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The Form 10-Q is available on the Web site maintained by the Securities and Exchange Commission at www.sec.gov and on the NextWave Web site at www.nextwave.com under the heading "Investor Relations - Financial Information - SEC Filings." The financial information accompanying this press release should be reviewed together with the Notes to Condensed Consolidated Financial Statements, Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors contained in the Form 10-Q. About NextWave Wireless NextWave Wireless Inc. is a wireless technology company that develops, produces and markets mobile multimedia and consumer electronic connectivity products including device-embedded software for mobile handsets, client-server media platforms, media sharing software for consumer electronics and pocket-sized mobile broadcast receivers. The company also manages and maintains worldwide wireless spectrum licenses.
NEXTWAVE WIRELESS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value data)
(unaudited)
June 27, December 27,
2009 2008
ASSETS
Current assets:
Cash and cash equivalents $ 17,176 $ 60,848
Restricted cash and marketable securities 25,243 24,870
Accounts receivable, net of allowance for doubtful accounts of $31 5,478 4,530
and $95 at June 27, 2009 and December 27, 2008, respectively
Wireless spectrum licenses held for sale 113,063 112,741
Deferred contract costs, prepaid expenses and other current assets 4,092 5,734
Current assets of discontinued operations 18,696 24,726
Total current assets 183,748 233,449
Wireless spectrum licenses, net 417,797 442,415
Goodwill 38,662 38,662
Other intangible assets, net 16,612 18,933
Property and equipment, net 3,199 4,206
Other assets, including assets measured at fair value of $1,862 and 14,046 19,845
$4,210 at June 27, 2009 and December 27, 2008, respectively
Total assets $ 674,064 $ 757,510
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $ 2,304 $ 7,417
Accrued expenses 22,234 24,887
Current portion of long-term obligations 138,563 136,567
Deferred revenue 17,417 17,378
Other current liabilities 1,044 1,890
Current liabilities of discontinued operations 20,708 24,094
Total current liabilities 202,270 212,233
Deferred income tax liabilities 89,605 89,062
Long-term obligations, net of current portion 553,781 496,297
Other liabilities 16,592 16,034
Commitments and contingencies
Stockholders' deficit:
Preferred stock, $0.001 par value; 25,000 shares authorized; 355 -- --
shares designated as Series A Senior Convertible Preferred Stock; no
other shares issued or outstanding
Common stock, $0.001 par value; 400,000 shares authorized; 103,092 103 103
shares issued and outstanding at June 27, 2009 and December 27, 2008
Additional paid-in-capital 843,584 838,865
Accumulated other comprehensive income 6,134 5,255
Accumulated deficit (1,038,005 ) (900,339 )
Total stockholders' deficit (188,184 ) (56,116 )
Total liabilities and stockholders' deficit $ 674,064 $ 757,510
NEXTWAVE WIRELESS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 27, June 28, June 27, June 28,
2009 2008 2009 2008
Revenues $ 12,035 $ 16,563 $ 28,950 $ 31,113
Operating expenses:
Cost of revenues 5,512 5,125 11,720 9,754
Engineering, research and development 5,571 6,965 11,666 13,109
Sales and marketing 2,206 3,275 5,040 7,774
General and administrative 14,560 17,883 27,337 38,930
Asset impairment charges 83 -- 16,286 --
Restructuring charges (credits) (710 ) 123 2,048 123
Total operating expenses 27,222 33,371 74,097 69,690
Gain on sale of wireless spectrum licenses 668 -- 671 --
Loss from operations (14,519 ) (16,808 ) (44,476 ) (38,577 )
Other income (expense):
Interest income 83 405 307 2,446
Interest expense (39,124 ) (18,767 ) (75,864 ) (33,922 )
Other income (expense), net 79 (471 ) (1,618 ) (1,788 )
Total other income (expense), net (38,962 ) (18,833 ) (77,175 ) (33,264 )
Loss from continuing operations before provision for income taxes (53,481 ) (35,641 ) (121,651 ) (71,841 )
Income tax provision (67 ) (270 ) (254 ) (457 )
Net loss from continuing operations (53,548 ) (35,911 ) (121,905 ) (72,298 )
Loss from discontinued operations, net of gain (loss) on divestiture (1,939 ) (48,545 ) (15,761 ) (107,176 )
