- ---------------------------------------
CASE NAME: NTELOS Inc. et al. ACCRUAL BASIS
- ---------------------------------------
CASE NUMBER: 03-32094-DOT
- ---------------------------------------
JUDGE:
- ---------------------------------------
UNITED STATES BANKRUPTCY COURT
Eastern District of Virginia
_______________ DIVISION_______________
MONTHLY OPERATING REPORT
MONTH ENDING: July 31, 2003
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I
DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY
OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-6) AND THE ACCOMPANYING
ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT
AND COMPLETE [1]. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY) IS
BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE
RESPONSIBLE PARTY:
<s> <c>
/s/ Michael B. Moneymaker Executive VP & Chief Financial Officer
- -------------------------------------------- --------------------------------------
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE
Michael B. Moneymaker August 29, 2003
- -------------------------------------------- --------------------------------------
PRINTED NAME OF RESPONSIBLE PARTY DATE
PREPARER:
- -------------------------------------------- --------------------------------------
ORIGINAL SIGNATURE OF PREPARER TITLE
- -------------------------------------------- --------------------------------------
PRINTED NAME OF PREPARER DATE
Chapter 11 Filings
Ntelos Inc., et al
Note that the attached monthly operating report for NTELOS Inc. and its
Subsidiaries is on a consolidated basis. These Subsidiaries are indicated below
along with the corresponding case numbers.
Case No. Debtor
------------ --------------------------------------------
1 03-32115 Botetourt Leasing, Inc.
2 03-32111 NA Communications, Inc.
3 03-32105 NTELOS Cable Inc.
4 03-32099 NTELOS Cable of Virginia Inc.
5 03-32100 NTELOS Communications Services Inc.
6 03-32107 NTELOS Cornerstone Inc.
7 03-32094 NTELOS Inc.
8 03-32104 NTELOS Licenses Inc.
9 03-32101 NTELOS NetAccess Inc.
10 03-32103 NTELOS Network Inc.
11 03-32097 NTELOS of Kentucky Inc.
12 03-32096 NTELOS of Maryland Inc.
13 03-32108 NTELOS PCS Inc.
14 03-32098 NTELOS PCS North Inc.
15 03-32102 NTELOS Telephone Inc.
16 03-32095 NTELOS Wireless Inc.
17 03-32119 R&B Cable, Inc.
18 03-32106 R&B Communications, Inc.
19 03-32114 R&B Network, Inc.
20 03-32093 Richmond 20MHz, LLC
21 03-32112 Roanoke & Botetourt Telephone Company
22 03-32121 The Beeper Company
23 03-32123 Virginia PCS Alliance, L.C.
24 03-32109 Virginia RSA 6 Cellular Limited Partnership
25 03-32131 Virginia Telecommunications Partnership
26 03-32127 West Virginia PCS Alliance, L.C.
NTELOS Inc. (Debtor-In-Possession)
Condensed Consolidated Comparative Balance Sheets1
(Amounts in thousands)
March 3, 2003 March 31, 2003 June 30, 2003 July 31, 2003
---------------- ------------------ ------------------ ----------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 17,215 $ 24,839 $ 26,421 $ 25,865
Accounts receivable 33,275 33,013 30,489 27,661
Inventories and supplies 2,161 2,039 2,816 2,575
Other receivables and deposits 4,928 3,049 3,861 4,279
Prepaid expenses and other 4,446 6,404 5,277 4,371
---------------- ------------------ ------------------ ----------------
62,025 69,344 68,864 64,751
---------------- ------------------ ------------------ ----------------
SECURITIES AND INVESTMENTS
Restricted investments 7,829 7,829 7,829 7,829
Other securities and investments 519 533 534 488
---------------- ------------------ ------------------ ----------------
8,348 8,362 8,363 8,317
---------------- ------------------ ------------------ ----------------
PROPERTY AND EQUIPMENT
In service 563,009 566,643 555,867 555,570
Under construction 17,201 16,828 19,188 18,792
---------------- ------------------ ------------------ ----------------
580,210 583,471 575,055 574,362
Less: Accumulated depreciation 149,142 153,315 156,842 155,946
---------------- ------------------ ------------------ ----------------
431,068 430,156 418,213 418,416
---------------- ------------------ ------------------ ----------------
OTHER ASSETS
Goodwill 86,016 86,016 86,016 86,016
Other intangible assets 1,810 1,793 1,415 1,397
Radio spectrum licenses in service 107,234 107,234 107,234 107,234
Other radio spectrum licenses 2,485 2,441 2,310 2,266
Radio spectrum licenses not in service 7,112 7,107 7,107 7,127
Deferred charges 18,925 4,917 4,815 4,754
Deferred income taxes 7,772 7,485 7,370 7,370
---------------- ------------------ ------------------ ----------------
Other Assets 231,354 216,993 216,267 216,164
---------------- ------------------ ------------------ ----------------
TOTAL ASSETS $ 732,795 $ 724,855 $ 711,707 $ 707,648
================ ================== ================== ================
(1) The Debtor's ongoing balance sheet review and reconciliation procedures may
reveal additional required balance sheet reclassifications.
