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In @4.61 for afternoon run. eom
UBET starting to move. eom
Thursday, September 6th, 2007
Youbet.com will be presenting at the Roth 2007 New York Conference at the Westin New York at Times Square Hotel on Thursday, September 6th, 2007. The presentation will begin at 12:30 PM Eastern Time.
http://biz.yahoo.com/bw/070827/20070827005819.html?.v=1
Analysts Coverage:
http://www.youbet.com/aboutyoubet/investors/analysts/
EarthLink To Restructure, Close Offices, Lay Off 900
Faced with declining revenue from its core Internet-access business, EarthLink has made several attempts to diversify without much success.
By Richard Martin
InformationWeek
August 28, 2007 01:00 PM
Essentially conceding defeat in its ambitious attempt to recast itself as a broadband service provider over multiple technologies,EarthLink( ELNK) said Tuesday it is restructuring and eliminating 900 jobs, about half of its workforce. As part of a cost-reduction plan, the company will close four of its offices and reduce its presence in two other locations. These changes will begin immediately, the company said in a statement.
"These changes get our cost structure in line, but there is much more to do," said EarthLink CEO Rolla P. Huff, who took over the company on June 25.
Faced with declining revenue from its core Internet-access business as many different forms of inexpensive high-speed Web access proliferated in recent years, EarthLink has made several attempts to diversify, including launching a costly effort to build municipal wireless networks and a joint venture with South Korean wireless giant SK Telecom to create an alternative mobile device and service provider ca(CA)lled Helio. Neither of these ventures has reached break-even status.
The company said today it is restating its revenue and loss projections for 2007. In the third quarter, EarthLink expects to lose between $33 million and $43 million on revenue of $290 million to $300 million. For the full year, the company predicts it will generate revenue of up to $1.2 billion and lose between $79 million and $109 million.
EarthLink "will no longer add new subscribers that do not yield a positive lifetime value for our shareholders," the company said, adding that it "expects to realize fewer migrations from narrowband to broadband."
Left unclear is the fate of EarthLink's ambitious muni-wireless unit, which has built out Wi-Fi networks in large cities such as Anaheim, Calif., and Philadelphia, and has been in negotiations with other cities, including Houston and Pasadena, Calif. EarthLink said in April that it was "reviewing" its municipal wireless business and would not bid on future projects until it had determined whether such networks could be built and run profitably.
Most observers now believe that EarthLink will seek a buyer for its existing Wi-Fi business. Two possibilites are Sprint Nextel, the No. 3 U.S. wireless carrier, and Clearwire, a well-funded startup. Both Sprint and Clearwire are building out high-speed mobile WiMax networks, and they recently announced they would collaborate and avoid competition in each other's designated territories.
"People have already been asking, 'Is this the end of muni Wi-Fi?' " says Ron Sege, CEO of Tropos Networks, the equipment supplier on many of EarthLink's citywide projects, "and my answer is categorically not. In fact this is the end of the beginning of the mobile Internet. The progress we've made at Tropos is only going to accelerate growth in the future, and in some respects we're probably getting to a more healthy market with EarthLink's exit."
The fate of Helio also is unsettled. Just last month EarthLink and SK Telecom said they had each approved an additional funding of $30 million with the possibility of another $40 million in the future. The startup offers the innovative Ocean mobile device along with cellular and Wi-Fi service.
EarthLink's share price, which has dropped 44% in the last 20 months, jumped almost 8% on today's news. EarthLink will host a conference at 9 a.m. EDT on Wednesday to provide details on the restructuring.
http://www.informationweek.com/story/showArticle.jhtml?articleID=201802704&cid=RSSfeed_IWK_News
Will do.
Email to Govil:
Date: Wed, 23 May 2007 11:34:04 -0700 (PDT)
From: "William Buckley" <expatriate7@yahoo.com> Add to Address BookAdd to Address Book Add Mobile Alert
Subject: Fwd: CTEX Share Inquiry (4th request)
To: agovil@ducon.com
Dear Mr. Govil,
Your disregard for reasonable shareholder inquiries and more importantly your questionable actions / inactions regarding your pink sheet listed CTEX seem to stand in stark contrast with the recognition you have received from organizations such as USPAACC and the IACPA.
As such recognition is able to assist in luring investors to CTEX, I am compelled to inquire directly with such organizations regarding their criteria and level of awareness of matters relating to CTEX.
These actions are independent of other shareholders currently inquiring with the aforementioned organizations, other forms of media and perhaps individual recipients of such awards.
Sincerely,
Bill Buckley
Current CTEX Shareholder
Note: forwarded message attached.
It is beginning to make a joke out of the USPAACC and their Excellence Award.
It may even inhibit their future ability to attract more legitimate people for awards/recoginition.
It's possible the likes Yao Ming, Rocky Aoki and others may not like their names associated with Aron Govil, if they were to become more aware of his actions here.
http://biz.yahoo.com/bw/070514/20070514005405.html?.v=1
Now it appears he won't even answers questions about about the share structure:
Date: Tue, 22 May 2007 01:57:11 -0700 (PDT)
From: "William Buckley" <expatriate7@yahoo.com> Add to Address BookAdd to Address Book Add Mobile Alert
Subject: CTEX Share Iquiry (4th request)
To: agovil@ducon.com
Dear Mr. Govil,
As you have directed your transfer agent to refer inquiries to you, could you please inform me of CTEX's current:
1.) Shares Authorized
2.) Shares Issued & Outstanding
3.) Share Float
Any additional information you might offer would be welcomed.
Thank you.
Best Regards,
Bill Buckley
Current CTEX shareholder
Email from Clearwire IR re: Clearwire's WiMax:
Subject: RE: 802.16-2004 -vs- 802.16e
Date: Tue, 15 May 2007 15:57:54 -0700
From: "Investor Relations" <investorrelations@clearwire.com>
To: "William Buckley" <expatriate7@yahoo.com>
Hello William,
Question 1: Currently we are on a proprietary system, called Expedience. This is a pre-wimax system that we have been deploying in our markets for 3 years. We will be moving to 16e technology as Motorola continues to develop, test and make available in commercial quantities this technology. At no time will we be deploying “fixed WiMAX” technology.
Question 2: We are not disclosing this level of detail. Overall, we have anticipated these costs and built them into our current business plan.
Hope this helps.
Thanks,
Investor Relations
From: William Buckley [mailto:expatriate7@yahoo.com]
Sent: Monday, May 14, 2007 7:02 AM
To: Investor Relations
Subject: RE: 802.16-2004 -vs- 802.16e
Dear / Madam:
This is the 3rd time in over a month I have made these requests without any informative response from Clearwire Investor Relations:
Could you please set clear the following:
1.) How much of Clearwire's total network is "Fixed WiMAX" (802.16-2004) comparted to "Mobile WiMAX" (802.16e)?
