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It surprised even me. In the same boat as you. Wished I had some more to average down.
nice looks like some life coming back....wish I had money to average down....haha WAVE
AT&T proposes deploying LTE in WCS 2.3 GHz band
AT&T teams with Sirius XM to prevent interference
AT&T (NYSE:T) and Sirius XM made a joint proposal to the FCC regarding the 2.3 GHz Wireless Communication Service (WCS) band that would open up a portion of it for LTE use, giving AT&T another band for its 4G efforts.
The proposal would change the rules governing WCS spectrum while protecting Sirius XM from interference. AT&T is the largest holder of WCS spectrum, followed by spectrum holding company NextWave Wireless. The proposed changes could give AT&T the ability to deploy LTE covering roughly 40 percent of the country.
In May 2010 the FCC voted unanimously to approve an order that changes rules governing the 2.3 GHz WCS band. The FCC said the spectrum can be made available for mobile broadband use, and mandated that rules be put in place to avoid interference issues. However, AT&T and many others took issues with the new rules.
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"Our concern, quite simply, was that the newly-adopted service rules did not permit the deployment of an efficient mobile broadband service in the band, something that AT&T deemed vital for the spectrum to be fully and effectively utilized," Joan Marsh, AT&T's vice president of federal regulatory affairs, wrote in a blog post.
An FCC spokesman did not immediately have a comment.
According to an analysis by Credit Suisse analyst Jonathan Chaplin, currently there is 30 MHz of WCS spectrum broken into two 5x5 MHz paired channels (the A and B Block) and two 5 MHz unpaired channels (the C and D Block). The C and D Block is next to the spectrum used by Sirius XM. AT&T owns 12 MHz on average of WCS across the country.
Under the new proposal, AT&T would not use the C and D Block spectrum for mobile service in exchange for more liberal rules on the A and B Block spectrum, thus allowing AT&T to deploy FDD-LTE service in that band. AT&T would essentially give Sirius XM a so-called guard band to block against interference.
Additionally, AT&T proposed extending the buildout requirements on the WCS band (currently licensees must serve 40 percent of a license area's population within 42 months, and 75 percent within 72 months).
Chaplin estimates that if the FCC adopted the proposal, it would take three to five years for AT&T to make the spectrum usable. He also wrote in a research note that, if the proposal is approved, the WCS spectrum would give AT&T equal spectrum footing in LTE with Verizon Wireless (NYSE:VZ). "We believe AT&T will act to close the gap [with Verizon] as quickly as possible. WCS doesn't really narrow the gap because of the time it will take to deploy; however, starting the process now provides a path to using this spectrum at some point in future," he wrote. "AT&T probably has to buy NextWave's WCS licenses, which cover the Northeast and much of the upper Midwest, before trying to deploy this spectrum."
TMF Associates analyst Tim Farrar noted AT&T's proposal could create downlink connections in both halves of the WCS A and B Blocks. "In other words, AT&T would gain yet more downlink spectrum, in addition to the Qualcomm (NASDAQ:QCOM) 700 MHz spectrum that it acquired last year 'to allow support of asymmetrical data bandwidth allocation,'" he wrote. "Of course, the obvious unanswered question is where would the uplink spectrum to be paired (under the proposed FDD configuration) with both the Qualcomm and WCS A&B Block spectrum come from?"
For more:
- see this FCC filing (PDF)
- see this AT&T blog post
- see this ExtremeTech article
- see this TMF Associates blog post
http://www.fiercewireless.com/story/att-proposes-deploying-lte-wcs-23-ghz-band/2012-06-19
haha np...just saw posts here so I was just checking. WAVE
Sorry. Post to the wrong board. All erroneous posts have been removed and posted to the right board. Thanks.
Can I ask what these news have to do with WAVE??
NextWave Wireless Files First Quarter Fiscal 2012 Results
SAN DIEGO, May 10, 2012 (BUSINESS WIRE) -- NextWave Wireless Inc. (otcqb:WAVE) today announced that it has filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission for the first quarter of fiscal 2012, ended March 31, 2012.
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 - 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.
http://www.marketwatch.com/story/nextwave-wireless-files-first-quarter-fiscal-2012-results-2012-05-10
man wish someone would come and buy/rent up their spectrum.....WAVE
NextWave Wireless Announces Record Date and Date of 2012 Annual Meeting of Stockholders
SAN DIEGO, Mar 19, 2012 (BUSINESS WIRE) -- NextWave Wireless Inc. (otcqb:WAVE) ("NextWave") announced that its Board of Directors has set May 17, 2012 as the date of the 2012 Annual Meeting of Stockholders and the close of business on March 23, 2012 as the record date for determining the stockholders entitled to receive notice of, and to vote at, the 2012 Annual Meeting of Stockholders. The 2012 Annual Meeting of Stockholders will be at 9:00 a.m. EDT on May 17, 2012 at the law offices of Lowenstein Sandler PC located at 1251 Avenue of the Americas, New York, NY 10020. In addition to this announcement, on or about April 2, 2012, NextWave will send a notice of internet availability of all proxy materials to all stockholders of record as of the record date.
About NextWave Wireless
NextWave Wireless Inc. is a wireless technology company that manages and maintains worldwide wireless spectrum licenses.
Additional Information
This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. There can be no assurances that forward-looking statements will be achieved. Actual events or results could differ materially from the events or results predicted by such statements. Important factors that could cause actual events or results to differ materially are discussed in greater detail in the filings of NextWave with the Securities and Exchange Commission. All such documents are available through the SEC's website at www.sec.gov . NextWave makes no commitment to update any forward-looking statements in order to reflect subsequent changes in events or circumstances except as may be required pursuant to applicable law.
SOURCE: NextWave Wireless Inc.
http://www.marketwatch.com/story/nextwave-wireless-announces-record-date-and-date-of-2012-annual-meeting-of-stockholders-2012-03-19
Securities Filing: Nextwave Wireless May Seek Bankruptcy Protection
Wednesday, March 14, 2012
Nextwave Wireless Inc., a San Diego-based holder of wireless spectrum licenses, reported a net loss of $264 million for 2011 compared with a net loss of $116.6 million for the prior year, and said in a March 12 securities filing that it may have to file for bankruptcy protection for a second time.
The company said its aggregate secured indebtedness as of Dec. 31 was $1.02 billion, and that its cash reserves weren’t sufficient to meet payment obligations.
Should the company be unable to work out an extension with its bondholders or find alternative financing, the bondholders could proceed to take back the company’s pledged collateral, Nextwave said.
“These conditions raise substantial doubt about our ability to continue as a going concern,” Nextwave said in the securities filing. “Insufficient capital to repay our debt at maturity would significantly restrict our ability to operate and could cause us to seek relief through a filing in the United States Bankruptcy Court.”
