Three-sixty Communications Co., in its first earnings announcement as an independent company since its spinoff from Sprint Corp., reported a first quarter net income of $7 million, or 6 cents per share, compared with a loss of $5.9 million, or a loss of 5 cents per share, for the same period a year ago.
Total revenue for the three months ended March 31 was $239.7 million, up from $179.5 million the previous year. Excluding 46,700 customers attained through acquisitions completed in the quarter, the company added 94,600 customers compared with 84,900 during the comparable quarter in 1995.
During the quarter, Three-sixty Communications completed its previously announced acquisitions of cellular properties in North and South Carolina, Ohio and Florida.
“Coming out of the blocks with strong first quarter results sets the stage for the rest of the year and our future as an entrenched cellular provider,” said Dennis Foster, president and chief executive officer of Three-sixty Communications. “We’re expanding our customer base and strengthening our incumbent position through continuous improvements of our operating margin and financial results.”
Centennial Cellular reports $8.8M loss
Centennial Cellular recorded a net loss of $8.8 million, or 45 cents per share, for the first quarter 1996 compared with a loss of $11.3 million, or 57 cents per share, for the same period 1995.
Net loss for the nine month period ended Feb. 29 was $19.6 million, or $1.11 per share. The net loss for the nine months ended Feb. 28, 1995 was $26.8 million, or $1.61 per share. The company said cellular subscribers at Feb. 29 were about 127,500.
Centennial acquires, operates and invests in cellular telephone systems throughout the United States. The company’s current wireless telephone interests represent about 10 million net pops.
Glenayre net sales increase 49 percent
Glenayre Technologies Inc. reported net sales for the first quarter increased 49 percent to $89.4 million from $59.9 million for the first quarter of 1995. Net income for the three months ended March 31 was $17 million, or 27 cents per share on a fully diluted basis, compared with a net income of $13.8 million, or 23 cents per share on a fully diluted basis, for the period ended March 31, 1995.
U.S. Cellular Corp. reports income rise
United States Cellular Corp. reported its net income for the first quarter ended March 31 rose 25 percent to $29.4 million, or 34 cents per share, from $23.6 million, or 29 cents per share, for the same period in 1995.
The number of customer units in service was 785,000 for the first quarter compared with 478,000 for the first quarter 1995.
“We are continuing to improve customer service, expand and upgrade coverage and lower operating costs per unit,” said H. Donald Nelson, president and chief executive officer of United States Cellular. “We are producing significant improvements in the key drivers of our business and are making excellent progress toward fulfillment of our 1996 goals.”
Ericsson’s orders continue to increase
L.M. Ericsson announced its order intake during the first quarter has continued to increase for the eighteenth consecutive quarter, and by 11 percent compared with the same period last year. Net sales increased by 14 percent. The company said its mobile communications business continues to expand, with sales up around 50 percent during the first quarter.
American Paging loss from modest growth
American Paging Inc. posted a net loss of $5.3 million, or 27 cents per share, for the three months ended March 31 compared with a net loss of $2.9 million, or 14 cents per share, for the same time period in 1995.
Units in service grew 14 percent from 705,100 in 1995 to 802,100. Net growth during the quarter was 17,600, the company said. Service revenue increased 7 percent to $23,708 from $22,237 in 1995.
American Paging attributes the net loss and the modest customer and service revenue growth to its comprehensive restructuring initiative launched during the third quarter 1995. The company is restructuring its sales and marketing organization, consolidating 17 geographically dispersed customer service and back office functions into one location and reengineering its business processes and systems to gain improved operating efficiencies.