2.) In general terms, how much 'time' and 'cost' does it take for Clearwire to switch networks from "Fixed WiMAX" (802.16-2004) to "Mobile WiMAX" (802.16e)?
Best Regards,
Bill Buckley
Investor Relations <investorrelations@clearwire.com> wrote:
Hello William,
We have forwarded this inquiry to our engineering team.
Thanks,
Investor Relations
From: William Buckley [mailto:expatriate7@yahoo.com]
Sent: Saturday, April 28, 2007 8:14 AM
To: Investor Relations
Subject: 802.16-2004 -vs- 802.16e
Dear Sir / Madam:
Could you please set clear the following:
1.) How much of Clearwire's total network is "Fixed WiMAX" (802.16-2004) comparted to "Mobile WiMAX" (802.16e)?
2.) In general terms, how much 'time' and 'cost' does it take for Clearwire to switch networks from "Fixed WiMAX" (802.16-2004) to "Mobile WiMAX" (802.16e)?
Thank you in advance.
Best Regards,
Bill Buckley
Global WiMAX market set for strong growth in 2008, says Intel executive
Huang Chien-chih, Taipei; Steve Shen, DIGITIMES [Tuesday 15 May 2007]
With the emergence of more WiMAX devices as well as initiatives by telecom services providers, the global WiMAX market is set for robust growth in 2008, according to Sriram Viswanathan, vice president of Intel Capital and general manager of Intel's WiMAX program office.
Viswanathan made the remarks on the sidelines of the Asia-Pacific WiMAX Conference and Exhibition, which ran from May 14-15 in Taipei.
A number of new WiMAX devices will debut in 2008, including built-in WiMAX modules for notebooks utilizing Intel's forthcoming Motevina platform, 802.16e-compliant CPE (consumer premise equipment) products and PCMCIA cards, Viswanathan noted.
WiMAX networks being set up around the globe starting in 2007 will gradually commence commercial operations in 2008 and will encourage development of the world's WiMAX industry, Viswanathan stressed.
Intel's current strategy is to focus on the development of WiMAX chips for the development of CPE products, with an aim of exploring the size of the WiMAX market, stated Viswanathan, who indicated that Intel is developing chips for base stations by investing in other companies such as Picochip and IP Access.
Taiwan-based makers are likely to play a key role in the supply chain of the global WiMAX industry through their input in product development and manufacturing capability as they did in the PC industry, Viswanathan asserted.
http://www.digitimes.com/systems/a20070515PD213.html
Again no T trades showing in Tuesday's AH.
Check the one up there now. If you want something different, just let me know or you're also welcomed to become asst. moderator.
Bill
Yeah, that's good, supervalue, and so far there are no trades passing over the bid in AH.
Number of MM's on bid increasing. eom
ot: Ralph Gracie is awesome.
All 3 of my sons are in Kyokushin here in Japan. After sho-dan I'm hoping they will train in Jiu Jitsu.
Cemtrex Offers Buy-Back Program for Existing Opacity Monitors
Tuesday May 15, 11:00 am ET
FARMINGDALE, N.Y., May 15 /PRNewswire-FirstCall/ -- Cemtrex Inc. (OTC: CTEX - News), announced today that it is offering a buy-back program whereby customers would receive credit towards the value of their existing laser opacity monitor when they replace it with Cemtrex's LM 3086 EPA compliant Laser Opacity monitor.
ADVERTISEMENT
Cemtrex's new LM 3086EPA opacity monitor comes with a twelve month warranty and a ten percent discount on all spare parts. It conforms to new PS-1 regulations, comes with remote access features, provides better ambient light compensation and is supported by web-based LaserSOFT monitoring and EPA reporting software.
"We have an installed base of over 500 KVB-Enertec laser opacity monitors at various utilities, refineries and cement plants, that would benefit from this offer, since it is difficult to get replacement parts for those old monitors," said Mr. Aron Govil, CEO & President of Cemtrex. "Companies can save thousands of dollars in annual maintenance costs and EPA fines with our laser monitor."
Cemtrex through its MIP division is engaged in manufacturing and selling the most advanced instruments for emission monitoring of particulate, opacity, mercury, sulfur dioxide, nitrogen oxides, etc. Cemtrex also provides turnkey services for carbon creation projects from abatement of greenhouse gases pursuant to Kyoto protocol and assists project owners in selling of carbon credits globally. Company's products are sold to power plants, refineries, chemical plants, cement plants & other industries including federal and state Governmental agencies.
Safe Harbor Statement
This press release contains forward-looking statements; Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date.
For further information please contact:
Cemtrex Inc.
19 Engineers Lane
Farmingdale, NY 11735
URL: http://www.cemtrex.com
Email: agovil@cemtrex.com
(516)816-1400
http://biz.yahoo.com/prnews/070515/netu074.html?.v=5
Clearwire CEO Ben Wolff to Speak at Morgan Stanley 12th Annual Communications Conference
KIRKLAND, Wash.--(BUSINESS WIRE)--May 14, 2007--Clearwire Corporation (NASDAQ:CLWR) today announced that its chief executive officer, Ben Wolff, will speak at the Morgan Stanley 12th Annual Communications Conference in Washington, D.C., on Tuesday, May 15th, at 9:45 a.m. EDT. The conference is being held at the Ritz Carlton Hotel.
A live webcast and replay of the session will be available on Clearwire's Investor Relations website at www.clearwire.com.
About Clearwire
Clearwire, founded in October 2003 by Craig O. McCaw, is a provider of reliable, wireless high-speed Internet service. Headquartered in Kirkland, Wash., the company launched its first market in August 2004 and now offers service in 38 U.S. markets, covering approximately 9.1 million people in more than 400 municipalities in Alaska, California, Florida, Hawaii, Idaho, Minnesota, Nevada, North Carolina, Oregon, Texas, Washington and Wisconsin in the United States, as well as 1.2 million people in Ireland and Belgium. In addition, wireless high-speed Internet services are offered in Mexico and Denmark by Clearwire's partners, MVS Net and Danske Telecom. For more information, visit www.clearwire.com.
CONTACT: Clearwire
Investor Contact:
Hope Cochran, 425-216-4735
Hope.Cochran@clearwire.com
or
Clearwire
Media Contact:
Teresa Fausti, 425-216-4556
Teresa.Fausti@clearwire.com
http://phx.corporate-ir.net/phoenix.zhtml?c=198722&p=irol-newsArticle&ID=1000059&highlig...
Appears so far there are no dilutive T trades in yesterday's AH
or today's pre-market.
There has been one 10k trade (total of only $23) showing since looking at L2 almost an hour ago.
(caveat: etrade market trader seems to have eliminated proper time & sales logs from its services, so this is based on watching L2)
T-trades(?):
No trades are showing for Monday's AH. Let's see if there are any in the premarket today. If extended-hours sales we've been having are over, we could be in for a run.