This would be the second time that Nextwave has filed for bankruptcy. In 1998, the business filed for such protection when it was unable to make payments on the $4.6 billion it owed for some 200 wireless licenses it won at an auction in 1996 conducted by the Federal Communications Commission. That action triggered a lengthy court battle regarding the ownership of licenses, which were returned to the company. Nextwave emerged from bankruptcy in 2005.
Nextwave sold off its main subsidiary, PacketVideo, in 2010 to a Japanese company, netting $107 million in the deal, but has since become a wireless spectrum licensee trader.
Now traded on the Pink Sheets Exchange under the ticker NEXT.PK, shares were at 14 cents March 13, and have ranged from 6 cents to 72 cents in the past 52 weeks.
— Mike Allen
http://www.sdbj.com/news/2012/mar/14/securities-filing-nextwave-wireless-may-seek-bankr/
NextWave Wireless Files Fiscal Year 2011 Financial Results
SAN DIEGO, Mar 12, 2012 (BUSINESS WIRE) -- NextWave Wireless Inc. (otcqb:WAVE) today announced that it has filed its Annual Report on Form 10-K with the Securities and Exchange Commission for the fiscal year 2011, which ended December 31, 2011.
The Form 10-K 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 - 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-K.
About NextWave Wireless
NextWave Wireless Inc. is a wireless technology company that manages and maintains worldwide wireless spectrum licenses.
http://www.marketwatch.com/story/nextwave-wireless-files-fiscal-year-2011-financial-results-2012-03-12
why the huge spread.. whats up? I dont understand why the spread is so huge.. when did this happen and why? What caused it to gap ?
One last thing.. whats the news on this company.. besides possible buy out.. anything else..
and even if a buyout happened.. would the new buyer not just take over. or would they pay everyone off at face value... hmmmm
if they are talking a buyout... ive seen other stocks... that drop drastically in price..
they do this.. so its an easier transition in selling the company.. as the new company does not want the baggage of former share holders.. or the cost to buy them all out..
and i guess it makes sense.. why buy the share holders out with a high value stock.. when they can lower it .. and if they have ot buy them out.. its more affordable.. this stock could be soon to plummet... only based on a buy out...
let me know your thoughts...
There are many Spectrum Players out there that require Spectrum.
As for buyers, Qualcom would be good for starters. You pick.
the question is who would buy them out? WAVE
WAVE has BILLIONS in Spectrum Value. They do have debt but the asset is worth 10 x that.
This is a $3 stock on buyout + + +
can't believe they won't fill my order even when my bid is higher than what is currently showing on L2!!!!
I sure hope so!! go WAVE
WAVE getting ready to run and run hard. Dates have been extended for a whole year till next december and this puppy has some seriously valuable spectrum sitting in the vault.
A dime is a steal, look for a 10-20 bagger on a buyout.
NextWave Wireless Announces Note Amendments Extending Maturity Dates
Next Wave Wireless Inc. (OTCQB: WAVE) (the “Company” or “NextWave”) today announced that it has entered into an Amendment and Limited Waiver (the “Amendment”) to its first, second and third lien note agreements. The Amendment extends the maturity of the first lien notes to December 31, 2012, the maturity of the second lien notes to January 31, 2013 and the maturity of the third lien notes to February 28, 2013.
The Amendment permanently waives past events of default under the agreements governing the Company’s secured notes, which defaults were previously the subject of the Forbearance Agreement dated as of August 1, 2011, as described in detail in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on August 2, 2011.
The Company will continue its efforts to sell its wireless spectrum assets to repay its secured notes and may seek additional financing or a refinancing transaction depending on future market conditions and the timing of any such spectrum sales, which remain subject to many factors beyond the Company’s control. As disclosed in the Company’s filings with the SEC, the Company’s capital structure requires that it successfully monetize most of its wireless spectrum assets for net proceeds substantially in excess of its cost basis in order to retire its secured debt, which will total $1,021 million in aggregate principal amount on December 31, 2011, and will increase over time due to the accrual of payment-in-kind interest.
About Next Wave Wireless
Next Wave Wireless Inc. is a wireless technology company that manages and maintains wireless spectrum licenses.
Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” for purposes of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. There can be no assurances that forward-looking statements will be achieved, and actual events or results could differ materially from the events or results predicted by such statements. Important factors that could cause actual events or results to differ materially are discussed in greater detail in the filings of NextWave with the SEC. All such documents are available through the SEC’s website at www.sec.gov. NextWave makes no commitment to update any forward-looking statements in order to reflect subsequent changes in events or circumstances except as may be required pursuant to applicable law.
http://www.thestreet.com/story/11345958/1/nextwave-wireless-announces-note-amendments-extending-maturity-dates.html
NextWave Wireless Further Extends Refinancing Deadline Under Forbearance Agreement with Noteholders
SAN DIEGO--(BUSINESS WIRE)--NextWave Wireless Inc. (OTCQB: WAVE) (the “Company” or “NextWave”) today announced that its senior note holders have agreed to a further extension to December 15, 2011 of the deadline for the Company to complete a refinancing transaction. On August 1, 2011, the Company entered into an agreement with the holders of its secured notes pursuant to which such holders agreed to forbear from exercising their respective rights and remedies in connection with the Company’s failure or anticipated failure to pay amounts coming due under the agreements relating to each class of notes. The forbearance agreement required the Company to complete a refinancing transaction within a specified time frame, initially set to expire on September 30, 2011 and subsequently extended by the senior note holders to November 30, 2011. Any extension of the forbearance period beyond December 15, 2011 will require the consent of each of the Company’s secured note holders.
NextWave continues to seek alternative financing to refinance and extend its substantial secured debt, with an aggregate principal amount of $983.6 million at October 1, 2011, and its ability to obtain such financing or alternative accommodations from its note holders prior to the expiration of the forbearance period on December 15, 2011 remains subject to substantial risks. NextWave’s Senior Secured Notes, having an aggregate principal amount of $133 million at October 1, 2011, matured on July 17, 2011, and NextWave’s Senior-Subordinated Secured Second Lien Notes due 2011, having an aggregate principal amount of $186.3 million at October 1, 2011, will mature on November 30, 2011, and the holders of such notes will be permitted to seek to enforce their payment rights upon expiration of the forbearance period. In addition, NextWave’s Senior-Subordinated Secured Third Lien Notes due 2011, having an aggregate principal amount of $664.3 million at October 1, 2011, will mature on December 31, 2011. As previously disclosed, NextWave’s cash reserves are not sufficient to meet these payment obligations at the current maturity dates. Inability to obtain a refinancing transaction, maturity extension or other accommodation from NextWave’s noteholders prior to the expiration of the term of the forbearance agreement would significantly restrict the Company’s ability to operate and could cause it to seek relief through a filing in the United States Bankruptcy Court. Any alternative financing and/or maturity extension of NextWave’s notes may be costly to obtain, and could involve the issuance of equity securities that could cause significant dilution to its existing stockholders.
The forbearance agreement and the contemplated refinancing transaction were described in detail in NextWave’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 2, 2011.
About NextWave Wireless Inc.