NTELOS Inc. (Debtor-In-Possession)
Condensed Consolidated Comparative Balance Sheets1
(Amounts in thousands)
March 3, 2003 March 31, 2003 June 30, 2003 July 31, 2003
--------------- ----------------- --------------- ----------------
LIABILITIES AND SHAREHOLDERS' DEFICIT
CURRENT LIABILITIES
Liabilities Not Subject to Compromise:
Long-term debt in default and scheduled maturities $ - $ 2,371 $ 2,371 $ 2,371
Accounts payable - 9,469 10,057 9,442
Advance payments - 9,365 10,245 10,683
Customer deposits - 2,015 2,057 2,011
Accrued payroll - 1,620 3,305 3,388
Accrued interest - 459 1,587 1,404
Deferred revenue - 1,106 1,146 1,964
Current income tax payable - 106 115 115
Other accrued liabilities - 1,877 5,865 6,369
--------------- ----------------- --------------- ----------------
Total Liabilities Not Subject to Compromise - 28,388 36,748 37,747
Liabilities Subject to Compromise 1,078,175 722,417 711,907 710,600
--------------- ----------------- --------------- ----------------
1,078,175 750,805 748,655 748,347
--------------- ----------------- --------------- ----------------
LONG-TERM LIABILITIES
Long-Term Liabilities Not Subject to Compromise
Long-term Debt 11,958 11,958 11,790 10,826
Other Long-Term Liabilities:
Retirement benefits - 287 602 940
Long-term deferred liabilities - 21,473 21,214 21,129
--------------- ----------------- --------------- ----------------
11,958 33,718 33,606 32,895
Long-Term Liabilities Subject to Compromise - 40,916 41,272 41,146
--------------- -----------------
11,958 74,634 74,878 74,041
--------------- ----------------- --------------- ----------------
MINORITY INTERESTS 523 503 508 508
Redeemable Convertible Preferred Stock Subject
to Compromise - 298,246 298,246 298,246
SHAREHOLDERS' DEFICIT
Common Stock 182,380 182,380 182,380 182,381
Stock warrants 22,874 22,874 22,874 22,874
Accumulated deficit (547,749) (589,673) (601,100) (604,015)
Accumulated other comprehensive loss (15,366) (14,914) (14,734) (14,734)
--------------- ----------------- --------------- ----------------
(357,861) (399,333) (410,580) (413,494)
--------------- ----------------- --------------- ----------------
TOTAL LIABILITIES AND
SHAREHOLDERS' DEFICIT $ 732,795 $ 724,855 $ 711,707 $ 707,648
=============== ================= =============== ================
(1) The Debtor's ongoing balance sheet review and reconciliation procedures may
reveal additional required balance sheet reclassifications.
