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SAN DIEGO--(BUSINESS WIRE)-- NextWave Wireless Inc. (NASDAQ: WAVE) today announced that it has filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission for the third quarter of fiscal 2009, ended September 26, 2009.
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)
September 26, December 27,
2009 2008
ASSETS
Current assets:
Cash and cash equivalents $ 22,234 $ 60,848
Restricted cash and marketable securities 28,091 24,870
Accounts receivable, net of allowance for doubtful
accounts of $56 and $95 at September 26, 2009 and 2,800 4,530
December 27, 2008, respectively
Wireless spectrum licenses held for sale 60,609 112,741
Deferred contract costs, prepaid expenses and 4,774 5,734
other current assets
Current assets of discontinued operations 11,887 24,726
Total current assets 130,395 233,449
Wireless spectrum licenses, net 415,959 442,415
Goodwill 39,235 38,662
Other intangible assets, net 15,847 18,933
Property and equipment, net 4,465 4,206
Other assets, including assets measured at fair
value of $1,211 and $4,210 at September 26, 2009 11,382 19,845
and December 27, 2008, respectively
Total assets $ 617,283 $ 757,510
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $ 3,397 $ 7,417
Accrued expenses 16,562 24,887
Current portion of long-term obligations 180,493 136,567
Deferred revenue 5,565 17,378
Deferred revenue - related party 8,347 --
Other current liabilities 910 1,890
Current liabilities of discontinued operations 20,377 24,094
Total current liabilities 235,651 212,233
Deferred income tax liabilities 89,070 89,062
Long-term obligations, net of current portion 507,118 496,297
Other liabilities 20,272 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; 106,169 and 103,092 shares issued and 106 103
outstanding at September 26, 2009 and December 27,
2008, respectively
Additional paid-in-capital 879,397 838,865
Accumulated other comprehensive income 9,515 5,255
Accumulated deficit (1,138,645 ) (900,339 )
Stockholders' deficit attributable to NextWave (249,627 ) (56,116 )
Noncontrolling interest in subsidiary 14,799 --
Total stockholders' deficit (234,828 ) (56,116 )
Total liabilities and stockholders' deficit $ 617,283 $ 757,510
NEXTWAVE WIRELESS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 26, September 27, September 26, September 27,
2009 2008 2009 2008
Revenues $ 8,113 $ 16,876 $ 37,063 $ 47,989
License fee revenues 3,842 -- 3,842 --
- related party
Total revenues 11,955 16,876 40,905 47,989
Operating expenses:
Cost of revenues 4,431 4,855 16,151 14,609
Cost of revenues - 111 -- 111 --
related party
Engineering,
research and 5,069 7,524 16,735 20,633
development
Sales and marketing 1,824 3,099 6,864 10,873
General and 11,080 17,367 38,417 56,297
administrative
Asset impairment 13,764 2,244 30,050 2,244
charges
Restructuring 1,712 3,185 3,760 3,308
charges
Total operating 37,991 38,274 112,088 107,964
expenses
Gain on sale of
wireless spectrum 1,597 19,317 2,268 19,317
licenses
Loss from operations (24,439 ) (2,081 ) (68,915 ) (40,658 )
Other income
(expense):
Interest income 56 233 363 2,679
Interest expense (44,664 ) (12,018 ) (120,528 ) (45,940 )
Other income (6,500 ) (1,575 ) (8,118 ) (3,363 )
(expense), net
Total other income (51,108 ) (13,360 ) (128,283 ) (46,624 )
(expense), net
Loss from continuing
operations before (75,547 ) (15,441 ) (197,198 ) (87,282 )
income taxes
Income tax benefit 986 (137 ) 732 (594 )
(provision)
Net loss from
continuing (74,561 ) (15,578 ) (196,466 ) (87,876 )
operations
Loss from
discontinued
operations, net of
gains on divestiture
of discontinued
operations of
$3,108, $0, $3,159 (27,108 ) (217,722 ) (42,869 ) (324,898 )
and $0 and income
tax benefit
(provision) of $182,
$(804), $174 and $
(1,003),
respectively
Net loss (101,669 ) (233,300 ) (239,335 ) (412,774 )
Less: Net loss
attributable to
noncontrolling
interest in
subsidiary:
Continuing 1,029 -- 1,029 --
operations
Discontinued -- -- -- --
operations
Net loss
attributable to $ (100,640 ) $ (233,300 ) $ (238,306 ) $ (412,774 )
NextWave
Amounts attributable
to NextWave common
shares:
Loss from continuing
