loss of $(0.4) million for the fourth quarter of 2001. The improvement in the current quarter's results over the previous quarter and the comparable period of last year was the result of the Company's ongoing cost savings initiatives and renewed top-line growth. For the full year of 2002, FiberNet recorded an EBITDA (as defined) profit of $2.4 million, compared to an EBITDA (as defined) loss of $(15.5) million in 2001.
The net loss applicable to common stockholders for the fourth quarter of 2002 was $(24.0) million, or $(0.04) per share, compared to $(4.7) million, or $(0.07) per share, for the third quarter of 2002. The net loss applicable to common stockholders for the fourth quarter of 2001 was $(60.8) million, or $(1.49) per share. Included in the results for the fourth quarter of 2002 were an impairment of property, plant and equipment of $12.5 million and an extraordinary loss on the early extinguishment of debt of $5.8 million, relating to the Company's recapitalization. For the full year of 2002, FiberNet's net loss applicable to common stockholders was $(37.4) million, compared to $(178.2) million in 2001.
Cost of services for the fourth quarter of 2002 were $2.1 million, compared to $2.0 million for the third quarter of 2002 and $3.3 million for the fourth quarter of 2001. Selling, general and administrative expenses for the fourth quarter of 2002, excluding $2.7 million of certain non-recurring items, were $3.5 million, compared to $3.7 million in the third quarter of 2002 and $5.0 million in the fourth quarter of 2001. These non-recurring items included $2.1 million of expenses relating to our recapitalization and $0.6 million relating to a legal settlement. The continued reduction in selling, general and administrative expenses was the result of the Company's ongoing cost savings initiatives, including a further reduction in headcount from 108 at the beginning of 2002 to 75 at the end of the fourth quarter of 2002.
Capital expenditures for the year ended December 31, 2002 were $2.5 million, resulting primarily from the completion of the 60 Hudson Street Meet-Me-Room, investments in equipment for the implementation of customer specific orders and general network improvements. Capital expenditures for 2001 were $46.7 million, as the Company completed the construction of its networks, and the Company believes that capital expenditures for 2003 may be lower than the amount recorded in 2002.
As of December 31, 2002, FiberNet had total assets of $113.8 million and total stockholders' equity of $68.6 million. On January 10, 2003, the Company converted $13.4 million of senior secured indebtedness into 138.5 million shares of common stock and raised an additional $3.5 million of new equity capital in a private offering by issuing 29.2 million shares of common stock and warrants to purchase 56.9 million shares of common stock. The warrants have an exercise price of $0.12 per share and a term of five years. As a result of these transactions, the Company had $21.7 million of indebtedness outstanding under its senior secured credit facility, a reduction of $74.5 million from its peak of $96.2 million in the fourth quarter of 2002. As of March 1, 2003, the Company had 1.0 billion shares of common stock outstanding, or 1.2 billion shares of common stock outstanding on a fully-diluted basis, assuming the exercise of all outstanding options and warrants.
FiberNet Teleconference:
FiberNet will hold a teleconference for the financial community today, Thursday, March 13, at 11:00 a.m. EST. To participate in the teleconference please call: 800-588-4973.
About FiberNet:
FiberNet Telecom Group, Inc. enables carriers to connect directly with one another with unprecedented speed and simplicity over its broadband networks. FiberNet manages high-density short-haul networks between carrier hubs within major metropolitan areas. By using FiberNet's next-generation infrastructure, carriers can quickly and efficiently deliver the full potential of their high bandwidth data, voice and video services directly to their customers.
FiberNet has lit multiple strands of fiber on a redundant and diversely routed SONET ring and IP architecture throughout New York City. In addition, the Company also provides services in Chicago and Los Angeles. FiberNet sets a new standard for the fastest local loop delivery and connectivity in carrier hubs and Class A commercial buildings, at speeds up to OC-192 SONET and Gigabit Ethernet. For more information on FiberNet, please visit the Company's website at http://www.ftgx.com.
Financial Information and Forward-Looking Statements:
This partial discussion of the statements of financial condition and operations of the Company should be read in conjunction with the consolidated financial statements and related notes contained in the Company's annual report on Form 10-K for the year ended December 31, 2002, to be filed with the Securities and Exchange Commission.
EBITDA (as defined), as discussed above, is defined as net loss before income taxes and minority interest, interest expense, interest income, depreciation and amortization, stock related expense and other non-cash, non-recurring charges. EBITDA (as defined) is commonly used in the communications industry and by financial analysts, and others who follow the industry, to measure operating performance. EBITDA (as defined) should not be construed as an alternative to operating income or cash flows from operating activities, both of which are determined in accordance with generally accepted accounting principles, or as a measure of liquidity. Because it is not calculated under generally accepted accounting principles, FiberNet's EBITDA (as defined) may not be comparable to similarly titled measures used by other companies.