NTELOS Inc. (Debtor-In-Possession)
Income Statement by Month
2003
May June July
Actual Actual Actual
------------------------------------------------------------------
GROSS OPERATING REVENUE
WIRELINE COMMUNICATIONS $ 8,553,274 $ 8,434,942 $ 8,094,259
WIRELESS COMMUNICATIONS 16,310,521 13,271,146 13,554,789
OTHER COMMUNICATION SERVICES 422,989 410,414 429,915
------------------------------------------------------------------
TOTAL GROSS OPERATING REVENUES 25,286,784 22,116,502 22,078,963 *
OPERATING EXPENSES
Cost of Sales 3,990,444 3,526,293 4,100,254
Access 1,857,919 1,644,990 1,706,641
Advertising, Marketing and External Relations 841,191 933,215 854,081
Retention 729,679 766,970 811,566
Cell Site 1,347,816 1,306,157 1,368,095
Contracted Services 223,504 255,003 175,618
Directory 74,974 72,553 79,865
Intercompany Eliminations (523,926) (523,926) (523,926)*
Materials & supplies 26,482 260,443 169,916
Operating taxes 487,039 481,916 460,054
Postage & Freight 176,804 138,486 152,269
Professional fees 282,365 174,556 136,068
Rent 553,918 455,230 492,197
Repairs & Maintenance 353,065 370,925 311,720
Roamer Administration 119,741 108,579 101,981
Salaries, Wages & Benefits
Salaries & Wages 3,706,489 3,810,584 3,549,007
Capitalized Labor (544,664) (536,439) (508,962)
Benefits 1,138,543 918,641 1,106,039
MIP 361,766 605,020 250,827
Sal & Wages - I/C Svcs (229) (638) (67)
Selling expenses 1,138,675 1,315,826 1,213,740
Telephone - Wireline & Wireless 207,710 218,767 238,712
Recruiting, Training and T&E 57,538 106,411 63,376
Utilities 86,213 166,070 122,282
Vehicle 29,299 63,818 70,279
Corporate and other 954,647 1,010,235 1,038,972
------------------------------------------------------------------
TOTAL OPERATING EXPENSES 17,677,002 17,649,685 17,540,604
------------------------------------------------------------------
EBITDA Before Allocations 7,609,782 4,466,817 4,538,359
Benefits Clearing 944 (213) (527)
Allocation-Corporate 15,565 15,026 14,458
Allocation-Customer Care - - -
Allocation-Other Corp Dept - - -
Allocation-Retail Store - - -
Wireline Allocations - - -
Management Fees - Partners - - -
------------------------------------------------------------------
Total Allocations 16,509 14,813 13,931
EBITDA Before Restructuring Charges 7,593,273 4,452,004 4,524,428
Capital and operational restructuring charges - - -
EBITDA 7,593,273 4,452,004 4,524,428
OTHER INCOME/EXPENSE
Equity earnings-investees - - -
Equity earnings from VA PCS - - -
Equity earnings from WV PCS - - -
Depreciation & Amortization (7,028,178) (7,509,745) (4,938,477)
Accretion Expense (63,859) (52,250) (49,980)
Dividend and Interest Income 2,812 3,276 (82,633)
Reorganization items (1,386,393) (1,510,662) (505,943)
Interest Expense (2,348,032) (2,031,628) (1,899,391)
Capitalized interest (48,285) 99,153 -
Gain/loss on investment (70,794) 48,207 27,452
Gain on sale of business - - -
Other Income/(Expense) (23,238) (37,800) 9,416
------------------------------------------------------------------
TOTAL OTHER INCOME/(EXPENSE) (10,965,967) (10,991,449) (7,439,556)
------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS
BEFORE INC TAXES & MINORITY INTERESTS (3,372,694) (6,539,445) (2,915,128)
Income Taxes 109,000 - -
Minority Interests - 5,208 -
------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS (3,481,694) (6,544,653) (2,915,128)
------------------------------------------------------------------
Cumulative Effect of Accounting Change - - -
------------------------------------------------------------------
NET INCOME BEFORE PREFERRED DIVIDEND (3,481,694) (6,544,653) (2,915,128)
Redeemable preferred dividend - - -
------------------------------------------------------------------
NET INCOME AVAILABLE TO COMMON OWNERS $(3,481,694) $(6,544,653) $(2,915,128)
==================================================================
*NOTE: Each month's revenues reflected in this statement have been reduced by
I/C revenue eliminations of $.5 million. There is no EBITDA impact from these
eliminations.
