[November 05, 2009] NextWave Wireless Files Third Quarter Fiscal 2009 Results Tweet SAN DIEGO --(Business Wire)-- NextWave Wireless Inc. (NASDAQ:WAVE (News - Alert)) 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 (News - Alert) 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 (News - Alert) 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, 2009 December 27, 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 December 27, 2008, respectively 2,800 4,530 Wireless spectrum licenses held for sale 60,609 112,741 Deferred contract costs, prepaid expenses and other current assets 4,774 5,734 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 and December 27, 2008, respectively   11,382     19,845   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 outstanding at September 26, 2009 and December 27, 2008, respectively 106 103 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, 2009   September 27, 2008 September 26, 2009   September 27, 2008 Revenues $ 8,113 $ 16,876 $ 37,063 $ 47,989 License fee revenues - related party   3,842         3,842       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 - related party 111 111 Engineering, research and development 5,069 7,524 16,735 20,633 Sales and marketing 1,824 3,099 6,864 10,873 General and administrative 11,080 17,367 38,417 56,297 Asset impairment charges 13,764 2,244 30,050 2,244 Restructuring charges   1,712     3,185     3,760     3,308   Total operating expenses 37,991 38,274 112,088 107,964 Gain on sale of wireless spectrum licenses   1,597     19,317     2,268     19,317     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 (expense), net   (6,500 )   (1,575 )   (8,118 )   (3,363 ) Total other income (expense), net   (51,108 )   (13,360 )   (128,283 )   (46,624 ) Loss from continuing operations before income taxes (75,547 ) (15,441 ) (197,198 ) (87,282 ) Income tax benefit (provision)   986     (137 )   732     (594 ) Net loss from continuing operations (74,561 ) (15,578 ) (196,466 ) (87,876 ) Loss from discontinued operations, net of gains on divestiture of discontinued operations of $3,108, $0, $3,159 and $0 and income tax benefit (provision) of $182, $(804), $174 and $(1,003), respectively   (27,108 )   (217,722 )   (42,869 )   (324,898 ) Net loss (101,669 ) (233,300 ) (239,335 ) (412,774 ) Less: Net loss attributable to noncontrolling interest in subsidiary: Continuing operations 1,029 1,029 Discontinued operations                   Net loss attributable to NextWave $ (100,640 ) $ (233,300 ) $ (238,306 ) $ (412,774 )   Amounts attributable to NextWave common shares: Loss from continuing operations, net of tax $ (73,532 ) $ (15,578 ) $ (195,437 ) $ (87,876 ) Less: Preferred stock imputed dividends (7,397 ) (21,782 ) Accretion of issuance costs on preferred stock       (75 )       (220 ) Loss from continuing operations, including preferred stock dividends and costs (73,532 ) (23,050 ) (195,437 ) (109,878 ) Loss from discontinued operations, net of tax   (27,108 )   (217,722 )   (42,869 )   (324,898 )   Net loss attributable to NextWave common shares $ (100,640 ) $ (240,772 ) $ (238,306 ) $ (434,776 )   Net loss per share attributed to NextWave common share - basic and diluted: Continuing operations, including preferred stock dividends and costs $ (0.45 ) $ (0.23 ) $ (1.26 ) $ (1.10 ) Discontinued operations   (0.17 )   (2.11 )   (0.28 )   (3.25 ) Net loss $ (0.62 ) $ (2.34 ) $ (1.54 ) $ (4.35 ) Weighted average shares used in per share calculation 162,609 103,092 154,551 99,851     NEXTWAVE WIRELESS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)   Nine Months Ended September 26, 2009   September 27, 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 other current assets 1,019 840 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 continuing operations   (49,071 )   (73,203 )   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 in PacketVideo (News - Alert) to a related party 45,500 Proceeds from the sale of wireless spectrum licenses 26,718 35,774 Cash paid for business combinations, net of cash acquired (269 ) 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 continuing operations   70,690     142,115     FINANCING ACTIVITIES Proceeds from long-term obligations, net of costs to issue 13,496 21,463 Net cash released from restricted cash account securing long-term obligations 17,763 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 activities of continuing operations   (48,415 )   34,240   Cash used by discontinued operations: Net cash used in operating activities of discontinued operations (13,917 ) (129,523 ) Net cash provided by (used in) investing activities of discontinued operations 2,991 (14,282 ) Net cash used in financing activities of discontinued operations   (45 )   (730 ) Net cash used by discontinued operations (10,971 ) (144,535 ) Effect of foreign currency exchange rate changes on cash   (751 )   (135 ) 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 operations, end of period   (765 )   (6,136 ) Cash and cash equivalents of continuing operations, end of period $ 22,234   $ 5,396     Noncash investing and financing activities: Fair value of warrants issued in connection with Second Lien Notes $ 5,179 $ Common stock issued for business acquisitions $ $ 36,501 Wireless spectrum licenses acquired with lease obligations $ $ 8,636 [ Back To TMCnet.com's Homepage ]