USPAACC Honors Ducon CEO Aron Govil, Yao Ming & Other Asian Americans
Monday May 14, 11:00 am ET
NEW YORK--(BUSINESS WIRE)--The US Pan Asian American Chamber of Commerce (USPAACC) honored Aron Govil, Chairman & CEO of Ducon Technologies Inc. with the 2007 Excellence Award for his outstanding achievements in Business & Entrepreneurship, at a black-tie gala on May 11, during CelebrAsian '07 Business Opportunity Conference at The Westin St. Francis hotel in San Francisco, California. Aron Govil was joined with four other Asian American honorees who have also made significant achievements in their respective fields. Among them are: Rocky Aoki, Founder of the Benihana chain of "Japanese Steakhouse" restaurants; Yao Ming, the Chinese All-Star Pro-Basketball player currently with the Houston Rockets; Dr. Heng Wang, Medical Director of DDC Clinic for Special Needs Children; and Padmasree Warrior, Executive Vice President & Chief Technology Officer of Motorola. During the gala affair, Aron Govil and his fellow honorees shared their experiences on their journey to the top.
Source: Ducon Technologies Inc.
· Aron Govil Chairman & CEO Ducon Technologies Inc. (Photo: Business Wire) . View Multimedia Gallery
With this distinction from USPAACC, Aron Govil joins an elite roster of past Excellence Awardees--a veritable "who's who" in the Asian American community, including Nobel Laureate Subrahmanian Chandrasekhar, U.S. Secretary of Labor Elaine Chao, PepsiCo CEO Indra Nooyi, architecture icon I.M. Pei, Time Magazine Man of the Year Dr. David Ho, Linksys co-founders Janie and Victor Tsao, Hotmail.com founder Sabeer Bhatia, Cellist Yo-Yo Ma, Olympic Gold Medalist for Figure-Skating Kristi Yamaguchi, Senator Daniel Inouye, and many more outstanding Asian Americans.
The US Pan Asian American Chamber of Commerce (USPAACC) was formed in 1984 as a national non-profit organization representing Pan Asian Americans and related groups in business. It promotes nurtures and propels economic growth by opening doors to contract, educational and professional opportunities for Asian Pacific Americans and their business partners in corporate America, the federal government and the minority community. Headquartered in Washington, DC, USPAACC has a nationwide reach through its regional chapters in Northern and Southern California in the West Coast, Texas in the Southwest, Illinois in the Midwest, Georgia in the Southeast, New York in the Northeast, and Washington, DC-Maryland-Virginia in the National Capital Region.
MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=5401832
Contact:
Ducon Technologies Inc.
Avril Periera, 631-694-1700 ext. 371
Fax: 631-293-6129
sales@ducon.com
www.ducon.com
Source: Ducon Technologies Inc.
http://biz.yahoo.com/bw/070514/20070514005405.html?.v=1
Intel: WiMax is the way to go
By Lynn Tan, ZDNet Asia
14/5/2007
SINGAPORE--Compared to mesh technology, WiMax is a better platform to extend the coverage of the country's national broadband backbone that provides free Internet access to it citizens, according to a senior executive at Intel.
Speaking to reporters at the local launch of Santa Rosa--Intel's latest iteration of Centrino--Patrick Liew, Intel's country manager for Singapore, noted that mesh networking was eventually chosen to deploy the Wireless@SG network due to timeline constraints.
However, Liew said, service providers involved in the nation-wide wireless network are starting to feel the heat of the limitations of the mesh technology.
"I believe if you talk to any of the [Wireless@SG] providers now, what they are finding difficult is [supporting] the pervasiveness... How do you provide a service that is more pervasive than it is now?" Liew noted.
"Eventually, they are going to 10,000 [wireless] access points, [and] they're going to have difficulty in the management [of these devices]…so, something like WiMax is probably [a platform] that will interest them."
http://www.zdnetasia.com/news/communications/0,39044192,62012961,00.htm
ot: Don't know about the gun thing, Buzz. Especially looking at this L.A. County Sheriff's homicide map.
http://www.lacountymurders.com/stats.cfm
http://www.lacountymurders.com/crimelocations.cfm
http://www.signonsandiego.com/news/nation/20070111-1854-guns-murders-.html
Well said. I think the results of dd will bring others to the same conclusion.
fwiw, Dr. Aron Govil in Asia Week Being Celebrated as Honoree:
CelebrAsian 2007
Business Opportunity Conference
Westin St. Francis Hotel, San Francisco
Registration: $395 for three-day event.
USPAACC will honor five successful Asian Americans at a gala black-tie dinner that ends CelebrAsian ’07 on May 11.
This year’s honorees include:
* Rocky Aoki, Founder of Benihana, the chain of Japanese Steakhouse restaurants that became a multi-million dollar company with locations throughout the world.
* Sue Cruz, CEO and majority owner of Ensemble-Chimes, a $1.5 billion Los Angeles-based workforce-solutions company that services clients in 20 countries.
* Aron Govil, Chairman & CEO of Ducon Group of companies, an industrialist with worldwide holdings in environmental systems, industrial controls and media entertainment.
* Padmasree Warrior, Executive Vice President & Chief Technology Officer of Motorola, who directs the company’s $3.7 billion research and development investment, including Motorola Labs, and more than 26,000 engineers world-wide.
* Heng Wang, MD, PhD is the Medical Director, Physician and Researcher at DDC Clinic for Special Needs Children. His work in rural Ohio has helped lead to greater understanding or rare genetic and metabolic disorders.
The event will also honor more than 20 young people with $100,000 worth in scholarships to help them in their pursuit of excellence.
http://news.asianweek.com/news/view_article.html?article_id=ff9d4eb6c9893e0767c57da9aa11664a
EPRI's Utility Exhibition wrapping up today.
Tuesday, May 8, 2007 8:00 AM - Friday, May 11, 2007 5:00 PM
http://guest.cvent.com/EVENTS/info/summary.aspx?e=3e9ab495-0be9-4347-b36d-eae8f3812131
Cemtrex to Showcase Its Mercury Monitor at EPRI's Utility Exhibition
http://biz.yahoo.com/prnews/070418/new029.html?.v=2
Griffin Filters listed as EPA Facility Site on EPA Web Site:
http://oaspub.epa.gov/enviro/lrt_viewer.map_page?sys_id=110007998916
Yes. I think so, too SV. eom
Here's the web site of Griffin Filters for those who haven't seen it:
Griffin, located in Syracuse, New York, has its own 70,000-sq.-ft. fabrication facility.
http://www.griffinfilters.com/about_griffin.htm
It's nice Griffin Filters was brought under the wing of CTEX putting is annual revenue over 6 mil.
http://biz.yahoo.com/bw/070502/20070502005545.html?.v=1
Here it is Nettles, 2005
http://jp.advfn.com/news_Ducon-Completes-Purchase-of-Griffin-Environmental_13088158.html
The quality of the most recent to customers of CTEX gives some verification its credibility:
United States Enrichment Corporation
http://finance.yahoo.com/q/pr?s=USU
http://phx.corporate-ir.net/phoenix.zhtml?c=93662&p=irol-irhome
http://en.wikipedia.org/wiki/United_States_Enrichment_Corporation
Green Mountain Coffee Roasters
http://finance.yahoo.com/q?s=gmcr
http://www.greenmountaincoffee.com/
Had an order for 800k @ the ask of .0025 all afternoon without it executing. Finally executed moments before closing.