NTELOS Inc. and Subsidiaries
AS REPORTED Consolidating Income Statement - Current Month
July 31, 2003
Consolidated Telephone(1) Network(2) CLEC(3)
-----------------------------------------------------------------------------------
TOTAL GROSS OPERATING REVENUES 22,078,963 4,365,335 738,601 2,063,102
OPERATING EXPENSES
Cost of Sales 4,100,254 - - -
Access 1,706,641 90,963 25,484 760,218
Advertising, Marketing & External Relations 854,081 2,033 634 4,524
Retention 811,566 - - -
Cell Site 1,368,095 - - -
Contracted Services 175,618 35,475 4,040 920
Directory 79,865 79,763 - 102
Intercompany Eliminations (523,926) - - -
Materials & supplies 169,916 15,370 752 2,459
Operating taxes 460,054 62,359 14,045 33,465
Postage & Freight 152,269 1,935 28 30
Professional fees 136,068 18,530 1,175 6,513
Rent 492,197 103,106 28,876 19,430
Repairs & Maintenance 311,720 40,312 45,887 (2,923)
Roamer Administration 101,981 - - -
Salaries, Wages & Benefits 4,396,911 1,218,959 8,560 90,906
Sal & Wages - I/C Svcs (67) (52,718) 29,909 36,413
Selling expenses 1,213,740 5,668 10,232 30,182
Telephone - Wireline & Wireless 238,712 30,663 12,923 2,491
Recruiting, Training and T&E 63,376 17,681 157 2,843
Utilities 122,282 41,204 1,908 141
Vehicle 70,279 25,242 1,940 1,816
Corporate and other 1,038,972 17,094 871 12,327
-----------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 17,540,604 1,753,639 187,421 1,001,857
Total Allocations 13,931 (270,973) 142,859 387,969
EBITDA before restructuring charges 4,524,428 2,882,669 408,321 673,276
Restructuring Charges - - - -
EBITDA - 2003 4,524,428 2,882,669 408,321 673,276
Depreciation & Amortization (4,938,477) (666,332) (269,900) (251,113)
Accretion of Asset Retirement Obligation (49,980) - - -
Reorganization charges (505,943) - - -
Interest Expense (1,899,391) (57,157) (30) (60)
Other Income/(Expense) (45,765) 297,490 (114,774) (142,592)
-----------------------------------------------------------------------------------
TOTAL OTHER INCOME/EXPENSE (7,439,556) (425,999) (384,704) (393,765)
NET INCOME BEFORE INCOME TAXES &
MINORITY INTERESTS (2,915,128) 2,456,670 23,617 279,511
Income Taxes - - - -
Minority Interests - - - -
-----------------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS (2,915,128) 2,456,670 23,617 279,511
-----------------------------------------------------------------------------------
Cumulative Effect of an Accounting Change - - - -
Redeemable Preferred Dividend - - - -
-----------------------------------------------------------------------------------
NET INCOME AVAILABLE TO COMMON OWNERS $ (2,915,128) $ 2,456,670 $ 23,617 $ 279,511
===================================================================================
Internet(4) Wrless PCS(5) Other Wrls(6) Paging(7)
--------------------------------------------------------------------------------
TOTAL GROSS OPERATING REVENUES 1,459,082 13,564,558 - 108,537
OPERATING EXPENSES
Cost of Sales - 4,100,254 - -
Access 375,971 443,649 - 9,356
Advertising, Marketing & External Relations 39,324 805,707 247 1,044
Retention - 790,003 21,563 -
Cell Site - 1,354,903 - 7,753
Contracted Services - 34,700 20,703 127
Directory - - - -
Intercompany Eliminations - - - -
Materials & supplies 2,464 30,478 10,179 -
Operating taxes 16,673 296,882 7,270 2,060
Postage & Freight 17 11,660 28,383 -
Professional fees - 12,198 - -
Rent 4,385 226,014 48,259 1,926
Repairs & Maintenance - 191,372 (1,824) -
Roamer Administration - 88,588 13,393 -
Salaries, Wages & Benefits 44,970 1,015,756 912,155 9
Sal & Wages - I/C Svcs (6,746) (40) - 2,297
Selling expenses 22,956 1,096,914 45,066 122