Consolidated Financial Data
(in thousands)
(unaudited)
Three months ended
December 31, December 31, September 30,
2002 2001 2002
Calculation of EBITDA
(as defined):
Net loss $ (24,025) $ (58,331) $ (4,736)
Plus:
Operating expenses:
Stock related expense
for selling, general,
and administrative matters 31 103 46
Impairment of property,
plant and equipment 12,490 51,848 --
Depreciation and
amortization 2,551 3,932 2,567
Placement fee on
recapitalization (included
in selling, general, and
administrative expenses) 2,092 -- --
Legal settlement expenses
(included in selling,
general, and administrative
expenses) 628 -- --
Interest expense, net 932 2,096 2,335
Extraordinary loss on early
extinguishment of debt 5,761 -- --
EBITDA (as defined) $ 460 $ (352) $ 212
Consolidated Financial Data
(in thousands)
(unaudited)
Year ended December 31,
2002 2001
Calculation of EBITDA (as defined):
Net loss $ (37,404) $ (153,977)
Plus:
Operating expenses:
Stock related expense for selling,
general, and administrative matters 225 (1,172)
Impairment of property, plant and equipment 13,175 51,848
Impairment of goodwill -- 56,467
Depreciation and amortization 10,346 15,319
Placement fee on recapitalization (included
in selling, general, and administrative
expenses) 2,092 --
Legal settlement expenses (included in
selling, general, and administrative
expenses) 628 --
Interest expense, net 7,543 8,594
Extraordinary loss on early
extinguishment of debt 5,761 7,398
EBITDA (as defined) $ 2,366 $ (15,523)
Various remarks that we may make about the Company's future expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Such remarks are valid only as of today, and we disclaim any obligation to update this information. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Company's most recent Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission.
FIBERNET TELECOM GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN 000'S, EXCEPT PER SHARE AMOUNTS)
Year Ended Dec. 31, Three Months Ended Dec. 31,
(Audited) (Unaudited)
2002 2001 2002 2001
Revenues $ 25,334 $ 31,195 $ 6,019 $ 7,991
Operating expenses:
Cost of services
(exclusive of items
shown separately
below) 7,537 13,801 2,100 3,306
Selling, general and
administrative expense
excluding stock related
expense 18,151 32,917 6,179 5,037
Stock related expense
for selling, general,
and administrative
matters 225 (1,172) 31 103
Impairment of property,
plant and equipment 13,175 51,848 12,490 51,848
Impairment of goodwill -- 56,467 -- --
Depreciation and
amortization 10,346 15,319 2,551 3,932
Total operating expenses 49,434 169,180 23,351 64,226
Loss from operations (24,100) (137,985) (17,332) (56,235)
Interest expense, net (7,543) (8,594) (932) (2,096)
Loss before
extraordinary item (31,643) (146,579) (18,264) (58,331)
Extraordinary loss on
early extinguishment
of debt (5,761) (7,398) (5,761) --
Net loss (37,404) (153,977) (24,025) (58,331)
Preferred stock dividends (44) (1,080) -- (394)
Preferred stock -
beneficial conversion -- (23,109) -- (2,091)
Net loss applicable to
common stockholders $ (37,448) $(178,166) $(24,025) $(60,816)
Net loss applicable to
common stockholders
per share -
basic and diluted $ (0.20) $ (4.34) $ (0.04) $ (1.49)
Weighted average
common shares
outstanding -
basic and diluted 186,455 41,065 551,774 40,922
FIBERNET TELECOM GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(AUDITED)
(IN 000'S, EXCEPT PER SHARE AMOUNTS)
December 31, December 31,
2002 2001
ASSETS
Current Assets:
Cash and cash equivalents $ 3,788 $ 3,338
Accounts receivable, net of allowance of
$1,005 and $2,245 at December 31, 2002 and
2001, respectively 2,765 2,659
Prepaid expenses and other 740 700
Total current assets 7,293 6,697
Property, Plant and Equipment, net 95,122 109,837
Other Assets:
Goodwill 7,509 7,509
Deferred charges, net of accumulated
amortization of $1,189 and $1,937 at
December 31, 2002 and 2001, respectively 3,383 12,099
Other assets 488 445
Total other assets 11,380 20,053
TOTAL ASSETS $113,795 $136,587
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 4,147 $ 6,742
Accrued expenses 5,608 7,452
Deferred revenues 4,613 6,071
Capital lease obligation-current portion 271 250
Note payable, affiliate -- 2,321
Total current liabilities 14,639 22,836
Long-Term Liabilities:
Notes payable, less original issue discount
of $4,880 and $6,071 at December 31, 2002 and
2001, respectively 30,356 88,929
Capital lease obligation 202 474
Total liabilities 45,197 112,239
Stockholders' Equity:
Common stock, $.001 par value, 2,000,000,000
and 150,000,000 shares authorized and
792,164,462 and 61,572,611 shares issued and
outstanding at December 31, 2002 and 2001,
respectively 792 62
Series H preferred stock $.001 par value,
none and 100,556 shares issued and outstanding
at December 31, 2002 and 2001, respectively
(Preference in involuntary liquidation value,
$100 per share) -- 17,096
Series J preferred stock $.001 par value,
none and 356 shares issued and outstanding at
December 31, 2002 and 2001, respectively
(Preference in involuntary liquidation value,
$10,000 per share) -- 7,063
Subscription receivable from Series J preferred
stock -- (5,700)
Additional paid-in-capital and other 400,532 295,649
Accumulated deficit (332,726) (289,822)
Total stockholders' equity 68,598 24,348
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $113,795 $136,587