Guess that's the pinks!
fwiw: DirecTV Profit Rises 43 Percent
Wednesday May 9, 8:22 am ET
DirecTV Says Its First-Quarter Profit Rises 43 Percent From a Year Ago
EL SEGUNDO, Calif. (AP) -- DirecTV Group Inc., the nation's largest satellite TV operator, said Wednesday its first-quarter profit rose 43 percent from a year ago as more subscribers signed on for its high-definition service and digital video recorders.
Net income climbed to $336.4 million, or 27 cents per share, in the three months ended March 31 from $235.2 million, or 17 cents per share, a year ago.
Revenue climbed 15 percent to $3.91 billion from $3.39 billion last year.
Analysts were expecting a profit of 30 cents per share on sales of $3.90 billion, according to a Thomson Financial poll.
The company said its U.S. average monthly revenue per subscriber rose to $73.40 from $69.75 a year ago, and the churn rate -- a measure of customer defections -- declined to 1.44 percent from 1.45 percent in the previous period.
Net subscriber additions for the U.S. business totaled 235,000 in the latest quarter, compared with 255,000 a year ago.
"Increased sales of HD and digital video recorders are driving favorable results for most of our key operating metrics," said Chase Carey, president and CEO. "For example, the quarterly increase in gross subscriber additions to 929,000, the decline in monthly churn to 1.44 percent and the ARPU growth of more than 5 percent were all favorably impacted by the significant increase in sales of advanced services."
The company said it remains on schedule to offer up to 100 HD channels by the end of this year.
http://biz.yahoo.com/ap/070509/earns_directv.html?.v=4&printer=1
CLEARWIRE REPORTS RECORD FIRST QUARTER 2007 RESULTS
Service Revenue More Than Triples and Gross Margin Percentage
Related to Service Revenue Expands Fivefold in First Quarter 2007
Compared to First Quarter 2006
Number of Cash Flow Positive Markets Grows to Ten in First Quarter
2007 from Four in Fourth Quarter 2006
Initial 25 Domestic Markets Approach Cash Flow Positive, with More
than One out of 10 Households in these Markets Subscribing to
Clearwire Service
Clearwire Sets New Customer Growth Record and Ends First Quarter
2007 with Approximately 258,000 Subscribers, Representing a 161%
Increase over First Quarter 2006
KIRKLAND, Wash.--(BUSINESS WIRE)--May 8, 2007--Clearwire Corporation (NASDAQ:CLWR) today reported record results in several key business indicators at the end of the first quarter of 2007, demonstrating replicable and scalable market performance as the company expands the reach of its simple, high-speed and portable wireless broadband service.
The company reported approximately 52,000 first quarter net subscriber additions, representing an increase of 41% over the first quarter of 2006, and bringing its total to approximately 258,000 subscribers. The increase resulted both from strong sales efforts in its distribution channels and better-than-expected churn of only 1.6% per month. Clearwire ended the quarter with approximately 10.1 million people covered by its network in the United States and Europe located in more than 375 cities, towns and communities, with a total of 1,356 tower sites in commercial service.
The growth in the customer base, combined with increasing average revenue per user (ARPU) and tight churn management led to record revenue growth for Clearwire. First quarter Service Revenue was $29.3 million, more than triple the $9.5 million in the same period last year. Equipment Revenue declined to zero following the sale of our NextNet Wireless subsidiary to Motorola in the third quarter of 2006. Clearwire's overall Gross Margin improved for the quarter to $12.5 million, up from $8.9 million in the same period in 2006. In addition, the Service business Gross Margin improved sharply to $12.5 million, up from $0.8 million in the same period 2006 due largely to the maturation of the company's initial 25 markets and the company's increased scale. Clearwire reported Adjusted EBITDA Loss of $51.5 million, compared with an Adjusted EBITDA Loss of $33.0 million for the first quarter 2006, driven primarily by expenses associated with recently launched markets and markets under construction that have not yet started to generate revenues. Adjusted EBITDA adds back certain non cash expenses including share-based compensation expense, non-cash spectrum lease expense and non-cash tower lease expenses. (Refer to section titled "Definition of Terms and Reconciliation of Non-GAAP Financial Measures" for further information).
Clearwire also reported Capital Expenditures of $74.4 million for the quarter as it continued to invest in new market deployments, which typically take between 14 to 18 months to complete construction.
"We are building a network today that is doing for the Internet what cellular networks did for voice communications," said Ben Wolff, Clearwire's chief executive officer. "The solid financial results and strong subscriber acquisitions we demonstrated this quarter speak volumes about the mass-market appeal of our differentiated broadband offering. Our increasing ARPU and our low churn rate show that subscribers value the convenience, portability and reliability of our service."
Clearwire Corporation
Summary of Income Statement Data (unaudited)
In thousands, unless otherwise noted
Three Months Ended
March 31,
2007 2006
REVENUE
Service $ 29,275 $ 9,541
Equipment -- 13,207
--------- ---------
Total Revenue 29,275 22,748
Cost of Service 16,735 8,722
Cost of Equipment -- 5,140
--------- ---------
Gross Margin 12,540 8,886
Gross Margin % 43% 39%
Selling, General and Administrative 68,657 40,604
Research and Development 445 2,655
Spectrum Lease Expense 13,442 3,344
--------- ---------
EBITDA Loss (70,004) (37,717)
Adjustment for Non-Cash Items 18,470 4,683
--------- ---------
Adjusted EBITDA Loss $(51,534) $(33,034)
KEY OPERATING METRICS (k for '000's, MM for
'000,000's)
Net Subscriber Additions 52k 37k
Total Subscribers 258k 99k
ARPU $ 35.80 $ 32.37
Churn 1.6% 1.4%
CPGA $ 343 $ 361
Capital Expenditures $ 74.4MM $ 29.5MM
Covered POPS 10.1MM 5.8MM
Cash & Short Term Investments $1,506MM $ 301MM
For a reconciliation of non-GAAP financial measures, please refer to the section entitled "Definition of Terms and Reconciliation of Non-GAAP Financial Measures" included at the end of this release.
EBITDA Performance, Penetration and Customer Growth Indicate Replicable and Scalable Market Performance
Clearwire announced that its initial 25 U.S. markets as a group, all of which commenced operations prior to last year, or the "Initial Markets," are approaching cash flow positive, also defined as "Market EBITDA" positive.
