Welcome!

Mobile IoT Authors: Carmen Gonzalez, Pat Romanski, Elizabeth White, Liz McMillan, Peter Silva

News Feed Item

NextWave Wireless Files Third Quarter Fiscal 2012 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 third quarter of fiscal 2012, ended September 29, 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.

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.

 
NEXTWAVE WIRELESS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value data)
(unaudited)
 
  September 29,   December 31,
2012 2011
ASSETS
Current assets:

Cash and cash equivalents

$

5,863

$

11,087

Restricted cash 1,696 1,047
Marketable securities 10,000
Prepaid expenses and other current assets 248 827
Current assets of discontinued operations   4,162     3,511  
Total current assets 11,969 26,472
Wireless spectrum licenses, net 431,397 435,522
Property and equipment, net 721 1,313
Other assets   50     362  
Total assets $ 444,137   $ 463,669  
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable $ 250 $ 5
Accrued expenses 3,959 2,328
Current portion of long-term obligations 1,148,434 142,019
Other current liabilities 9 10
Current liabilities of discontinued operations   725     172  
Total current liabilities 1,153,377 144,534
Deferred income tax liabilities 83,937 83,334
Long-term obligations, net of current portion   15,489     896,568  
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; 24,938 shares issued and outstanding at September 29, 2012 and December 31, 2011 175 175
Additional paid-in-capital 888,800 888,505
Accumulated other comprehensive income 5,486 21,805
Accumulated deficit   (1,703,127 )   (1,571,252 )
Total stockholders’ deficit   (808,666 )   (660,767 )
Total liabilities and stockholders’ deficit $ 444,137   $ 463,669  
 
 
NEXTWAVE WIRELESS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
(in thousands, except per share data)
(unaudited)
 
  Three Months Ended   Nine Months Ended
September 29,   October 1, September 29,   October 1,
2012 2011 2012 2011
Operating expenses:
General and administrative $ 11,056 $ 5,006 $ 21,739 $ 17,281
Restructuring credit               (1,076 )
Total operating expenses 11,056 5,006 21,739 16,205
Net gains on sales of wireless spectrum licenses   1     2     101     255  
Loss from operations   (11,055 )   (5,004 )   (21,638 )   (15,950 )
Other income (expense):
Interest income 6 13 32 42
Interest expense (44,773 ) (64,762 ) (129,441 ) (185,007 )
Other income (expense), net   (1 )   (7 )   (5 )   1,245  
Total other expense, net   (44,768 )   (64,756 )   (129,414 )   (183,720 )
Loss from continuing operations before income taxes (55,823 ) (69,760 ) (151,052 ) (199,670 )
Income tax benefit   217     262     614     2,082  
Net loss from continuing operations   (55,606 )   (69,498 )   (150,438 )   (197,588 )
Income from discontinued operations before income taxes, net of gains (losses) on divestitures of discontinued operations of $0, $(1), $19,862 and $2,119, respectively 16 66 20,029 2,740
Income tax provision   (6 )   (24 )   (1,466 )   (1,000 )
Net income from discontinued operations   10     42     18,563     1,740  
Net loss $ (55,596 ) $ (69,456 ) $ (131,875 ) $ (195,848 )
Other comprehensive loss:
Net loss $ (55,596 ) $ (69,456 ) $ (131,875 ) $ (195,848 )
Foreign currency translation adjustment transferred to earnings upon substantial liquidation of foreign entities (17,578 ) (1,305 )
Foreign currency translation adjustment   1,451     (2,653 )   1,259     1,325  
Total other comprehensive loss   (54,145 )   (72,109 )   (148,194 )   (195,828 )
Amounts attributed to net income (loss) per common share:
Net loss from continuing operations $ (55,606 ) $ (69,498 ) $ (150,438 ) $ (197,588 )
Net income from discontinued operations   10     42     18,563     1,740  
Net loss $ (55,596 ) $ (69,456 ) $ (131,875 ) $ (195,848 )
Net income (loss) per common share– basic and diluted
Continuing operations $ (2.30 ) $ (2.89 ) $ (6.24 ) $ (8.21 )
Discontinued operations           0.77     0.07  

Net loss

$ (2.30 ) $ (2.89 ) $ (5.47 ) $ (8.14 )
Weighted-average shares used in per share calculation 24,127 24,060 24,107 24,060
 
 
NEXTWAVE WIRELESS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
  Nine Months Ended
September 29,   October 1,
2012 2011
OPERATING ACTIVITIES
Net loss $ (131,875 ) $ (195,848 )
Net income from discontinued operations   18,563     1,740  
Net loss from continuing operations (150,438 ) (197,588 )
Adjustments to reconcile loss from continuing operations to net cash used in operating activities of continuing operations:
Amortization of intangible assets 5,574 5,709
Depreciation 592 656
Non-cash share-based compensation 295 625
Paid-in-kind interest 124,080 98,448
Amortization of deferred financing costs and discounts 5,342 86,552
Gains on sales of wireless spectrum licenses (101 ) (255 )
Gains from changes in estimated fair values of embedded derivatives (1,261 )
Deferred income tax benefit (607 ) (1,082 )
Other non-cash adjustments 3 (1,044 )
Changes in operating assets and liabilities:

Prepaid expenses and other current assets

572 551
Other assets 290 (389 )
Accounts payable and accrued liabilities   1,872     (2,610 )
Net cash used in operating activities of continuing operations   (12,526 )   (11,688 )
INVESTING ACTIVITIES
Proceeds from the maturity of investment securities 20,210
Purchase of held-to-maturity investment securities (10,191 ) (15,000 )
Proceeds from the sale of wireless spectrum licenses, net of selling costs   278     255  
Net cash provided by (used in) investing activities of continuing operations   10,297     (14,745 )
FINANCING ACTIVITIES
Payments on long-term obligations (4,080 ) (10,137 )
Payments to restricted cash account used to redeem long-term obligations   (647 )    
Net cash used in financing activities of continuing operations   (4,727 )   (10,137 )
Cash provided (used) by discontinued operations:
Net cash provided (used) by operating activities of discontinued operations 193 (906 )
Net cash provided by investing activities of discontinued operations   2,213     3,654  
Net cash provided by discontinued operations 2,406 2,748
Effect of foreign currency exchange rate changes on cash   (18 )   3  
Net decrease in cash and cash equivalents (4,568 ) (33,819 )
Cash and cash equivalents, beginning of period   11,092     42,598  
Cash and cash equivalents, end of period 6,524 8,779
Less cash and cash equivalents of discontinued operations, end of period   (661 )   (40 )
Cash and cash equivalents of continuing operations, end of period $ 5,863   $ 8,739  
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...