SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report:
March 7, 2001
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(Date of earliest event reported)
Electric Lightwave, Inc.
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(Exact name of Registrant as specified in charter)
Delaware 0-23393 93-1035711
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
3 High Ridge Park, Stamford, CT 06905
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(Address of principal executive offices) (Zip Code)
(203) 614-5600
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(Registrant's telephone number, including area code)
Changes since last report
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(Former name or address, if changed since last report)
None
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Item 5. Other Events.
FOR IMMEDIATE RELEASE
Contact
Brigid M. Smith, Assistant Vice President
Corporate Communications
(203) 614-5042
bsmith@czn.com
ELECTRIC LIGHTWAVE REPORTS 2000 YEAR-END
AND FOURTH-QUARTER FINANCIAL RESULTS
March 7, 2001 - Electric Lightwave, Inc. (NASDAQ:ELIX) today reported financial
results for the year-end and fourth-quarter ended December 31, 2000.
Total revenue for 2000 was $244 million, 30 percent above revenue of $187
million in 1999. EBITDA for 2000 was $1.8 million, compared to a $57.6 million
loss for 1999, an improvement of $59.4 million. The net loss for 2000 was $136.5
million, or a $2.70 loss per share, compared to a net loss of $133.5 million or
a $2.68 loss per share for 1999.
Revenue for the fourth quarter of 2000 was $63 million, up 16 percent from $54.1
million during the comparable period last year. Fourth-quarter 2000 EBITDA was
$5.1 million, compared to a $9.2 million EBITDA loss for the prior year period.
"We continue to work toward an appropriate balance between growth of revenue and
margin expansion," said Rudy J. Graf, chief executive officer of Electric
Lightwave. "Our results for the year demonstrate our progress toward this end."
About Electric Lightwave, Inc.
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Electric Lightwave, Inc. is a facilities-based competitive local exchange
carrier providing Internet, data, voice and dedicated access services to
communications-intensive businesses and the growing e-commerce market. The
company owns and operates high-speed fiber optic networks that interconnect
major markets in the West and operates a leading national Internet and data
network. The company is 85 percent owned by Citizens Communications (NYSE:CZN).
More information about Electric Lightwave, Inc. may be found at www.elix.net.
This press release contains forward-looking statements that are subject to risks
and uncertainties that could cause actual results to differ materially from
those expressed or implied in the statements. All forward-looking statements are
only predictions or statements of current plans, which are constantly under
review by Electric Lightwave (the Company). All forward-looking statements may
differ from actual future results due to, but not limited to, changes in the
local and overall economy, the nature and pace of technological changes, the
number and effectiveness of competitors in the Company's markets, success in
overall strategy, changes in legal and regulatory policy, relations with
Incumbent Local Exchange Carriers (ILECs) and their ability to provide delivery
of services including interoffice trunking, implementation of back office
service delivery systems, the Company's ability to identify future markets and
successfully expand existing ones and the mix of products and services offered
in the Company's target markets. Readers should consider these important factors
in evaluating any statement contained herein and/or made by the Company or on
its behalf. The Company has no obligation to update or revise forward-looking
statements to reflect the occurrence of future events or circumstances.
(tables follow)
Electric Lightwave, Inc.
Statements of Operations
(In thousands, except per share amounts)
Three Months Ended
12/31/2000 09/30/2000 12/31/1999
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Revenue:
Network Services $ 22,633 $ 21,627 $ 15,818
Local Telephone Services 23,231 25,187 22,370
Long Distance Services 3,728 3,728 4,111
Data Services 13,377 13,068 11,796
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Total Revenues 62,969 63,610 54,095
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Operating Expenses:
Network Access 17,294 17,821 16,303
Operations 14,245 13,473 11,823
Selling, General and Administrative 26,317 27,540 35,168
Depreciation and Amortization 17,882 16,306 11,554
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Total Operating Expenses 75,738 75,140 74,848
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Loss from Operations (12,769) (11,530) (20,753)
Interest Expense and Other 21,544 20,603 14,312
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Net Loss Before Income Taxes (34,313) (32,133) (35,065)
Income Tax Expense (540) 459 (49)
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Net Loss $ (33,773) $ (32,592) $ (35,016)
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EBITDA $ 5,113 $ 4,776 $ (9,199)
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Weighted average shares outstanding 50,704 50,606 50,029
Net Loss Per Common Share:
Basic $ (0.67) $ (0.64) $ (0.70)
Diluted $ (0.67) $ (0.64) $ (0.70)
Electric Lightwave, Inc.
Statements of Operations
(In thousands, except per share amounts)
Twelve Months Ended
12/31/2000 12/31/1999
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Revenue:
Network Services $ 77,437 $ 53,249
Local Telephone Services 98,643 77,591
Long Distance Services 16,318 26,698
Data Services 51,579 29,470
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Total Revenues 243,977 187,008
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Operating Expenses:
Network Access 74,105 79,948
Operations 52,740 41,222
Selling, General and Administrative 115,345 123,399
Depreciation and Amortization 61,663 36,505
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Total Operating Expenses 303,853 281,074
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Loss from Operations (59,876) (94,066)
Interest Expense and Other 76,186 38,583
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Net Loss Before Income Taxes (136,062) (132,649)
Income Tax Expense 400 898
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Net Loss $ (136,462) $ (133,547)
==================== ====================
EBITDA $ 1,787 $ (57,561)
==================== ====================
Weighted average shares outstanding 50,484 49,893
Net Loss Per Common Share:
Basic $ (2.70) $ (2.68)
Diluted $ (2.70) $ (2.68)
Electric Lightwave, Inc.
Selected Financial & Operating Data
(In thousands, except selected operating data)
12/31/2000 09/30/2000 12/31/1999
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Selected Financial Data
Gross Property, Plant & Equipment
Owned or under capital lease $ 978,327 $ 962,454 $ 771,947
Under operating lease (1) $ 108,541 $ 108,541 $ 108,541
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Total $ 1,086,868 $ 1,070,995 $ 880,488
Selected Operating Data
Markets 25 25 25
Route Miles (2) 5,924 5,921 4,052
Fiber Miles (2) 297,284 297,208 214,864
Buildings Connected On-Net 851 850 824
Switches and Routers:
Internet Routers 65 65 42
ATM Switches 23 23 23
Frame Relay Switches 32 32 32
Voice Switches 8 8 8
Access Line Equivalents 200,231 203,911 161,555
Access Line Equivalents/Voice Switch 25,029 25,489 20,194
% on Switch 96% 92% 97%
Employees 1,161 1,156 1,167
Customers 2,401 2,339 2,147
(1) Facilities under an operating lease agreement under which we have the
option to purchase the facilites at the end of the lease term.
(2) Route and Fiber miles also include those to which we have exclusive use
pursuant to license and lease arrangements.
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Electric Lightwave, Inc.
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Registrant
By: /s/ Robert J. Larson
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Robert J. Larson
Chief Accounting Officer
Date: March 8, 2001