NextWave Wireless Inc. is a wireless technology company that manages and maintains worldwide wireless spectrum licenses.
Additional Information
This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. There can be no assurances that forward-looking statements will be achieved. Actual events or results could differ materially from the events or results predicted by such statements. Important factors that could cause actual events or results to differ materially are discussed in greater detail in the filings of NextWave with the Securities and Exchange Commission (“SEC”) and include, without limitation, the outcome of ongoing negotiations with the holders of NextWave’s secured notes. All such documents are available through the SEC’s website at www.sec.gov. NextWave makes no commitment to update any forward-looking statements in order to reflect subsequent changes in events or circumstances except as may be required pursuant to applicable law.
This press release shall not be deemed an offering of NextWave new senior notes, second lien notes, or any other security which may be issued by NextWave in any refinancing transaction. Any such offer will involve securities that will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
http://www.businesswire.com/news/home/20111129006776/en/NextWave-Wireless-Extends-Refinancing-Deadline-Forbearance-Agreement
NextWave Wireless Files Third Quarter Fiscal 2011 Results
SAN DIEGO, Nov 03, 2011 (BUSINESS WIRE) -- NextWave Wireless Inc. (otcqb: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 2011, ended October 1, 2011.
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 - 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 manages and maintains wireless spectrum licenses.
Additional Information
This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. There can be no assurances that forward-looking statements will be achieved. Actual events or results could differ materially from the events or results predicted by such statements. Important factors that could cause actual events or results to differ materially are discussed in greater detail in the filings of NextWave with the Securities and Exchange Commission. All such documents are available through the SEC's website at www.sec.gov . NextWave makes no commitment to update any forward-looking statements in order to reflect subsequent changes in events or circumstances except as may be required pursuant to applicable law.
http://www.marketwatch.com/story/nextwave-wireless-files-third-quarter-fiscal-2011-results-2011-11-03
NextWave Wireless gets refinancing extension
Wednesday 28 September 2011 | 15:56 CET
NextWave Wireless announced that its senior noteholders have agreed to an extension to 30 November of the deadline for the company to complete a refinancing transaction. In August the company entered into an agreement with the holders of its secured notes pursuant to which the creditors agreed to forbear from exercising their rights if NextWave failed to pay on time. The forbearance agreement required the company to complete a refinancing transaction within a specified time frame, initially set to expire on 30 September.
http://www.telecompaper.com/news/nextwave-wireless-gets-refinancing-extension
The challenges for wholesale network operators
Amid the political fighting over LightSquared and whether or not it will interfere with GPS, there’s a far larger issue: Can the nascent carrier really build a business as a wholesale carrier? History offers some perspective that maybe it can’t.
A blast from the past.
This “next-generation digital wireless technology…will be offered across the country to meet the explosive demand for high-speed access to the Internet” via a “wholesale business plan” that is “an unparalleled opportunity for minority and other small business entities to enter the wireless business.” Of course I’m talking about NextWave’s business plan, circa 1999, which was simply one step on the path to an exit from bankruptcy and a sale of its spectrum assets to Cingular and Verizon.
I wouldn’t be the first person to make the comparison between NextWave and LightSquared, but it is worth noting that LightSquared has recently attracted a great deal of political backing precisely because of its wholesale business plan. For example, various public interest organizations noted in an FCC filing in support of LightSquared that “compelling public interest benefits… would flow from a new mobile broadband entrant, particularly one offering a wholesale network that can extend the reach of the smaller, rural and regional mobile carriers, as well as access to connectivity for a wide range of innovative new devices, applications, services and retail providers at the network’s edge.”
Relying on rural wireless won't save wholesale operators
However, this says nothing about whether deploying a new wholesale mobile broadband network is any more feasible today than it was for NextWave a decade ago, when a wholesale business plan was basically a way to sidestep the real challenge in creating a profitable wireless business, namely acquiring end users. Certainly smaller carriers would benefit from gaining wholesale access to a new LTE network, but those players aren’t going to fill up a network by themselves. Thus, as even LightSquared’s supporters admit, the viability of a new wholesale player is dependent either on two things. First, on one or more major carriers using the network to substitute for its own network build-out, or on new entrants with a substantial customer base deciding that offering wireless service is important for their future business success.
The balance of power isn’t in LightSquared’s favor.
The problem for a wholesale-only player is that it really has no leverage to establish a profitable business relationship with major potential partners. We’ve seen this in the case of Clearwire, where it has been all but impossible for Clearwire to secure an advantageous deal with Sprint. While Sprint can happily keep high margin voice and SMS traffic on its own network, Clearwire must handle vast amounts of data traffic in exchange for a very modest proportion of Sprint’s overall ARPUs.
Clearwire attempted to develop both a retail presence and a diverse wholesale revenue base to create some of that leverage, but it has been forced to curtail its retail operations due to a lack of money. And still, despite having signed a range of wholesale agreements, the overwhelming majority of its wholesale customers are from Sprint. LightSquared has a similar challenge, having signed a deal with Sprint that is even more one-sided, in that LightSquared must pay Sprint $9 billion to host its network for the next 11 years, while Sprint has no obligation whatsoever to buy LightSquared’s capacity.
When it comes to wireless, retail customers offer leverage.
None of this is to say that there can’t be a successful wholesale wireless offering or that a network sharing arrangement isn’t a cost effective way to create a 4G network. Wholesale relationships and network sharing agreements can work well when the balance of power is roughly equal. Take for example Tracfone’s MVNO relationships with multiple established carriers in the US, or the network sharing agreements between mobile operators in Europe. However, unless a new startup has some compelling leverage, there is no reason for an established operator to sign anything other than a one-sided deal.
History repeats itself.
A fashionable argument is that the supposed spectrum crisis means that wireless operators will have to use wholesale providers because they simply won’t be able to find alternative sources of spectrum. However, that flies in the face of what we’ve seen over the last year, when Clearwire, NextWave, DBSD and TerreStar have hardly seen a rush of buyers for their spectrum assets.
Another argument is that these wholesale providers will find a ready market amongst new entrants looking to offer their own branded wireless services in the near future, because devices and services will be “always connected”. However, there is little evidence that consumer electronics providers are queuing up to offer their own wireless services, and any attempt by a major player like Apple to develop such an offering would create massive disruption to existing distribution relationships.
As a result, it’s increasingly difficult to see a sustainable place in the market for dedicated wholesale players like Clearwire and LightSquared. Even DISH Network’s prospective 4G network is a challenging proposition, but it is not reliant on wholesale bandwidth and will leverage DISH’s existing 14 million customers. However, DISH would be well advised to secure other major partners before rather than after it commits to a large-scale buildout.
Tim Farrar is President of Telecom, Media and Finance Associates, a consulting and research firm in Menlo Park, CA, which specializes in technical and financial analysis across the satellite and telecom sectors.
http://gigaom.com/broadband/the-challenges-for-wholesale-network-operators/
NextWave fails to pay maturing first-lien notes
By Bloomberg News
Friday, August 26, 2011
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San Diego-based NextWave Wireless Inc. (OTC: WAVE.PK), a holding company for wireless spectrum licenses, was unable to pay off $129 million in senior secured first-lien notes when they matured on July 17.