Perry Satterlee, the company's president and chief operating officer, stated, "We are pleased to announce that 10 of our first 25 markets have achieved the milestone of Market EBITDA positive status, up from 4 markets as of year-end 2006. It is important to note that we estimate that more than 1 out of 10 households in our coverage area in the Initial Markets now have Clearwire service. The continued steady improvement in operating and financial performance in the Initial Markets further validates the company's assertion that it is delivering strong performance that is both replicable and scalable."
Market EBITDA represents EBITDA before any allocation of corporate general and administrative expenses and any spectrum lease allocations. (Refer to section titled "Definition of Terms and Reconciliation of Non-GAAP Financial Measures" for further information and reconciliations.)
The Initial Markets, which represent 47% of Clearwire's U.S. network-covered population and 42% of Clearwire's consolidated network-covered population, showed continued improvement in the first quarter of 2007 as compared to the prior year. These 25 Initial Markets now have an estimated average household penetration of 10.4% at the end of the first quarter and are still growing. As a result, customer counts in the Initial Markets more than doubled to 175,000 as of March 31, 2007, versus 85,000 as of March 31, 2006. This rapid increase in subscribers yielded Service Revenue of $18.1 million for the group, representing a 161% increase over the same quarter in the prior year. As the Initial Markets began to scale, significant Gross Margin expansion was also noted as direct costs were spread over a larger customer base. Gross Margin for the Initial Markets was 72%, up from 48% for the first quarter of the prior year.
Management's disciplined approach to Selling, General and Administrative expenses incurred in the markets also improved overall market profitability significantly as the Market EBITDA loss for the Initial Markets was $0.6 million in the first quarter of 2007 versus a Market EBITDA loss of $9.5 million during the same period for 2006.
Initial Markets Performance
Summary of Income Statement Data (unaudited)
In thousands, unless otherwise noted
Three Months
Ended March 31,
2007 2006
Total Revenue $18,076 $ 6,933
Gross Margin $13,095 $ 3,346
Gross Margin % 72% 48%
Market EBITDA Loss $ (599) $(9,544)
EBITDA % -3% -138%
KEY OPERATING METRICS (k for '000's, MM for
'000,000's)
Total Subscribers 175k 85k
ARPU $ 36.20 $ 32.51
Churn 1.7% 1.4%
CPGA $ 318 $ 366
Covered POPS 4.2MM 3.9MM
For a reconciliation of non-GAAP financial measures, please refer to the section entitled "Definition of Terms and Reconciliation of Non-GAAP Financial Measures" included at the end of this release.
Clearwire Continues Leadership Position in Global WiMAX Spectrum Holdings
During the first quarter, Clearwire announced that it had agreed to purchase all of AT&T's 2.5 GHz spectrum interests. Wolff explained, "In acquiring the AT&T spectrum, we will secure spectrum holdings in a number of major metropolitan areas in the Southeast including Atlanta, Miami, Orlando, New Orleans, Jacksonville and other markets which will increase Clearwire's spectrum holdings by approximately 1.7 billion MHz POPs." The transaction remains subject to the satisfaction of various closing conditions and is currently expected to close in the second quarter.
"This transaction will significantly enhance our spectrum footprint and will represent beachfront property which will provide us the opportunity to offer service throughout key markets in the Southeast," Wolff said.
Assuming the closing of all pending spectrum acquisition transactions, Clearwire will hold rights to approximately 14.0 billion MHz POPs of spectrum in the U.S. covering approximately 223 million people, and approximately 8.7 billion MHz POPs of spectrum in Europe covering approximately 199 million people at the end of first quarter 2007.
"We believe we hold one of the world's largest portfolios of next-generation wireless broadband spectrum that is in frequency bands that are identified by the mobile WiMAX standard, as measured by the number of people covered by our spectrum. This position is further enhanced when taking into account the spectrum held by our partners in Mexico and Denmark," Wolff said.
Business Growth on Track; Modular Expansion Plans Provide Flexible Funding Requirements
Clearwire is making no changes to its guidance at this time. The company expects to cover 16 -18 million people by the end of 2007 with its wireless networks, and expects to end the year with 375,000 - 400,000 consolidated subscribers. Further, management is indicating that it expects an increase in the number of Initial Markets to reach Market EBITDA positive over the remainder of the year. Clearwire expects to have approximately 2,600 - 2,800 tower sites in service by year end.
Management affirmed its view that the business has seasonality associated with it and has historically experienced its strongest results in the first and fourth quarters with lower gross adds and higher churn typically experienced in the second and third quarters. Management also indicates that the majority of new markets scheduled to commence service in 2007 are concentrated in the third and fourth quarters, and that distribution channels in new markets typically require three to six months to fully develop.
The company ended the first quarter with approximately $1.5 billion in cash and short-term investments. Clearwire's future funding requirements are largely driven by the timing and extent of new market deployments, which the company intends to modulate based on the success of the existing markets and availability of capital on terms satisfactory to the company.
"The nature of our business allows us to expand successfully on a market-by-market basis, which in turn allows us to modulate our funding requirements," Wolff said. "We reiterate our view that based on our experience to date and our anticipated market roll-out plan, we believe we will require approximately $1.6 billion of additional capital to deploy our network in the U.S. to cover 125 million people. However, we also note that if we choose to moderate our expansion plans, we believe that we could achieve profitability with substantially less additional capital."
Management Webcast
Clearwire's senior leadership team will discuss the company's first-quarter performance during a conference call on Wednesday, May 9, 2007, at 10 a.m. EDT (7 a.m. Pacific Time). Interested parties can access the conference call by dialing 866-770-7129 or, outside the United States, 617-213-8067, five minutes prior to the start time. The passcode for the call is 34463490. A replay of the call will be available beginning at approximately 12 p.m. EDT on Wednesday, May 9, until midnight EDT Wednesday, May 23, 2007, by calling 888-286-8010, or outside the United States, 617-801-6888. The passcode for the replay is 34782203.
The conference call will be simultaneously web-cast, in the Investor Relations section of the company's Website: www.clearwire.com.
About Clearwire
Clearwire, founded in October 2003 by Craig O. McCaw, is a provider of reliable, wireless high-speed Internet service. Headquartered in Kirkland, Wash., the company launched its first market in August 2004 and now offers service in 38 U.S. markets, covering approximately 9.1 million people in more than 400 municipalities in Alaska, California, Florida, Hawaii, Idaho, Minnesota, Nevada, North Carolina, Oregon, Texas, Washington and Wisconsin in the United States, as well as 1.2 million people in Ireland and Belgium. In addition, wireless high-speed Internet services are offered in Mexico and Denmark by Clearwire's partners, MVS Net and Danske Telecom.
Forward-Looking Statements
This release contains forward-looking statements which are based on management's current expectations and beliefs, as well as on a number of assumptions concerning future events made with information that is currently available. Forward-looking statements may include, without limitation, management's expectations regarding: future financial and operating performance and financial condition; development, network launch, and strategic plans and objectives; industry conditions; the strength of its balance sheet; and liquidity and financing needs. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside of Clearwire's control, which could cause actual results to differ materially and adversely from such statements. Some factors that could cause actual results to differ are:
-- We are an early stage company with a history of operating
losses and we expect to continue to realize significant net
losses for the foreseeable future.
