Welcome!

Wireless Authors: Avi Rosenthal, Liz McMillan, Elizabeth White, Trevor Parsons, Christophe Primault

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 BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nigeria has the largest economy in Africa, at more than US$500 billion, and ranks 23rd in the world. A recent re-evaluation of Nigeria's true economic size doubled the previous estimate, and brought it well ahead of South Africa, which is a member (unlike Nigeria) of the G20 club for political as well as economic reasons. Nigeria's economy can be said to be quite diverse from one point of view, but heavily dependent on oil and gas at the same time. Oil and natural gas account for about 15% of Nigera's overall economy, but traditionally represent more than 90% of the country's exports and as...
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...