The company said it negotiated a "limited waiver" postponing the payment obligation until Aug. 1. NextWave said it is in discussion with all its secured lenders on a longer-term forbearance. So far, the company said it hasn't been able to negotiate maturity extensions.
NextWave has $179 million in senior-subordinated second-lien notes that mature in November. In addition, there are $640 million in senior-subordinated third-lien notes that mature in December.
The company said in regulatory filings that it has been delayed in selling wireless-spectrum licenses.
For the first quarter, there was no income, leading to a $5.1 million loss from operations and a $61 million net loss, taking into consideration $58.5 million of interest expense.
As of April 2, there was $31.5 million in cash among assets on the books for $484.5 million. The balance sheet was upside down with current liabilities of $834.6 million.
Then called NextWave Telecom Inc., the company confirmed a Chapter 11 plan in early 2005 which gave shareholders $6.79 a share in cash plus notes and stock, with the option to receive more stock in lieu of cash. After reorganization, NextWave intended to focus on providing 4G wireless broadband in New York and Las Vegas as opposed to being a wireless phone provider.
http://www.sddt.com/news/article.cfm?SourceCode=20110826tqc&_t=NextWave+fails+to+pay+maturing+firstlien+notes
NextWave Wireless Files Second Quarter Fiscal 2011 Results
SAN DIEGO, Aug 12, 2011 (BUSINESS WIRE) -- NextWave Wireless Inc. (otcqb:WAVE) today announced that it has filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission for the second quarter of fiscal 2011, ended July 2, 2011.
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 - 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 manages and maintains worldwide wireless spectrum licenses.
Additional Information
This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. There can be no assurances that forward-looking statements will be achieved. Actual events or results could differ materially from the events or results predicted by such statements. Important factors that could cause actual events or results to differ materially are discussed in greater detail in the filings of NextWave with the Securities and Exchange Commission. All such documents are available through the SEC's website at www.sec.gov . NextWave makes no commitment to update any forward-looking statements in order to reflect subsequent changes in events or circumstances except as may be required pursuant to applicable law.
NEXTWAVE WIRELESS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value data)
(unaudited)
July 2, 2011 January 1, 2011
--------------------- -------------------
ASSETS
Current assets:
Cash and cash equivalents $ 22,567 $ 42,528
Restricted cash 27 20
Short-term investment 5,000 --
Wireless spectrum licenses held for sale 6,535 6,535
Deferred financing costs, net 1,508 3,262
Prepaid expenses and other current assets 740 1,092
Current assets of discontinued operations 4,017 3,632
---------- ----------
Total current assets 40,394 57,069
Wireless spectrum licenses, net 435,942 437,781
Property and equipment, net 1,751 2,188
Other assets 83 115
---------- ----------
Total assets $ 478,170 $ 497,153
==== ========== ===== ==========
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $ 500 $ 947
Accrued expenses 2,484 3,427
Current portion of long-term obligations 894,964 784,649
Other current liabilities 10 1,272
Current liabilities of discontinued operations 51 515
---------- ----------
Total current liabilities 898,009 790,810
Deferred income tax liabilities 84,222 84,688
Long-term obligations, net of current portion 17,403 19,821
---------- ----------
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, $0.007 par value; 57,143 shares authorized; 23,729 166 166
shares issued and outstanding at July 2, 2011 and January 1, 2011
Additional paid-in-capital 888,097 887,676
Accumulated other comprehensive income 23,789 21,116
Accumulated deficit (1,433,516) (1,307,124)
---------- ---- ---------- -
Total stockholders' deficit (521,464) (398,166)
---------- ---- ---------- -
Total liabilities and stockholders' deficit $ 478,170 $ 497,153
==== ========== ===== ==========
NEXTWAVE WIRELESS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER
COMPREHENSIVE LOSS
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
------------------------------------ ---------------------------------------
July 2, 2011 July 3, 2010 July 2, 2011 July 3, 2010
----------------- ----------------- ------------------- ------------------
Operating expenses:
General and administrative $ 5,976 $ 8,023 $ 12,017 $ 13,859
Restructuring charges (credits) -- 22 (1,076) 15
------- ------- -------- ---- -------
Total operating expenses 5,976 8,045 10,941 13,874
Net gains (losses) on sale of wireless spectrum licenses 85 (152) (5) 12
------- ------- - -------- ---- -------
Loss from operations (5,891) (8,197) (10,946) (13,862)
------- - ------- - -------- ---- ------- ----
Other income (expense):
Interest income 14 247 29 514
Interest expense (61,743) (54,175) (120,245) (98,263)
Gain on extinguishment of debt -- -- -- 37,988
Other income (expense), net (3) (1,151) 1,252 9,381
------- - ------- - -------- -------
Total other expense, net (61,732) (55,079) (118,964) (50,380)
------- - ------- - -------- ---- ------- ----
Loss from continuing operations before income taxes (67,623) (63,276) (129,910) (64,242)
Income tax benefit 1,659 -- 1,820 --
------- ------- -------- -------
Net loss from continuing operations (65,964) (63,276) (128,090) (64,242)
------- - ------- - -------- ---- ------- ----
Income (loss) from discontinued operations before income taxes, net 912 (9,567) 2,674 (11,420)
of gains (losses) on divestitures of discontinued operations of
$465, $(4,617), $2,120 and $(4,616), respectively
Income tax provision (333) (10) (976) (107)
------- - ------- - -------- ---- ------- ----
Net income (loss) from discontinued operations 579 (9,577) 1,698 (11,527)
Net loss attributed to noncontrolling interest in subsidiary -- 1,671 -- 1,237
------- ------- -------- -------
Net income (loss) from discontinued operations attributed to NextWave 579 (7,906) 1,698 (10,290)
------- ------- - -------- ------- ----
Net loss attributed to NextWave $ (65,385) $ (71,182) $ (126,392) $ (74,532)
====== ======= = ====== ======= = ==== ======== ==== ==== ======= ====
Other comprehensive loss:
Net loss $ (65,385) $ (72,853) $ (126,392) $ (75,769)
Foreign currency translation adjustment 317 2,714 2,673 2,421
------- ------- -------- -------
Total other comprehensive loss (65,068) (70,139) (123,719) (73,348)
Comprehensive loss attributable to noncontrolling interest in -- 2,213 -- 2,202
subsidiary
------- ------- -------- -------
Other comprehensive loss attributed to NextWave $ (65,068) $ (67,926) $ (123,719) $ (71,146)
====== ======= = ====== ======= = ==== ======== ==== ==== ======= ====
Amounts attributed to NextWave common shares:
Net loss from continuing operations $ (65,964) $ (63,276) $ (128,090) $ (64,242)
Net income (loss) from discontinued operations 579 (7,906) 1,698 (10,290)
------- ------- - -------- ------- ----
Net loss attributed to NextWave common shares $ (65,385) $ (71,182) $ (126,392) $ (74,532)
