Financial: Western Wireless Announces Fourth Quarter and Year End 1998 Financial Results - Company Financial Information

EDGE, On & About AT&T, Feb 22, 1999

WESTERN WIRELESS CORPORATION
Consolidated Statements of Operations
(Dollars in thousands, except per share data)
(Unaudited)
Three months ended  Twelve months ended
Dec 31,            Dec 31,
1998      1997      1998       1997
Revenues:
Subscriber revenues    $ 129,940  $ 88,207  $ 454,016  $ 297,724
Roamer revenues           23,135    12,167     70,250     39,977
Equipment sales and
other revenues           18,532    13,008     60,316     42,877
Total revenues           171,607   113,382    584,582    380,578
Operating expenses:
Cost of service           31,544    23,621    106,570     90,184
Cost of equipment sales   33,113    25,671    110,220     83,167
General and administrative43,685    33,694    164,231    112,543
Sales and marketing       55,113    32,621    168,756    120,875
Depreciation and
amortization             42,686    36,543    158,169    133,470
Total operating expenses 206,141   152,150    707,946    540,239
Operating loss            (34,534)  (38,768)  (123,364)  (159,661)
Other income (expense):
Interest and financing
expense, net            (32,847)  (31,167)  (126,345)   (98,964)
Equity in net loss of
unconsolidated affiliates(7,154)   (3,951)   (28,866)   (11,058)
Other, net                 2,579     1,593     10,471      4,149
Total other income
(expense)                (37,422)  (33,525)  (144,740)  (105,873)
Minority interest in net loss
of consolidated
subsidiaries                14,750       --      44,035       --
Net loss                 $(57,206) $(72,293) $(224,069) $(265,534)
Basic loss per
common share              $(0.75)   $(0.99)    $(2.95)   $(3.76)
Weighted average common
shares used in computing
basic loss per
common share         75,968,000  72,758,000  75,863,000 70,692,000
WESTERN WIRELESS CORPORATION
SUPPLEMENTARY FINANCIAL AND OPERATIONAL DATA
(Dollars in thousands)
(Unaudited)
(Note: The following table sets forth certain selected financial
and operating data of the company for the three months and years
ended December 31, 1998 and 1997)
Three Months Ended December 31,
1998                        1997
Cellular     PCS            Cellular     PCS
Revenues:
Subscriber
revenues         $ 88,248     $ 41,692       $ 71,904    $ 16,303
Roamer revenues    22,075        1,060         11,940         227
Equipment sales     4,602       12,633          3,948       7,736
Other revenues      1,297                       1,324
Total revenues    116,222       55,385         89,116      24,266
Operating expenses:
Cost of service    15,579       15,965         12,424      11,197
Cost of equipment
sales              8,925       24,188          9,654      16,017
General and administra-
tive              24,527       19,158         18,416      15,278
Sales and marketing24,410       30,703         18,049      14,572
Depreciation and amortiza-
tion              20,161       22,525         17,267      19,276
Total operating
expenses          93,602      112,539         75,810      76,340
Operating income
(loss)         $ 22,620    $ (57,154)      $ 13,306  $ (52,074)
EBITDA           $ 42,781    $ (34,629)      $ 30,573  $ (32,798)
Ending subscribers660,400      322,400        520,000     128,600
Twelve Months Ended December 31,
Cellular     PCS            Cellular      PCS
Revenues:
Subscriber
revenues        $ 330,050    $ 123,966      $ 245,364    $ 52,360
Roamer revenues     66,744        3,506         39,750         227
Equipment sales     14,699       40,490         12,353      25,143
Other revenues       5,127                       5,381
Total revenues     416,620      167,962        302,848      77,730
Operating expenses:
Cost of service    55,592       50,978         47,001      43,183
Cost of equipment
sales             33,149       77,071         29,698      53,469
General and administra-
tive              88,888       75,343         60,865      51,678
Sales and marketing83,309       85,447         61,409      59,466
Depreciation and amortiza-
tion              74,402       83,767         66,595      66,875
Total operating
expenses          335,340      372,606        265,568     274,671
Operating income
(loss)          $ 81,280    $(204,644)      $ 37,280  $(196,941)
EBITDA           $ 155,682    $(120,877)     $ 103,875  $(130,066)
Ending subscribers 660,400      322,400        520,000     128,600