-- Our business plan will require us to raise substantial
additional financing both in the near term and over the next
five years or more.
-- We are committed to using commercially reasonable efforts to
deploy wireless broadband networks based solely on mobile
WiMAX technology once that technology meets certain specified
performance criteria, even if there are alternative
technologies available in the future that are technologically
superior or more cost effective.
-- Our business plan contemplates migration of our current
network to a mobile WiMAX network, which is not yet
commercially available, and may never be developed to our
satisfaction or at all.
-- We currently depend on our commercial partners to develop and
deliver the equipment for our existing and planned networks.
-- Many of our competitors are better established and have
significantly greater resources, and may subsidize their
competitive offerings with other products and services.
-- Our substantial indebtedness and restrictive debt covenants
could limit our financing options and liquidity position and
may limit our ability to grow our business.
-- Mr. McCaw and Intel Capital collectively control a majority of
our combined voting power, and may have, or may develop in the
future, interests that may diverge from other stockholders.
-- Future sales of large blocks of our common stock may adversely
impact our stock price.
For a more detailed description of the factors that could cause such a difference, please refer to Clearwire's filings with the Securities and Exchange Commission, including the information under the headings "Risk Factors" and "Forward-Looking Statements" in our Form S-1, as amended, filed on March 7, 2007. Clearwire assumes no obligation to update or supplement such forward-looking statements.
CLEARWIRE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (unaudited)
(In thousands, except share and per share data)
March 31, December 31,
2007 2006
----------- -------------
ASSETS (Unaudited)
CURRENT ASSETS:
Cash and cash equivalents $ 892,440 $ 438,030
Short-term investments 613,120 663,644
Restricted cash 11,610 10,727
Restricted investments 51,376 69,401
Accounts receivable, net of allowances of
$1,129 and $1,459 3,006 2,774
Notes receivable, related party 4,118 4,409
Inventory 1,350 1,398
Prepaids and other assets 24,063 19,219
----------- -------------
Total current assets 1,601,083 1,209,602
Property, plant and equipment, net 361,157 302,798
Restricted cash 160 117
Restricted investments - 16,269
Prepaid spectrum license fees 298,357 241,151
Spectrum licenses and other intangible
assets, net 239,036 222,980
Goodwill 31,238 30,908
Investments in equity investees 13,305 14,983
Other assets 27,989 29,565
----------- -------------
TOTAL ASSETS $2,572,325 $ 2,068,373
=========== =============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses
(includes related party balances of $6,054
and $6,799) $ 89,027 $ 108,216
Deferred rent 8,481 6,986
Deferred revenue 6,877 5,599
Due to affiliate 140 532
Current portion of long-term debt 1,250 1,250
----------- -------------
Total current liabilities 105,775 122,583
Long-term debt (net of discount of $104,558
and $110,007) 649,263 644,438
Other long-term liabilities 48,255 42,385
----------- -------------
Total liabilities 803,293 809,406
MINORITY INTEREST 15,102 1,358
COMMITMENTS AND CONTINGENCIES - -
STOCKHOLDERS' EQUITY:
Preferred stock, par value $0.0001,
5,000,000 shares authorized; no shares
issued or outstanding - -
Common stock, par value $0.0001, and
additional paid-in capital, 350,000,000
shares authorized; Class A, 134,482,178
and 109,325,236 shares issued and
outstanding 2,063,248 1,474,759
Class B, 28,596,685 shares issued and
outstanding 234,376 234,376
Common stock and warrants payable 36 166
Deferred compensation (802) (116)
Accumulated other comprehensive income 8,273 6,990
Accumulated deficit (551,201) (458,566)
----------- -------------
Total stockholders' equity 1,753,930 1,257,609
----------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,572,325 $ 2,068,373
=========== =============
CLEARWIRE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(In thousands, except per share data)
Three Months Ended
March 31,
2007 2006
--------- ---------
REVENUES
Service $ 29,275 $ 9,541
Equipment and other (includes related party sales
of $0 and $7,618) - 13,207
Total revenues 29,275 22,748
OPERATING EXPENSES:
Cost of goods and services (exclusive of items
shown separately below):
Cost of service (includes related party costs of
$728 and $0) 16,735 8,722
Cost of equipment (includes related party costs
of $0 and $2,390) - 5,140
Selling, general and administrative expense 68,657 40,604
Research and development 445 2,655
Depreciation and amortization 16,185 7,433
Spectrum lease expense 13,442 3,344
--------- ---------
Total operating expenses 115,464 67,898
--------- ---------
OPERATING LOSS (86,189) (45,150)
OTHER (EXPENSE) INCOME:
Interest income 16,590 3,062
Interest expense (24,218) (11,089)
Foreign currency transaction gains(losses), net 33 (6)
Other income (expense), net 2,478 (49)
--------- ---------
Total other expense, net (5,117) (8,082)
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME
TAXES, MINORITY INTEREST AND LOSSES FROM EQUITY
INVESTEES (91,306) (53,232)
Income tax provision (603) (464)
--------- ---------
LOSS FROM CONTINUING OPERATIONS BEFORE MINORITY
INTEREST AND LOSSES FROM EQUITY INVESTEES (91,909) (53,696)
Losses from equity investees, net (1,618) (1,973)
Minority interest in net loss of consolidated
subsidiaries 892 390
--------- ---------
NET LOSS $(92,635) $(55,279)
========= =========
NET LOSS PER COMMON SHARE, BASIC AND DILUTED $ (0.64) $ (0.73)
========= =========
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING, BASIC
AND DILUTED 143,739 75,746
========= =========
CLEARWIRE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(In thousands)
For the three months
ended March 31,
2007 2006
---------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (92,635) $(55,279)
Adjustments to reconcile net loss to net cash
used in operating activities:
Allowance for doubtful accounts 661 3
Depreciation and amortization 16,185 7,433
Amortization of prepaid license fees 2,774 938
Amortization of deferred financing costs and
accretion of debt discount 7,052 1,096
Deferred income taxes 677 464
Share-based compensation 7,869 1,683
Minority interest (892) (390)
Losses from equity investees, net 1,618 1,973
(Gain)loss on fixed asset disposals (5) 18
Gain on sale of equity investment (2,213) -
Changes in assets and liabilities, net of effects
from acquisitions:
Prepaid spectrum license fees (44,327) (3,524)
Inventory 48 102
Accounts receivable (879) (1,602)
Prepaids and other assets (4,988) (1,774)
Accounts payable 2,855 (3,897)
Accrued expenses and other liabilities (13,736) 2,089
Due to affiliate (392) (162)
---------- ---------
Net cash used in operating activities (120,328) (50,829)
---------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (74,370) (29,452)
Payments for acquisitions of spectrum licenses
and other (10,400) (4,065)
Purchases of short-term investments (461,928) (10,309)
Sales or maturities of short-term investments 512,415 86,571
Issuance of notes receivable, related party - (1,664)
Restricted cash (926) 30
Restricted investments 34,294 (55,827)
Business acquisition, net of cash acquired - (27,722)
Proceeds from sale of equity investment 2,250 -
---------- ---------
Net cash provided by (used in) investing
activities 1,335 (42,438)
---------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock for IPO,
net 557,572 -
Proceeds from issuance of common stock for
options and warrant exercises 1,546 -
Proceeds from issuance of senior debt and
warrants - 360,350
Deferred financing fees - (16,100)
Principal payments on long-term debt (625) -
Contributions from minority interests 15,000 -
---------- ---------
Net cash provided by financing activities 573,493 344,250
---------- ---------
FOREIGN EXCHANGE RATE CHANGES ON CASH AND CASH
EQUIVALENTS (90) 535
---------- ---------
NET INCREASE IN CASH AND CASH EQUIVALENTS 454,410 251,518
CASH AND CASH EQUIVALENTS, Beginning of period 438,030 29,188
---------- ---------
CASH AND CASH EQUIVALENTS, End of period $ 892,440 $280,706
========== =========
Definition of Terms and Reconciliation of Non-GAAP Financial Measures
The company utilizes certain financial measures which are widely used in the telecommunications industry and are not calculated based on accounting principles generally accepted in the United States of America ("GAAP"). Certain of these financial measures are considered non-GAAP financial measures within the meaning of Item 10 of Regulation S-K promulgated by the SEC.