Telephone - Wireline & Wireless 1,708 58,703 22,237 429
Recruiting, Training and T&E 371 14,342 18,142 -
Utilities 1,336 26,604 14,098 -
Vehicle 1,439 28,098 1,499 -
Corporate and other 6,488 200,417 20,392 552
--------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 511,356 10,827,202 1,181,762 25,675
Total Allocations 337,450 2,674,809 (1,716,051) 36,561
EBITDA before restructuring charges 610,276 62,547 534,289 46,301
Restructuring Charges - - - -
EBITDA - 2003 610,276 62,547 534,289 46,301
Depreciation & Amortization (242,941) (3,360,610) (39,619) (3,301)
Accretion of Asset Retirement Obligation - (47,411) (2,569) -
Reorganization charges - - - -
Interest Expense (2) (113,090) - -
Other Income/(Expense) (84,643) (2,555,697) (3,822,310) 2,414
--------------------------------------------------------------------------------
TOTAL OTHER INCOME/EXPENSE (327,586) (6,076,808) (3,864,498) (887)
NET INCOME BEFORE INCOME TAXES &
MINORITY INTERESTS 282,690 (6,014,261) (3,330,209) 45,414
Income Taxes - - - -
Minority Interests - - - -
--------------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS 282,690 (6,014,261) (3,330,209) 45,414
--------------------------------------------------------------------------------
Cumulative Effect of an Accounting Change - - - -
Redeemable Preferred Dividend - - - -
--------------------------------------------------------------------------------
NET INCOME AVAILABLE TO COMMON OWNERS $ 282,690 $ (6,014,261) $(3,330,209) $ 45,414
================================================================================
Other(8) Holding Co(9) Elim's(10)
------------------------------------------------------
TOTAL GROSS OPERATING REVENUES 289,144 14,530 (523,926)
OPERATING EXPENSES
Cost of Sales - - -
Access 1,000 - -
Advertising, Marketing & External Relatio 215 353 -
Retention - - -
Cell Site 5,439 - -
Contracted Services 8,588 71,065 -
Directory - - -
Intercompany Eliminations - - (523,926)
Materials & supplies 3,762 104,452 -
Operating taxes 12,760 14,540 -
Postage & Freight 109 110,107 -
Professional fees 8,334 89,318 -
Rent 22,710 37,491 -
Repairs & Maintenance 12,146 26,750 -
Roamer Administration - - -
Salaries, Wages & Benefits 73,226 1,032,370 -
Sal & Wages - I/C Svcs (8,336) (846) -
Selling expenses 2,375 225 -
Telephone - Wireline & Wireless 4,199 105,359 -
Recruiting, Training and T&E 2 9,838 -
Utilities 8,652 28,339 -
Vehicle 6,265 3,980 -
Corporate and other 16,114 764,717 -
------------------------------------------------------
TOTAL OPERATING EXPENSES 177,560 2,398,058 (523,926)
Total Allocations 66,889 (1,645,582) -
EBITDA before restructuring charges 44,695 (737,946) -
Restructuring Charges - - -
EBITDA - 2003 44,695 (737,946) -
Depreciation & Amortization (80,471) (24,190) -
Accretion of Asset Retirement Obligation - - -
Reorganization charges - (505,943) -
Interest Expense (164) (1,728,888) -
Other Income/(Expense) (78,077) 6,452,424 -
------------------------------------------------------
TOTAL OTHER INCOME/EXPENSE (158,712) 4,193,403 -
NET INCOME BEFORE INCOME TAXES &
MINORITY INTERESTS (114,017) 3,455,457 -
Income Taxes - - -
Minority Interests - - -
------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS (114,017) 3,455,457 -
------------------------------------------------------
Cumulative Effect of an Accounting Change - - -
Redeemable Preferred Dividend - - -
------------------------------------------------------
NET INCOME AVAILABLE TO COMMON OWNERS $ (114,017) $ 3,455,457 $ -
======================================================
(1) The debtors included in this segment are: NTELOS Telephone Inc. and Roanoke
& Botetourt Telephone Company.