====== ======= = ====== ======= = ==== ======== ==== ==== ======= ====
Net income (loss) per share attributed to NextWave common shares -
basic and diluted
Continuing operations $ (2.71) $ (2.60) $ (5.28) $ (2.65)
Discontinued operations 0.02 (0.33) 0.07 (0.42)
------- ------- - -------- ------- ----
Net loss $ (2.69) $ (2.93) $ (5.21) $ (3.07)
====== ======= = ====== ======= = ==== ======== ==== ==== ======= ====
Weighted-average shares used in per share calculation 24,279 24,279 24,279 24,256
NEXTWAVE WIRELESS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended
---------------------------------------
July 2, 2011 July 3, 2010
------------------- ------------------
OPERATING ACTIVITIES
Net loss $ (126,392) $ (75,769)
Net income (loss) from discontinued operations 1,698 (11,527)
-------- ------- ----
Net loss from continuing operations (128,090) (64,242)
Adjustments to reconcile loss from continuing operations to net cash
used in operating activities of continuing operations:
Amortization of intangible assets 3,832 3,838
Depreciation 438 160
Non-cash share-based compensation 421 611
Paid-in-kind interest 63,295 50,962
Amortization of deferred financing costs and discounts 56,947 47,019
Gain on extinguishment of debt -- (37,988)
(Gain) loss on sales of wireless spectrum licenses 5 (12)
Gains from changes in estimated fair values of embedded derivatives (1,261) (8,092)
Other non-cash adjustments (1,045) 929
Changes in operating assets and liabilities:
Prepaid expenses and other current assets 351 718
Other assets -- (226)
Accounts payable and accrued liabilities (1,397) (3,980)
Other liabilities and deferred credits (844) (70)
-------- ---- ------- ----
Net cash used in operating activities of continuing operations (7,348) (10,373)
-------- ---- ------- ----
INVESTING ACTIVITIES
Purchase of held-to-maturity investment security (5,000) --
Proceeds from the sale of wireless spectrum licenses, net of selling (5) 683
costs
Proceeds from the sale of auction-rate securities -- 24,023
Payments for the purchase of property and equipment -- (3,803)
Other, net -- 408
-------- -------
Net cash provided (used) by investing activities of continuing (5,005) 21,311
operations
-------- ---- -------
FINANCING ACTIVITIES
Payments on long-term obligations (9,913) (25,256)
Proceeds from long-term obligations -- 25,000
Proceeds from the sale of common shares -- 141
-------- -------
Net cash used in financing activities of continuing operations (9,913) (115)
-------- ---- ------- ----
Cash provided (used) by discontinued operations:
Net cash provided (used) by operating activities of discontinued (909) 3,330
operations
Net cash provided by investing activities of discontinued operations 3,491 252
-------- -------
Net cash provided by discontinued operations 2,582 3,582
Effect of foreign currency exchange rate changes on cash 31 (1,073)
-------- ------- ----
Net increase (decrease) in cash and cash equivalents (19,653) 13,332
Cash and cash equivalents, beginning of period 42,598 20,512
-------- -------
Cash and cash equivalents, end of period 22,945 33,844
Less cash and cash equivalents of discontinued operations, end of (378) (2,268)
period
-------- ---- ------- ----
Cash and cash equivalents of continuing operations, end of period $ 22,567 $ 31,576
==== ======== ==== =======
NONCASH FINANCING ACTIVITIES
Senior, Second and Third Lien Notes issued to noteholders in $ -- $ 21,249
exchange for debt modification fees
SOURCE: NextWave Wireless Inc.
http://www.marketwatch.com/story/nextwave-wireless-files-second-quarter-fiscal-2011-results-2011-08-12?reflink=MW_news_stmp
ok thanks. hope they have something good to show soon.....
It is a good thing but Nextwave is still in life support.
is this a good thing or bad? missed buying at 10cents.
NextWave Wireless Enters Into Forbearance Agreement With Noteholders
NextWave Wireless Inc. (OTCQB: WAVE) (the “Company” or “NextWave”) today announced that it has entered into an agreement with the holders of its secured notes pursuant to which such holders will forbear from exercising their respective rights and remedies in connection with the Company’s failure or anticipated failure to pay amounts coming due under the agreements relating to each class of notes. Absent other defaults by the Company, the forbearance agreement will provide the Company until September 30, 2011 to complete a refinancing transaction. The forbearance agreement will be described in detail in NextWave’s Current Report on Form 8-K to be filed with the Securities and Exchange Commission today.
NextWave’s Senior Secured Notes (the “First Lien Notes”), having an aggregate principal amount of $129 million at June 30, 2011, matured on July 17, 2011, and the holders of such notes provided a limited waiver of the Company’s obligation to pay such notes in full pending completion of the forbearance agreement on August 1, 2011. In addition, NextWave’s Senior-Subordinated Secured Second Lien Notes due 2011 (the “Second Lien Notes”), having an aggregate principal amount of $179 million at June 30, 2011, will mature in November 2011 and its Senior-Subordinated Secured Third Lien Notes due 2011 (the “Third Lien Notes”), having an aggregate principal amount of $640 million at June 30, 2011, will mature in December 2011. As previously disclosed, NextWave’s cash reserves are not sufficient to meet these payment obligations.
The Company has been engaged in discussions with the holders of its secured notes relating to a maturity extension and related amendments to its notes agreements since January 2011. The holders of NextWave’s notes have not agreed to a maturity extension. An independent committee of the Company’s Board of Directors has authorized its financial advisor to seek alternative sources of financing to repay the Senior Notes and Second Lien Notes. At this time, alternative financing has not been identified and cannot be assured. The forbearance agreement contemplates that NextWave will meet certain milestones in an offering of new senior notes for net proceeds of at least $380 million by specified dates. If such milestones are not achieved, the forbearance agreement is subject to termination prior to September 30, 2011. If a refinancing transaction is completed, the Company has agreed to redeem its First Lien Notes, Second Lien Notes and $25 million of its Third Lien Notes using the proceeds of such transaction. If such Third Lien Notes redemption is completed, the holders of the Company’s Third Lien Notes have agreed to exchange their remaining notes for a new class of second lien notes with a maturity date six months after the maturity date of the new senior notes.
http://www.thestreet.com/story/11205851/1/nextwave-wireless-enters-into-forbearance-agreement-with-noteholders.html
NextWave fails to pay maturing first-lien notes
NextWave Wireless Inc., a holding company for wireless spectrum licenses, was unable to pay off $129 million in senior secured first-lien notes when they matured on July 17.
The company said it negotiated a “limited waiver” postponing the payment obligation until Aug. 1. San Diego-based NextWave (Nasdaq: WAVE) said it is in discussion with all its secured lenders on a longer-term forbearance. So far, the company said it hasn’t been able to negotiate maturity extensions.