operations, net of $ (73,532 ) $ (15,578 ) $ (195,437 ) $ (87,876 )
tax
Less: Preferred
stock imputed -- (7,397 ) -- (21,782 )
dividends
Accretion of
issuance costs on -- (75 ) -- (220 )
preferred stock
Loss from continuing
operations,
including preferred (73,532 ) (23,050 ) (195,437 ) (109,878 )
stock dividends and
costs
Loss from
discontinued (27,108 ) (217,722 ) (42,869 ) (324,898 )
operations, net of
tax
Net loss
attributable to $ (100,640 ) $ (240,772 ) $ (238,306 ) $ (434,776 )
NextWave common
shares
Net loss per share attributed to NextWave common share - basic and diluted:
Continuing
operations,
including preferred $ (0.45 ) $ (0.23 ) $ (1.26 ) $ (1.10 )
stock dividends and
costs
Discontinued (0.17 ) (2.11 ) (0.28 ) (3.25 )
operations
Net loss $ (0.62 ) $ (2.34 ) $ (1.54 ) $ (4.35 )
Weighted average
shares used in per 162,609 103,092 154,551 99,851
share calculation
NEXTWAVE WIRELESS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended
September 26, September 27,
2009 2008
OPERATING ACTIVITIES
Net loss $ (239,335 ) $ (412,774 )
Loss from discontinued operations, net of tax (42,869 ) (324,898 )
Loss from continuing operations (196,466 ) (87,876 )
Adjustments to reconcile loss from continuing
operations to net cash used in operating
activities of continuing operations:
Amortization of intangible assets 9,938 11,075
Depreciation 1,076 4,057
Non-cash share-based compensation 4,019 4,309
Non-cash interest expense 111,443 16,663
Gain on sale of spectrum licenses (2,268 ) (19,317 )
Asset impairment charges 30,050 4,966
Other non-cash adjustments 1,905 321
Changes in operating assets and liabilities:
Accounts receivable 1,785 174
Deferred contract costs, prepaid expenses and 1,019 840
other current assets
Other assets 877 (1,563 )
Accounts payable and accrued liabilities (11,940 ) (5,449 )
Deferred revenue (3,746 ) (4,806 )
Other current liabilities 3,237 3,403
Net cash used in operating activities of (49,071 ) (73,203 )
continuing operations
INVESTING ACTIVITIES
Proceeds from maturities of marketable securities -- 106,385
Proceeds from sales of marketable securities -- 115,671
Purchases of marketable securities -- (112,167 )
Proceeds from the sale of noncontrolling interest 45,500 --
in PacketVideo to a related party
Proceeds from the sale of wireless spectrum 26,718 35,774
licenses
Cash paid for business combinations, net of cash -- (269 )
acquired
Payments for wireless spectrum licenses -- (44 )
Purchase of property and equipment (1,766 ) (2,717 )
Other, net 238 (518 )
Net cash provided by investing activities of 70,690 142,115
continuing operations
FINANCING ACTIVITIES
Proceeds from long-term obligations, net of costs 13,496 21,463
to issue
Net cash released from restricted cash account -- 17,763
securing long-term obligations
Proceeds from investment by joint venture partner -- 615
Payments on long-term obligations (62,320 ) (7,338 )
Proceeds from the sale of common shares 409 1,737
Net cash provided by (used in) financing (48,415 ) 34,240
activities of continuing operations
Cash used by discontinued operations:
Net cash used in operating activities of (13,917 ) (129,523 )
discontinued operations
Net cash provided by (used in) investing 2,991 (14,282 )
activities of discontinued operations
Net cash used in financing activities of (45 ) (730 )
discontinued operations
Net cash used by discontinued operations (10,971 ) (144,535 )
Effect of foreign currency exchange rate changes (751 ) (135 )
on cash
Net decrease in cash and cash equivalents (38,518 ) (41,518 )
Cash and cash equivalents, beginning of period 61,517 53,050
Cash and cash equivalents, end of period 22,999 11,532
Less cash and cash equivalents of discontinued (765 ) (6,136 )
operations, end of period
Cash and cash equivalents of continuing $ 22,234 $ 5,396
operations, end of period
Noncash investing and financing activities:
Fair value of warrants issued in connection with $ 5,179 $ --
Second Lien Notes
Common stock issued for business acquisitions $ -- $ 36,501
Wireless spectrum licenses acquired with lease $ -- $ 8,636
obligations
Source: NextWave Wireless Inc.
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