Financial: Century Communications Q2 Results - Company Financial Information

EDGE, On & About AT&T, Jan 18, 1999

Century Communications announced results of the second quarter ended November 30, 1998. The Company's second quarter results reflect the sale of two of its business segments, Centennial Cellular Corp. (a 33% owned subsidiary), and the Company's Australian Pay TV Operations have entered into definitive agreements to be merged and/or sold to unaffiliated third parties.

As required by Generally Accepted Accounting Principles, the consolidated operating performance reported for the second quarter of fiscal 1999 excludes the operating results of these segments while the consolidated operating performance for the second quarter of fiscal 1998 reflects the operating results of these segments as discontinued operations. Therefore, the results following include only the Company's continuing operations, which reflect results from its Cable Television Operations. Total revenues for the second quarter of fiscal 1999 were $129,732,000, an increase of 6.9% over the $121,322,000 in the comparable fiscal 1998 quarter. Operating income before depreciation and amortization for the three months ended November 30, 1998 was equal to 55.5% of revenues or $71,946,000, an increase of $9,052,000 or 14.4% above the $62,894,000 of the second quarter of fiscal 1998. The loss from continuing operations for the quarter ended November 30, 1998 was $25,125,000 (($.33) per share), comparable with a loss from continuing operations of $19,784,000 (($.28) per share) for the quarter ended November 30, 1997. The net loss for the quarter ended November 30, 1998 was $25,125,000 (($.33) per share). The net loss for the quarter ended November 30, 1997 was $43,613,000 (($.60) per share), including a loss from discontinued operations of $23,829,000 (($.32) per share). Total revenues for the six month period ended November 30, 1998 were $256,448,000, an increase of 6.5% over the $240,886,000 in the comparable fiscal 1998 quarter. Operating income before depreciation and amortization for the six months ended November 30, 1998 was equal to 55.5% of revenues or $142,381,000, an increase of $16,584,000 or 13.2% above the $125,797,000 of the second quarter of fiscal 1998. The loss from continuing operations for the six months ended November 30, 1998 was $45,963,000 (($.61) per share) comparable with a loss from continuing operations of $35,160,000 (($.50) per share) for the six months ended November 30, 1997. The net loss for the six months ended November 30, 1998 was $45,963,000 (($.61) per share). The net loss for the six months ended November 30, 1997 was $68,181,000 (($.94) per share), including a loss from discontinued operations of $33,021,000 (($.44) per share). Century owns and operates 72 cable television systems in 25 states and Puerto Rico serving in excess of 1,332,000 basic subscribers. On January 7, 1999, the Company's affiliate, Centennial Cellular Corp. ("Centennial"), a leading independent cellular provider, completed the previously announced merger of CCW Acquisition Corp., a company organized at the direction of Welsh, Carson, Anderson & Stowe ("WCAS"), with and into Centennial. Centennial will continue to operate as an independent company under its current name and management. As a holder of Class B Common Stock and Second Series Convertible Preferred Stock of Centennial, Century received for its interests in Centennial approximately $360,800,000 in cash. Century expects to record a gain of approximately $200,000,000 in connection with the merger. The Board of Directors of the Company has determined to explore strategic alternatives available to it. In connection with this exploration, the Company has retained the services of Donaldson, Lufkin & Jenrette.

              CENTURY COMMUNICATIONS CORPORATION

                              FYE 1999        FYE 1998
                              3 Months        3 Months
                              Ended           Ended
                              11/30/98        11/30/97    %Change

Revenues                    $129,732,000    $121,322,000    6.9%

Operating Income Before
  Depreciation and
Amortization                  71,946,000      62,894,000   14.4%

Operating Income              28,981,000      24,193,000   19.8%

Tax Expense (Benefit) - Continuing
  Operations                   3,732,000        (106,000) 3,620.8%

Loss from Continuing
 Operations                   (25,125,000)    (19,784,000)   27.0%

Loss from Discontinued Operations     --     (23,829,000) (100.0)%

Net Loss                     (25,125,000)    (43,613,000)  (42.4)%

Loss from Continuing Operations
  Per Share                         (.33)           (.28)

Loss from Discontinued Operations
  Per Share                           --            (.32)

Net Loss Per Share                 (.33)           (.60)

Weighted Average Number Of Shares
  Outstanding                 75,010,000      74,612,000


              CENTURY COMMUNICATIONS CORPORATION

                              FYE 1999        FYE 1998
                              6 Months        6 Months
                              Ended           Ended
                              11/30/98        11/30/97    %Change

Revenues                    $256,448,000    $240,886,000     6.5%

Operating Income Before
 Depreciation and
  Amortization               142,381,000     125,797,000    13.2%

Operating Income              59,807,000      48,782,000    22.6%

Tax Expense (Benefit)-
 Continuing Operations         8,517,000       (146,000) 5,933.6%

Loss from Continuing
 Operations                 (45,963,000)    (35,160,000)    30.7%

Loss from Discontinued Operations     --     (33,021,000) (100.0)%

Net Loss                     (45,963,000)    (68,181,000)  (32.6)%

Loss from Continuing
 Operations Per Share               (.61)           (.50)

Loss from Discontinued
 Operations Per Share                 --            (.44)

Net Loss Per Share                  (.61)           (.94)

Weighted Average Number
 of Shares Outstanding        74,892,000      75,130,000