(2) The debtors included in this segment are: R&B Network, Inc., NTELOS Network
Inc. (VA Network operations), NTELOS Wireless Inc. (WV Network operations
owned by NTELOS Wireless Inc.), Virginia Telecommunications Partnership, &
VITAL.
(3) The debtors included in this segment are: R&B Network, Inc.(R&B CLEC
operations), NA Communications, Inc., NTELOS Network Inc. (VA CLEC
operations), & NTELOS Wireless Inc. (WV CLEC operations which are actually
owned by NTELOS Wireless Inc.).
(4) The debtors included in this segment are: R&B Communications, Inc. (R&B ISP
operations), NTELOS Network Inc.(VA ISP operations), NTELOS Cornerstone
Inc., & NTELOS Wireless Inc. (WV ISP operations which are actually owned by
NTELOS Wireless Inc.).
(5) The debtors included in this segment are: Richmond 20MHz, LLC, VA RSA 6
Cellular Limited P'ship, Virginia PCS Alliance, L.C., West Virginia PCS
Alliance, L.C., & NTELOS PCS North Inc.
(6) The debtors included in this segment are: NTELOS Wireless Inc. (represents
books of Wireless corporate/shared functions).
(7) The debtors included in this segment are: NTELOS Wireless Inc. (represents
the primary paging market operations) & The Beeper Company.
(8) The debtors included in this segment are: NTELOS Communications Services
Inc., NTELOS Cable of Virginia Inc., NTELOS Cable Inc., & R&B Cable, Inc.
(9) The debtors included in this segment are: NTELOS Inc., & R&B
Communications, Inc. (R&B Holding Company operations).
(10) This segment contains intercompany eliminations only.
NTELOS Inc. (Debtor-in-possession)
Cash Flow Exhibit
Amounts in 000's
May 1-31, 2003 June 1-30,2003 July 1-31, 2003
-----------------------------------------------------------
OPERATIVE INFLOWS
Horizon $3,000 $3,172 $3,153
AT&T 455 602 457
Customer Receipts 24,408 22,069 24,714
-----------------------------------------------------------
TOTAL INFLOWS 27,863 25,843 28,325
-----------------------------------------------------------
OPERATIVE OUTFLOWS
Cost of Sales-Handsets (3,119) (3,319) (4,264)
Advertising & Marketing (885) (837) (879)
Rent/Cell Site (1,471) (1,737) (1,376)
Salaries & Benefits (5,294) (5,792) (5,080)
Operating Taxes (2,106) (1,852) (1,407)
Other Expenses (5,858) (6,073) (7,673)
-----------------------------------------------------------
TOTAL OUTFLOWS (18,732) (19,611) (20,679)
-----------------------------------------------------------
FINANCIAL & ADVISOR EXPENSES
Interest LTD (1,884) (1,857) (1,706)
JLL 0 0 (450)
FCC 0 0 (1,198)
RUS/RTB 0 (323) (83)
Debt Fees (27) (15) 0
Senior Credit Facility 0 (250) 0
Advisor & Bank Fees (559) (1,161) (709)
-----------------------------------------------------------
TOTAL FINANCIAL & ADVISOR EXPENSES (2,470) (3,606) (4,146)
-----------------------------------------------------------
OPERATING CASH FLOW BEFORE CAP EX 6,660 2,626 3,499
TOTAL CAP EX (3,551) (5,633) (3,845)
-----------------------------------------------------------
OPERATING CASH FLOW 3,109 (3,007) (346)
INITIAL CASH BALANCE 25,538 28,647 25,640
-----------------------------------------------------------
ENDING CASH BALANCE 28,647 25,640 25,295
Deposits in transit & other reconciling items 1,377 781 570
-----------------------------------------------------------
Balance per Financial Statements $30,024 $26,421 $25,865
===========================================================
- -------------------------------------------
CASE NAME: NTELOS Inc. et al. ACCRUAL BASIS-4
- -------------------------------------------
CASE NUMBER: 03-32094-DOT 31-Jul-03
- -------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
5/31/2003 6/30/2003 7/31/2003
SCHEDULE -------------------------------------------------
ACCOUNTS RECEIVABLE AGING AMOUNT
- -----------------------------------------------------------------------------------------------------------------------
1. 0-30 $ 21,640,621 $ 21,927,182 $ 22,455,402
- -----------------------------------------------------------------------------------------------------------------------
2. 31-60 10,299,284 10,746,153 10,772,406
- -----------------------------------------------------------------------------------------------------------------------
3. 61-90 2,244,668 2,593,150 2,410,132