NextWave has $179 million in senior-subordinated second- lien notes that mature in November. In addition, there are $640 million in senior-subordinated third-lien notes that mature in December.
The company said in regulatory filings that it has been delayed in selling wireless-spectrum licenses.
For the first quarter, there was no income, leading to a $5.1 million loss from operations and a $61 million net loss, taking into consideration $58.5 million of interest expense.
As of April 2, there was $31.5 million in cash among assets on the books for $484.5 million. The balance sheet was upside down with current liabilities of $834.6 million.
Then called NextWave Telecom Inc., the company confirmed a Chapter 11 plan in early 2005 which gave shareholders $6.79 a share in cash plus notes and stock, with the option to receive more stock in lieu of cash. After reorganization, NextWave intended to focus on providing 4G wireless broadband in New York and Las Vegas as opposed to being a wireless phone provider.
http://www.sddt.com/News/article.cfm?SourceCode=20110720cza&_t=NextWave+fails+to+pay+maturing+firstlien+notes
NextWave warns of possible return to bankruptcy
Despite US spectrum shortage, it has failed to sell most of its huge base of licenses, which could come to market now
The rollercoaster history of NextWave Wireless may be coming to an end at last, with the firm saying that it has been unable to renegotiate the terms of its debt with lenders. That could force a filing for bankruptcy protection - and another interesting spectrum sale, hard on the heels of Dish Network's purchase of TerreStar's mobile satellite licenses, also from the bankruptcy process.
NextWave is remembered by many for buying $4.7bn worth of PCS licenses in 1996, failing to pay more than the $500m down payment, and haggling with the FCC for years, many of these from within Chapter XI bankruptcy protection. It emerged from that, sold most of its PCS assets to Verizon, but retained extensive holdings in 2.5GHz and 2.3GHz also acquired more in the AWS auctions. It then sought to build up a spectrum-to-equipment play in WiMAX with a series of acquisitions, including IPWireless and PacketVideo, but overstretched itself financially and sold off everything except most of the spectrum assets.
It has been trying to sell many of those but has had limited success, despite the much vaunted 'spectrum famine' in the US. Like Clearwire, which also cancelled plans to sell off some of its 2.5GHz licenses, NextWave may have come up against hostility to high frequency spectrum, which has challenges in terms of range and indoor penetration - though is often ideal for dense urban metrozones. In addition, the 2.3GHz band in the US is split in two, limiting capacity and raising interference issues.
Now its licenses could come up for sale at more attractive terms - according to a filing with the SEC on Monday, NextWave is considering bankruptcy. It wrote: "As previously disclosed, NextWave's cash reserves are not sufficient to meet these payment obligations." In the event of a default, "the holders of the secured notes could proceed against the assets pledged to collateralize these obligations, including all of NextWave's domestic wireless spectrum assets. These conditions raise substantial doubt about NextWave's ability to continue as a going concern. Inability to obtain a forbearance agreement, and ultimately a refinancing transaction or maturity extension, would significantly restrict the Company's ability to operate and could cause it to seek relief through a filing in the United States Bankruptcy Court."
Although operators may be unwilling to pay high prices for spectrum above 2GHz - which carriers higher roll-out costs for mobile broadband than the sub-1GHz bands everyone is chasing - this remains a strong base for a data network, as Clearwire shows. With mobile satellite bands currently perceived as high risk after the GPS interference issues that are dogging LightSquared, players who need more 4G capacity may look again at NextWave.
http://www.rethink-wireless.com/2011/07/18/nextwave-warns-possible-return-bankruptcy.htm
NextWave in Discussions with Noteholders Regarding Forbearance
Waiver Obtained from Holders of Senior Notes
SAN DIEGO--(BUSINESS WIRE)--NextWave Wireless Inc. (OTCQB: WAVE) (the “Company” or “NextWave”) today announced that the holders of the Company’s Senior Secured Notes (the “First Lien Notes”), having an aggregate principal amount of approximately $129 million at June 30, 2011, have provided a limited waiver of the Company’s obligation to pay such notes in full on July 17, 2011. The limited waiver will expire on August 1, 2011. NextWave is in active negotiations with the holders of all series of its secured notes regarding an agreement whereby such holders would forbear for a longer period of time from exercising their respective rights and remedies relating to certain potential defaults under the agreements relating to each class of notes.
NextWave has been engaged in discussions with the holders of its secured notes relating to a maturity extension and related amendments to its note agreements since January 2011. These discussions have not resulted in a maturity extension. An independent committee of NextWave’s Board of Directors has authorized the Company’s financial advisor to seek alternative sources of financing to repay the Senior Notes and Second Lien Notes. At this time, alternative financing has not been identified and cannot be assured. During the term of a forbearance agreement, if such an agreement is obtained, NextWave would seek to complete a refinancing transaction, negotiate a maturity extension or pursue another alternative with respect to its pending debt maturities.
In addition to the First Lien Notes, the Company also has outstanding Senior-Subordinated Secured Second Lien Notes due 2011 (the “Second Lien Notes”), having an aggregate principal amount of $179 million at June 30, 2011, which will mature in November 2011 and Senior-Subordinated Secured Third Lien Notes due 2011 (the “Third Lien Notes”), having an aggregate principal amount of $640 million at June 30, 2011, which will mature in December 2011. As previously disclosed, NextWave’s cash reserves are not sufficient to meet these payment obligations. If the limited waiver expires in the absence of a comprehensive forbearance agreement, a refinancing transaction or a maturity extension, an event of default will arise under the First Lien Notes, Second Lien Notes and Third Lien Notes. Based on such default, and subject to the terms of an intercreditor agreement among the various classes of notes, the holders of the secured notes could proceed against the assets pledged to collateralize these obligations, including all of NextWave’s domestic wireless spectrum assets. These conditions raise substantial doubt about NextWave’s ability to continue as a going concern. Inability to obtain a forbearance agreement, and ultimately a refinancing transaction or maturity extension, would significantly restrict the Company’s ability to operate and could cause it to seek relief through a filing in the United States Bankruptcy Court. Any alternative financing, maturity extension or other resolution with respect to the maturities of NextWave’s secured notes may be costly to obtain, and could involve the issuance of equity securities that could cause significant dilution to NextWave’s existing stockholders.
About NextWave Wireless Inc.
NextWave Wireless Inc. is a wireless technology company that manages and maintains worldwide wireless spectrum licenses.
http://www.businesswire.com/news/home/20110718005588/en/NextWave-Discussions-Noteholders-Forbearance
NextWave’s Net Loss Grows
Monday, May 16, 2011
NextWave Wireless Inc., a San Diego-based holder of wireless spectrum licenses, reported a net loss of $61 million for its fiscal first quarter ended April 2, compared to a net loss of $2.9 million for the like quarter of 2010.
In its securities filings of May 13, the company said conditions exist that raise substantial doubt about its ability to continue as a going concern. The company has about $916 million in outstanding notes that mature at different dates this year and doesn’t have the cash to make required payments on the notes.