(1) EBITDA and Adjusted EBITDA are non-GAAP financial measures. EBITDA is defined as consolidated operating loss less depreciation and amortization. Adjusted EBITDA is defined as consolidated operating loss less depreciation and amortization less non-cash expenses including share-based compensation expense, non-cash tower rent expense and non-cash spectrum lease expense.
($'s in thousands) Three Months Ended
March 31,
2007 2006
Operating Loss $(86,189) $(45,150)
Depreciation and Amortization 16,185 7,433
--------- ---------
EBITDA Loss (70,004) (37,717)
Non-Cash Items
Share-Based Compensation 7,869 1,683
Non-Cash Tower Rent Expense 2,801 960
Non-Cash Spectrum Lease Expense 7,800 2,040
--------- ---------
Non-Cash 18,470 4,683
Adjusted EBITDA $(51,534) $(33,034)
========= =========
In a capital-intensive industry, management believes Adjusted EBITDA, as well as the associated percentage margin calculation, to be meaningful measures of the company's operating performance. We use Adjusted EBITDA as a supplemental performance measure because management believes it facilitates comparisons of the company's operating performance from period to period and comparisons of the company's operating performance to that of other companies by backing out potential differences caused by the age and book depreciation of fixed assets (affecting relative depreciation expenses) as well as the items described above for which additional adjustments were made. While depreciation and amortization are considered operating costs under GAAP, these expenses primarily represent the non-cash current-period allocation of costs associated with long-lived assets acquired or constructed in prior periods. Because Adjusted EBITDA facilitates internal comparisons of our historical operating performance, management also uses Adjusted EBITDA for business planning purposes and in measuring our performance relative to that of our competitors. In addition, we believe that Adjusted EBITDA and similar measures are widely used by investors, financial analysts and credit rating agencies as a measure of our financial performance over time and to compare our financial performance with that of other companies in our industry.
(2) ARPU (Average Revenue per Unit) is service revenue, less legacy businesses revenue (businesses that were acquired through the acquisition of spectrum entities) and CPE (Customer Premise Equipment) revenue divided by the average number of subscribers in the period divided by the number of months in the period.
(in thousands, except per unit amounts) Three Months
Ended March 31,
ARPU 2007 2006
Service Revenue $29,275 $ 9,541
Legacy Business (3,662) (1,636)
CPE Revenue (553) (28)
-------- --------
25,060 7,877
Average Customers 233 81
Months in Period 3 3
ARPU $ 35.80 $ 32.37
======== ========
Management uses ARPU to identify average revenue per customer, to track changes in average customer revenues over time, to help evaluate how changes in our business, including changes in our service offerings and fees affect average revenue per customer, and to assist in forecasting future service revenue. In addition, ARPU provides management with a useful measure to compare our customer revenue to that of other wireless communications providers. We believe investors use ARPU primarily as a tool to track changes in our average revenue per customer and to compare our per customer service revenues to those of other wireless communications providers. Other companies may calculate this measure differently.
(3) Churn, which measures customer turnover, is calculated as the number of subscribers that terminate service in a given month divided by the average number of subscribers in that month. Subscribers that discontinue in the first 30 days of service for any reason or in the first 90 days of service due to signal strength issues are deducted from our gross customer additions and therefore not included in the churn calculation.
Management uses churn to measure retention of our subscribers, to measure changes in customer retention over time, and to help evaluate how changes in our business affect customer retention. We believe investors use churn primarily as a tool to track changes in our customer retention. Other companies may calculate this measure differently.
(4) CPGA (Cost per Gross Addition) is selling, general and administrative costs less general and administrative costs divided by gross customer additions in the period.
(in thousands, except per add amounts) Three Months Ended
March 31,
CPGA 2007 2006
Selling, General and Administrative $ 68,657 $ 40,604
General and Administrative (1) (47,050) (25,768)
--------- ---------
Total Selling Expense 21,607 14,836
Total Gross Adds 63 41
Total CPGA $ 343 $ 361
========= =========
(1) G&A includes general, administrative and other non-sales related
expenses
Management uses CPGA to measure the efficiency of our customer acquisition efforts, to track changes in our average cost of acquiring new subscribers over time, and to help evaluate how changes in our sales and distribution strategies affect the cost-efficiency of our customer acquisition efforts. We believe investors use CPGA primarily as a tool to track changes in our average cost of acquiring new subscribers. Other companies may calculate this measure differently.
(5) Market EBITDA is defined as the EBITDA (see definition (1) EBITDA and Adjusted EBITDA) in the Initial Markets. This calculation does not include an allocation of corporate general and administrative expenses or spectrum lease expense.
CONTACT: Clearwire
Investor Contact:
Hope Cochran, 425-216-4735
Hope.Cochran@clearwire.com
or
Media Contact:
Teresa Fausti, 425-216-4556
Teresa.Fausti@clearwire.com
SOURCE: Clearwire Corporation
Public Relations
425.216.4556
media@clearwire.com
Investor Relations
425.216.4735
investorrelations@
clearwire.com
Transfer Agent
American Stock Transfer &
Trust Company
6201 - 15th Avenue
Brooklyn, NY 11219
718.921.8217
ssilber@amstock.com
Clearwire Wireless Broadband
http://phx.corporate-ir.net/phoenix.zhtml?c=198722&p=irol-newsArticle&ID=997657&highligh...