of discontinued operations of $51, $0, $(2) and $0 and income tax
provision of $8, $155, $8 and $199, respectively
Net loss (55,487 ) (84,456 ) (137,666 ) (179,474 )
Less: Preferred stock imputed dividends -- (7,260 ) -- (14,385 )
Accretion of issuance costs on preferred stock -- (73 ) -- (145 )
Net loss applicable to common shares $ (55,487 ) $ (91,789 ) $ (137,666 ) $ (194,004 )
Net loss per common share - basic and diluted:
Continuing operations, including preferred stock dividends and costs $ (0.35 ) $ (0.42 ) $ (0.81 ) $ (0.88 )
Discontinued operations (0.01 ) (0.47 ) (0.10 ) (1.09 )
Net loss $ (0.36 ) $ (0.89 ) $ (0.91 ) $ (1.97 )
Weighted average shares used in per share calculation 156,017 102,765 150,522 98,231
NEXTWAVE WIRELESS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended
June 27, June 28,
2009 2008
OPERATING ACTIVITIES
Net loss $ (137,666 ) $ (179,474 )
Loss from discontinued operations, net of taxes (15,761 ) (107,176 )
Loss from continuing operations (121,905 ) (72,298 )
Adjustments to reconcile loss from continuing operations to net cash
used in operating activities of continuing operations:
Amortization of intangible assets 6,829 7,328
Depreciation 759 2,674
Non-cash share-based compensation 2,726 3,112
Non-cash interest expense 70,867 11,006
Gain on sale of spectrum licenses (671 ) --
Asset impairment charges 16,286 1,389
Other non-cash adjustments (562 ) 266
Changes in operating assets and liabilities:
Accounts receivable (890 ) 2,387
Deferred contract costs, prepaid expenses and other current assets 1,710 774
Other assets (365 ) 293
Accounts payable and accrued liabilities (4,589 ) (3,269 )
Deferred revenue (323 ) (2,242 )
Other current liabilities (126 ) 522
Net cash used in operating activities of continuing operations (30,254 ) (48,058 )
INVESTING ACTIVITIES
Proceeds from maturities of marketable securities -- 106,385
Proceeds from sales of marketable securities -- 92,225
Purchases of marketable securities -- (112,163 )
Proceeds from the sale of wireless spectrum licenses 5,475 --
Proceeds from the sale of other assets 231 --
Cash paid for business combinations, net of cash acquired -- (5,130 )
Payments for wireless spectrum licenses -- (4,880 )
Purchase of property and equipment (203 ) (2,205 )
Other, net (42 ) (518 )
Net cash provided by investing activities of continuing operations 5,461 73,714
FINANCING ACTIVITIES
Net cash released from restricted cash account securing long-term -- 75,000
obligations
Payments on long-term obligations (6,731 ) (5,938 )
Proceeds from the sale of common shares -- 1,738
Net cash provided by (used in) financing activities of continuing (6,731 ) 70,800
operations
Cash used by discontinued operations:
Net cash used in operating activities of discontinued operations (12,851 ) (99,483 )
Net cash provided by (used in) investing activities of discontinued 404 (8,675 )
operations
Net cash used in financing activities of discontinued operations (39 ) (538 )
Net cash used by discontinued operations (12,486 ) (108,696 )
Effect of foreign currency exchange rate changes on cash 270 37
Net decrease in cash and cash equivalents (43,740 ) (12,203 )
Cash and cash equivalents, beginning of period 61,517 53,050
Cash and cash equivalents, end of period 17,777 40,847
Less cash and cash equivalents of discontinued operations, end of (601 ) (6,116 )
period
Cash and cash equivalents of continuing operations, end of period $ 17,176 $ 34,731
Noncash investing and financing activities:
Fair value of warrants issued in connection with the Asset Sale $ 1,719 $ --
Condition of the Second Lien Notes
Common stock issued for business acquisitions $ -- $ 36,572
Common stock issued under stock plans $ -- $ 7,051
Wireless spectrum licenses acquired with lease obligations $ -- $ 8,624
SOURCE: NextWave Wireless Inc. NextWave Wireless Investor Relations Fran Harding, (858) 731-5642 fharding@nextwave.com For full details on Nextwave Wireless Inc (WAVE) click here. Nextwave Wireless Inc (WAVE) has Short Term PowerRatings of 5. Details on Nextwave Wireless Inc (WAVE) Short Term PowerRatings is available at This Link.
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