As of April 2, it reported total cash of $31.5 million, down from $42.5 million at the beginning of the year. Its accumulated deficit is about $1.4 billion.
NextWave has been in discussions with the holders of the notes since January but hasn’t reached any agreement and there are no active discussions.
The company engaged Moelis and Co. to seek alternative financing to repay the notes but so far none has been lined up.
Without sufficient capital to pay off the debt, NextWave said it may have to file for bankruptcy protection, which could cause significant dilution to shareholders.
Traded on the Pink Sheets exchange under WAVE.PK, shares were at 42 cents at midday May 16, near the 52-week low of 36 cents. The stock’s high over the period was $3.36.
— Mike Allen
http://www.sdbj.com/news/2011/may/16/nextwaves-net-loss-grows/
NextWave Wireless Files First Quarter Fiscal 2011 Results
NextWave Wireless Inc. (OTCQB:WAVE) today announced that it has filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission for the first quarter of fiscal 2011, ended April 2, 2011.
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 - 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 manages and maintains worldwide wireless spectrum licenses.
http://www.thestreet.com/story/11118948/1/nextwave-wireless-files-first-quarter-fiscal-2011-results.html
from 18 million 750 thousand same period last year , to 6 grand ........ management will then suck the life out of the 31 million in cash left . Maybe even bankruptcy as they are a growing concern .
Nextwave has no revenue stream and has 1.4 billion accumulated deficit .
NextWave Wireless Announces Record Date and Date of 2011 Annual Meeting of Stockholders
04/08/2011 | 07:55 pm
NextWave Wireless Inc. (OTCQB: WAVE) ("NextWave") announced that its Board of Directors has set May 24, 2011 as the date of the 2011 Annual Meeting of Stockholders and the close of business on April 13, 2011 as the record date for determining the stockholders entitled to receive notice of, and to vote at, the 2011 Annual Meeting of Stockholders. The 2011 Annual Meeting of Stockholders will be at 9:00 a.m. ET on May 24, 2011 at the offices of Weil, Gotshal & Manges LLP, 767 Fifth Avenue, New York, NY 10153. In addition to this announcement, NextWave will send a notice of internet availability of all proxy materials to all stockholders of record as of the record date.
About NextWave Wireless
NextWave Wireless Inc. is a wireless technology company that manages and maintains worldwide wireless spectrum licenses.
http://www.4-traders.com/news/NextWave-Wireless-Announces-Record-Date-and-Date-of-2011-Annual-Meeting-of-Stockholders--13598329/
NextWave Wireless Files Fiscal Year 2010 Financial Results
Next Wave Wireless Inc. (OTCQB: WAVE) today announced that it has filed its Annual Report on Form 10-K with the Securities and Exchange Commission for the fiscal year 2010, which ended January 1, 2011.
The Form 10-K is available on the website maintained by the Securities and Exchange Commission at www.sec.gov and on the Next Wave website at www.nextwave.com under the heading - 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-K.
About Next Wave Wireless
Next Wave Wireless Inc. is a wireless technology company that manages and maintains worldwide wireless spectrum licenses.
http://www.thestreet.com/story/11049057/1/nextwave-wireless-files-fiscal-year-2010-financial-results.html
I forgot to look into the symbol change. My apologies.
WAVE up 16.47% on very low volume. The up trend continues. Chart looks very good. Soon will attract more attention.
WAVE
I will try to make the symbol change.
Nextwave Wirless net loss widens in Q3 as bankruptcy looms
Friday 12 November 2010 | 13:25 CET
US mobile broadband company Nextwave Wireless a net loss from continuing operations during the third quarter to 2 October at USD 65.4 million compared to 57.2 million the year before.. The company said it has funded operations, business combinations, strategic investments and wireless spectrum license acquisitions primarily from capitalisations and share offerings. The company began a restructuring programme in 2008, resulting in the sale, dissolution or closure of its network infrastructure and semiconductor businesses. Nextwave said it will continue as a going concern and that it is confident it will recover its assets and satisfy liabilities in the normal course of business, if it manages to pay all senior notes. The company is able to pay interest to noteholders and meet operational needs through September 2011, excluding the repayment of senior notes due July 2011. If means are not found to pay the July 2011 notes, the company will file for bankruptcy.
http://www.telecompaper.com/news/nextwave-wirless-net-loss-widens-in-q3-as-bankruptcy-looms
NextWave Chips Away at Net Loss
Friday, November 12, 2010
NextWave Wireless Inc., which sold its remaining interest in its main subsidiary, PacketVideo, in August for a net profit of $107 million, reported Nov. 10 a third quarter net loss of $79.7 million, down from the $100.6 million net loss for the like quarter of 2009.
For the nine months ended Oct. 2, NextWave reported a net loss of $154.2 million, compared to a net loss of $238.3 million for the like nine months of last year.
In its securities filing, the company stated its accumulated deficit as of the end of the third quarter was $1.34 billion, compared to an accumulated deficit of $1.19 billion at the end of the third quarter of 2009.
Banished from Nasdaq in July after its share price dropped below $1, the stock was traded on the Pink Sheets Exchange on Nov. 11 at $1.15, and has ranged from 70 cents to $5.11 over the past 52 weeks.
— Mike Allen
http://www.sdbj.com/news/2010/nov/12/nextwave-chips-away-net-loss/
NextWave Wireless Files Third Quarter Fiscal 2010 Results
SAN DIEGO, Nov 10, 2010 (BUSINESS WIRE) -- NextWave Wireless Inc. (otcqb: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 2010, ended October 2, 2010.
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 - 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.
http://www.marketwatch.com/story/nextwave-wireless-files-third-quarter-fiscal-2010-results-2010-11-10?reflink=MW_news_stmp
NextWave Announces Voting Results of Special Meeting
SAN DIEGO--(BUSINESS WIRE)--
On October 4th, 2010, NextWave Wireless Inc. (OTCQB:WAVE) (the “Company”) announced the voting results of its special meeting of stockholders held on October 1, 2010. Stockholders of record on the record date, August 10, 2010, were entitled to vote at the special meeting.
At the special meeting, the Company's stockholders approved with the requisite vote the proposal to adopt and approve the stock purchase agreement dated July 30, 2010, by and among the Company, NextWave Broadband Inc., a wholly-owned subsidiary of the Company (“NextWave Broadband”), PacketVideo Corporation, a majority-owned subsidiary of NextWave Broadband (“PacketVideo”), and NTT DOCOMO, INC. (“DOCOMO”), and authorize the transactions contemplated thereby, including the sale by NextWave Broadband of all of the shares of common stock of PacketVideo owned by it to DOCOMO for $111.6 million.
The exact tally of the votes is included in a Current Report on Form 8-K filed today by the Company with the Securities and Exchange Commission.
The proposed transaction is expected to close within approximately five business days, subject to completion of customary closing conditions and deliverables.