- -----------------------------------------------------------------------------------------------------------------------
4. 91+ 21,335,833 17,297,852 18,338,761
- -----------------------------------------------------------------------------------------------------------------------
5. TOTAL ACCOUNTS RECEIVABLE 33,190,045 55,520,407 52,564,338 53,976,701
- -----------------------------------------------------------------------------------------------------------------------
6. AMOUNT CONSIDERED UNCOLLECTIBLE 22,321,530 22,075,415 26,316,103
- -----------------------------------------------------------------------------------------------------------------------
7. ACCOUNTS RECEIVABLE (NET) $ 33,190,045 $ 33,198,877 $ 30,488,924 $ 27,660,598
- -----------------------------------------------------------------------------------------------------------------------
NTELOS Inc.
Cautionary Statement
The Company cautions readers not to place undue reliance upon the information
contained herein. The Monthly Operating Report ("Operating Report") contains
unaudited information, and is in a format prescribed by the applicable
bankruptcy laws. There can be no assurance that the Operating Report is
complete. The Operating Report also contains information for a period which is
shorter than those contained in the Company's reports pursuant to the Securities
Exchange Act of 1934, as amended ("Exchange Act"). The information contained in
the Operating Report might not be indicative of the Company's financial
condition or operating results for the period that would be reflected in the
Company's financial statements. Results set forth in the Operating Report should
not be viewed as indicative of future results.
Moreover, the Operating Report and other communications from the Company may
include forward-looking statements subject to various assumptions regarding the
Company's operating performance that may not be realized and are subject to
significant business, economic and competitive uncertainties and contingencies,
including those described in this report, many of which are beyond the Company's
control. Consequently, such matters should not be regarded as a representation
or warranty by the Company that such matters will be realized or are indicative
of the Company's financial condition or operating results for future periods or
the periods covered in the Company's reports pursuant to the Exchange Act.
Actual results for such periods may differ materially from the information
contained in the Operating Report and the Company undertakes no obligation to
update or revise the Operating Report.
The Operating Report, as well as other statements made by representatives of the
Company, may contain "forward-looking statements" concerning the Company's
future expectations, financial and operating projections, plans, strategies and
the trading market for its securities. Forward-looking statements made by the
Company are based on a number of assumptions, estimates and projections. These
statements are not guarantees of future performance and involve risks and
uncertainties, including those relating to (i) the impact of the bankruptcy
filing on the Company's business, (ii) the interest of market makers and others
in maintaining an active market for the Company's securities, (iii) the
Company's ability to operate under debtor-in-possession financing, (iv) the
Company's ability to consummate a plan of reorganization, (v) the Company's
ability to maintain vendor, lessor and customer relationships while in
bankruptcy, (vi) the additional expenses associated with bankruptcy as well as
the possibility of unanticipated expenses, and (vii) market conditions and
competition in the communications industry generally and those set forth in
documents filed by the Company with the Securities and Exchange Commission, and
any significant deviations from these assumptions could cause actual results,
performance or achievements of the Company to differ materially from those
expressed or implied by such forward-looking statements. The Company undertakes
no obligation to revise or update such forward-looking statements to reflect
current events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.