Q1 Results To Be Released Today, May 8, with First Investor Conference Call on May 9.
Out of ERS a little too early as usual, but with a good enough profit @10.22 to move more into CLWR on its sell off today.
Alcoa Offers to Buy Alcan in $27B Deal
May 07. 2007 7:03AM
Alcoa Offers to Buy Alcan in $27B Deal
The Associated Press
Advertisement
Alcoa Inc. is making an unsolicited offer for Canadian aluminum rival Alcan Inc. worth nearly $27 billion after failing to reach a negotiated deal in almost two years of private talks.
Alcoa said the proposed cash-and-stock deal would create a premier diversified global aluminum company which could grow faster than the two companies could on their own.
The combined company, with 188,000 employees in 67 countries, would have had revenue last year of $54 billion and earnings before interest, taxes, depreciation and amortization of $9.5 billion.
The company sees annual costs savings of about $1 billion pretax from its proposed combination with Alcan in the third year after the close.
The company is offering a combination of cash and stock that it said was worth $73.25 for each Alcan share, a 20 percent premium to Alcan's closing price Friday of $61.03 and a 32 percent premium to Alcan's average closing price over the last 30 trading days.
The bid includes $58.60 a share in cash and 0.4108 of an Alcoa share for each shares of Montreal-based Alcan.
With about 367 million shares outstanding, that values Alcan at nearly $27 billion. Alcoa said debt being assumed would boost the total value of the deal to $33 billion.
Alcoa said in announcing the offer on Monday that the companies have been in talks to do a deal for almost two years, including merger talks at the board level last fall. Alcoa decided to take its offer directly to shareholders due to the companies' inability to reach a negotiated deal.
Alcoa expects to begin its offer on Tuesday.
http://www.houmatoday.com/apps/pbcs.dll/article?AID=/20070507/APF/705071337
Clearwire 1st Quarter Earnings Call: Access Info
KIRKLAND, Wash.--(BUSINESS WIRE)--May 4, 2007--Clearwire (NASDAQ:CLWR) will hold its quarterly conference call to discuss first quarter results on Wednesday, May 9, 2007, at 10:00 a.m. EDT (7 a.m. Pacific Time).
Interested parties can access the conference call by dialing 866-770-7129 or, outside the United States, 617-213-8067, five minutes prior to the start time. The passcode for the call is 34463490.
A replay of the call will be available beginning at approximately 12 p.m. EDT on Wednesday, May 9, until midnight EDT Wednesday, May 23, 2007, by calling 888-286-8010, or outside the United States, 617-801-6888. The passcode for the replay is 34782203.
The conference call will be simultaneously web-cast in the Investor Relations section of the company's Web site: http://www.clearwire.com.
About Clearwire
Clearwire, founded in October 2003 by Craig O. McCaw, is a provider of reliable, wireless high-speed Internet service. Headquartered in Kirkland, Wash., the company launched its first market in August 2004 and now offers service in 38 metro markets, covering approximately 8.9 million people in more than 400 municipalities in Alaska, California, Florida, Hawaii, Idaho, Minnesota, Nevada, North Carolina, Oregon, Texas, Washington and Wisconsin in the United States, as well as 1.2 million people in Ireland and Belgium.
CONTACT: Clearwire
Investor Relations:
Hope Cochran, 425-216-4735
investorrelations@clearwire.com
SOURCE: Clearwire
http://phx.corporate-ir.net/phoenix.zhtml?c=198722&p=irol-newsArticle&ID=995997&highligh...
Clearwire and AOL Expand Distribution Agreement
Companies to Jointly Market the Wireless Broadband Service to AOL Users in All Clearwire U.S. Markets
KIRKLAND, Wash., May 03, 2007 (BUSINESS WIRE) -- Clearwire Corporation (NASDAQ: CLWR) announced today an agreement to expand the scope of its distribution relationship with AOL LLC to offer Clearwire's high-speed wireless broadband service to AOL users throughout Clearwire markets in the United States. Beginning this month, AOL will jointly market Clearwire's wireless broadband service to its users in Clearwire's coverage area.
Previously, AOL and Clearwire had a joint distribution agreement that covered four Clearwire markets -- Jacksonville and Daytona Beach, Fla.; and Stockton and Modesto, Calif. The new joint distribution agreement covers all existing and future Clearwire markets in the U.S. Clearwire is currently available in 38 markets across the country covering more than 400 municipalities including Seattle, Honolulu and Raleigh, N.C.
"Our partnership with AOL is very complementary," said Ben Wolff, Clearwire CEO. "By offering Clearwire's next-generation wireless broadband solution with AOL's software and email, customers have the opportunity to experience our unique high-speed Internet service while continuing to use AOL."
"Clearwire's innovative approach to delivering simple, reliable, fast, portable and affordable Internet access offers AOL users who haven't moved to broadband the opportunity to upgrade while maintaining their AOL software and email and not pay extra for them," said Kim Partoll, executive vice president, Paid Services, AOL. "The expansion of our distribution relationship to cover all Clearwire markets nationwide demonstrates our confidence in their value proposition for our customers."
Clearwire's next-generation, non-line-of-sight wireless broadband solution connects customers to the Internet through licensed spectrum. Radio signals are transmitted from a tower to a small, wireless modem, which easily connects a user's computer to the Internet. With its simple plug-and-play installation, AOL customers can be on the Internet within minutes of set-up.
About Clearwire
Clearwire, founded in October 2003 by Craig O. McCaw, is a provider of reliable, wireless high-speed Internet service. Headquartered in Kirkland, Wash., the company launched its first market in August 2004 and now offers service in 38 metro markets, covering approximately 8.9 million people in more than 400 municipalities in Alaska, California, Florida, Hawaii, Idaho, Minnesota, Nevada, North Carolina, Oregon, Texas, Washington and Wisconsin in the United States, as well as 1.2 million people in Ireland and Belgium.
Forward-Looking Statements
This release contains forward-looking statements which are based on current expectations and beliefs, as well as on a number of assumptions concerning future events made with information that is currently available. Forward-looking statements may include, without limitation, Clearwire's expectations regarding: future financial and operating performance and financial condition; plans, objectives and strategies; industry conditions; the strength of its balance sheet; and liquidity and financing needs. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside of Clearwire's control, which could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please refer to Clearwire's filings with the Securities and Exchange Commission, including the information under the headings "Risk Factors" and "Forward-Looking Statements" in our Form S-1 filed on March 7, 2007. Clearwire assumes no obligation to update or supplement such forward-looking statements.
SOURCE: Clearwire
Clearwire
Teresa Fausti, 425-216-4556
teresa.fausti@clearwire.com
or
Helen Chung, 425-216-4551
helen.chung@clearwire.com
http://phx.corporate-ir.net/phoenix.zhtml?c=198722&p=irol-newsArticle&ID=995440&highligh...
Hey thanks, kumqwatt! eom