About NextWave Wireless
NextWave Wireless Inc. is a wireless technology company that manages and maintains worldwide wireless spectrum licenses.
http://www.benzinga.com/press-releases/10/10/b505357/nextwave-announces-voting-results-of-special-meeting
this company is dead without packetvideo eom
NextWave, Cavalier highlight shadowy world of spectrum speculators
he new FCC has made freeing up additional spectrum for broadband wireless services a key element of its agenda. However, some of the spectrum recently freed for just that purpose remains dormant. The reason? A small but active group of speculators are sitting on auctioned airwaves with the goal of either funding a network buildout or selling the spectrum to the highest bidder.
Of course, NextWave is the most well-known of these players. The company gained notoriety during the FCC's PCS auctions in the 1990s by bidding for spectrum it could not pay for. After years of court battles, the company finally sold much of its spectrum holdings to Verizon Wireless (NYSE:VZ) and others, and used the funds to parlay itself into an array of seemingly random businesses: WiMAX (via its acquisition of Cygnus), streaming multimedia (via its acquisition of PacketVideo), WiFi (via its acquisition of Go Networks) and so forth. The company also invested in additional spectrum, including purchasing 154 AWS licenses for around $115 million during the FCC's 2006 auction.
However, during the past few years NextWave has gradually managed to offload much of its once-sprawling operations. The company in 2008 sold off a wide swath of its spectrum holdings to the likes of T-Mobile USA, MetroPCS (NYSE:PCS) and others, in 2009 it ditched IPWireless for $1 million, and earlier this month NextWave sold its remaining stake in PacketVideo to DoCoMo for $111.6 million.
What does that leave NextWave with? "Our continuing operations are comprised of our strategic initiatives segment, which manages our portfolio of licensed wireless spectrum assets," NextWave reported in its latest quarterly filing with the Security and Exchange Commission. "Since we now operate in only one business, we no longer provide segment reporting."
NextWave officially has gone back to its roots: spectrum speculator.
"We continue to pursue the sale of our wireless spectrum holdings and any sale or transfer of the ownership of our wireless spectrum holdings is subject to regulatory approval," NextWave said in its filing. "We expect that we will be required to successfully monetize most of our wireless spectrum assets in order to retire our debt."
A NextWave representative declined to provide any further information.
According to government filings, NextWave in the United States owns WCS licenses covering 208 million POPs, EBS/BRS licenses covering 47 million POPs and AWS licenses covering 6 million POPs. The value of this spectrum is difficult to ascertain. As one executive told me, "beauty is in the eye of the beholder," meaning T-Mobile might suddenly need additional AWS airwaves if users begin piling onto its new HSPA+ network.
But NextWave isn't the only company out there actively shopping its spectrum holdings. I recently spoke with Wirt Yerger, head of Cavalier Wireless. Cavalier spent around $20 million on 30 licenses during the FCC's AWS auction in 2006, and $62 million on 35 licenses during the FCC's 700 MHz auction in 2008. Cavalier owns AWS and 700 MHz licenses covering around 47 million POPs, mainly in areas east of the Mississippi.
Yerger, who cut his teeth in the 1980s building out wireless networks under the now-defunct Cellular One brand, said Cavalier is evaluating all of its options, including building out a network using its spectrum holdings or selling the airwaves outright to another company. Such efforts have precedence: Sprint Nextel recently purchased 16 PCS spectrum licenses from Wirefree after Wirefree failed to find success selling wireless services to business users.
On researching this topic, I became curious about how the FCC views these companies; they are essentially sitting on airwaves intended to provide faster speeds and greater capacity to wireless users. Indeed, the FCC has promised to free up to 300 MHz in the next five years for mobile broadband to satiate the growing data demands of an increasingly mobile, tech-savvy population.
The answer I got surprised me: FCC spokesman Matthew Nodine said the agency doesn't really care what auction bidders do with the airwaves they win. While the FCC does maintain buildout requirements for the spectrum it auctions (for example, most AWS licensees must make a showing of "substantial service" in their license area by 2025), what licensees do in the interim is of no concern to the agency. The FCC's goal is to get those airwaves out into the market, and then let whatever happens, happen. (Let's ignore net neutrality for a moment.)
The alternative to this approach, of course, is the beauty contest, whereby companies attempt to convince an agency they would make the best use of available spectrum. While seemingly logical, the beauty contest method of allocating spectrum chafes even the most ambivalent capitalist.
Now, it's worth putting this whole topic into perspective: Spectrum speculators represent a relatively small part of the overall game. Larger operators such as T-Mobile, Verizon Wireless, AT&T Mobility (NYSE:T), Sprint (NYSE:S), MetroPCS and Leap Wireless (NASDAQ:LEAP) typically dominate FCC spectrum auctions. Further, smaller companies that win spectrum in auctions are not necessarily spectrum speculators: For instance, a handful of bidders in the PCS and AWS auctions have teamed under the "ClearTalk" brand to build out their spectrum holdings and offer services to end users. According to ClearTalk's Eric Steinmann, ClearTalk comprises companies including NTCH, Flat Wireless and others that have built out networks running on spectrum purchased through FCC auctions or through after-auction transactions.
The bottom line, I suppose, is that spectrum speculators like NextWave, Cavalier and others are a byproduct of the booming demand for wireless service. They're the corporate equivalent of people who bid on the contents of abandoned storage units--you never know exactly what you'll get until you buy it. --Mike
http://www.fiercewireless.com/story/nextwave-cavalier-highlight-shadowy-world-spectrum-speculators/2010-08-18
NextWave Posts $71M Quarterly Loss
Tuesday, August 10, 2010
NextWave Wireless Inc., which announced earlier this month it is selling the remaining 65 percent of PacketVideo to NTT Docomo for a net gain of $107 million, reported Aug. 10 a second quarter net loss of $71.2 million, compared to a net loss of $55.5 million for the like quarter of 2009.
For the first half of the fiscal year, the San Diego business that owns wireless spectrum licenses said it had a net loss of $74.5 million, compared to a net loss of $137.6 million for the first half of 2009.
NextWave’s second quarter ended July 3.
According to a securities filing, the company issued $25 million in senior notes during the quarter. It is paying 15 percent interest annually on the notes.
Now traded on the Pink Sheets Exchange after it was delisted last month from Nasdaq, shares closed at $2.33 on Aug. 10, up 3 cents from the prior day’s closing price. The stock has traded from 70 cents to $10.15 over the past 52 weeks.
— Mike Allen
http://www.sdbj.com/news/2010/aug/10/nextwave-posts-71m-quarterly-loss/
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NextWave Wireless Inc. is a holding company whose subsidiaries develop and market mobile multimedia and wireless broadband products.
Through Nextwave PacketVideo subsidiary, Nextwave provide many of the largest network operators and mobile device manufacturers in the world with products and technologies that enable next-generation mobile-media services.
Nextwave also own an extensive portfolio of licensed spectrum in the U.S., Canada, Europe, and South America.
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