Exhibit 99.1
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: May 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/ Michael B. Moneymaker Senior VP & Chief Financial Officer
- ---------------------------------------------- -----------------------------------------
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE
Michael B. Moneymaker June 24, 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 Sheets/1/
(Amounts in thousands)
March 3, 2003 March 31, 2003 April 30, 2003 May 31, 2003
------------- -------------- -------------- ------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 17,215 $ 24,839 $ 26,487 $ 30,024
Accounts receivable 33,275 33,013 34,059 32,925
Inventories and supplies 2,161 2,039 1,858 2,050
Other receivables and deposits 4,928 3,049 3,079 3,043
Prepaid expenses and other 4,446 6,405 6,502 5,687
--------- --------- --------- ---------
62,025 69,345 71,985 73,729
--------- --------- --------- ---------
SECURITIES AND INVESTMENTS
Restricted investments 7,829 7,829 7,829 7,829
Other securities and investments 519 533 533 529
--------- --------- --------- ---------
8,348 8,362 8,362 8,358
--------- --------- --------- ---------
PROPERTY AND EQUIPMENT
In service 563,009 566,643 568,650 560,584
Under construction 17,201 16,828 17,072 15,999
--------- --------- --------- ---------
580,210 583,471 585,722 576,583
Less: Accumulated depreciation 149,142 153,315 156,305 156,959
--------- --------- --------- ---------
431,068 430,156 429,417 419,624
--------- --------- --------- ---------
OTHER ASSETS
Goodwill 86,016 86,016 86,016 86,016
Other intangible assets 1,810 1,793 1,775 1,432
Radio spectrum licenses in service 107,234 107,234 107,234 107,234
Other radio spectrum licenses 2,485 2,441 2,398 2,354
Radio spectrum licenses not in service 7,112 7,107 7,107 7,107
Deferred charges 18,925 4,917 4,816 4,782
Deferred income taxes 7,772 7,485 7,485 7,485
--------- --------- --------- ---------
Other Assets 231,354 216,993 216,831 216,410
--------- --------- --------- ---------
TOTAL ASSETS $ 732,795 $ 724,856 $ 726,595 $ 718,121
========= ========= ========= =========
/(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 Sheets/1/
(Amounts in thousands)
March 3, 2003 March 31, 2003 April 30, 2003 May 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 - 9,470 10,215 11,029
Advance payments - 9,365 9,460 9,860
Customer deposits - 2,015 2,111 2,075
Accrued payroll - 1,620 2,430 3,241
Accrued interest - 459 1,651 1,647
Deferred revenue - 1,106 1,153 1,157
Current income tax payable - 106 216 391
Other accrued liabilities - 1,877 3,520 4,781
---------- ----------- --------- ---------
Total Liabilities Not Subject to Compromise - 28,389 33,127 36,552
Liabilities Subject to Compromise 1,078,175 722,417 720,725 712,708
---------- ----------- --------- ---------
1,078,175 750,806 753,852 749,260
---------- ----------- --------- ---------
LONG-TERM LIABILITIES
Long-Term Liabilities Not Subject to Compromise
Long-term Debt 11,958 11,958 11,958 11,958
Other Long-Term Liabilities
Retirement benefits - 287 660 269
Long-term deferred liabilities - 21,473 21,339 21,367
---------- ----------- --------- ---------
11,958 33,718 33,957 33,594
Long-Term Liabilities Subject to Compromise - 40,916 40,769 40,731
---------- ----------- --------- ---------
11,958 74,634 74,726 74,325
---------- ----------- --------- ---------
MINORITY INTERESTS 523 503 503 503
Redeemable Convertible Preferred Stock Subject to Compromise - 298,246 298,246 298,246
SHAREHOLDERS' DEFICIT
Common Stock 182,380 182,380 182,380 182,380
Stock warrants 22,874 22,874 22,874 22,874
Accumulated deficit (547,749) (589,673) (591,072) (594,553)
Accumulated other comprehensive loss (15,366) (14,914) (14,914) (14,914)
---------- ----------- --------- ---------
(357,861) (399,333) (400,732) (404,213)
---------- ----------- --------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 732,795 $ 724,856 $ 726,595 $ 718,121
========== =========== ========= =========
/(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
2003
March** April May
Actual Actual Actual
----------------------------------------------
OPERATING REVENUE
Wireline Communications $ 7,901,269 $ 8,465,385 $ 8,553,274
Wireless Communications 14,437,809 16,511,389 16,310,521
Other Communication Services 467,668 529,474 422,989
==============================================
TOTAL OPERATING REVENUES 22,806,746 25,506,248 25,286,784*
OPERATING EXPENSES
Cost of sales 3,130,969 3,769,040 3,990,444
Access 1,894,470 1,841,867 1,857,919
Advertising, marketing and external relations 932,575 767,338 841,191
Retention 378,887 586,691 729,679
Cell site 1,204,564 1,324,219 1,347,816
Contracted services 223,335 218,919 223,504
Directory 66,740 73,952 74,974
Intercompany eliminations (522,315) (523,926) (523,926)*
Materials & supplies 176,182 450,370 26,482
Operating taxes 492,069 494,481 487,039
Postage & freight 122,361 142,312 176,804
Professional fees 124,896 236,881 282,365
Rent 406,317 480,870 553,918
Repairs & maintenance 284,467 104,736 353,065
Roamer administration 99,792 137,298 119,741
Salaries, wages & benefits -
Salaries & wages 3,083,359 3,712,369 3,706,489
Capitalized labor (503,055) (471,652) (544,664)
Benefits 901,815 1,146,955 1,138,543
MIP 221,299 604,694 361,766
Sal & wages - I/C svcs (510) (129) (229)
Selling expenses 1,036,231 1,292,933 1,138,675
Telephone - wireline & wireless 268,023 242,913 207,710
Recruiting, training and T&E 65,239 122,394 57,538
Utilities 73,554 124,820 86,213
Vehicle 89,650 72,782 29,299
Corporate and other 962,417 1,013,963 995,212
==============================================
TOTAL OPERATING EXPENSES 15,213,331 17,967,090 17,717,567
==============================================
EBITDA Before Allocations 7,593,415 7,539,158 7,569,217
Total Allocations (45,220) (42,844) (24,056)
----------------------------------------------
EBITDA Before Restructuring Charges 7,638,635 7,582,002 7,593,273
Operational and capital restructuring charges 334,338 - -
----------------------------------------------
EBITDA 7,304,297 7,582,002 7,593,273
OTHER INCOME/(EXPENSE)
Depreciation & amortization (6,558,804) (5,650,135) (7,028,178)
Accretion of asset retirement obligations (152,347) (54,715) (63,859)
Reorganization items (29,358,383) (1,070,259) (1,386,393)
Interest expense (1,830,917) (2,047,303) (2,348,032)
Other income/(expense) (104,643) (47,723) (139,505)
----------------------------------------------
TOTAL OTHER INCOME/(EXPENSE) (38,005,094) (8,870,135) (10,965,967)
LOSS FROM CONTINUING OPERATIONS
BEFORE INC TAXES, MINORITY INTERESTS &
CUMULATIVE EFFECT OF AN ACCOUNTING CHANGE (30,700,797) (1,288,133) (3,372,694)
Income taxes 165,013 110,000 109,000
Minority interests (20,523) - -
----------------------------------------------
LOSS BEFORE CUMULATIVE EFFECT OF AN
ACCOUNTING CHANGE (30,845,287) (1,398,133) (3,481,694)
----------------------------------------------
Cumulative effect of accounting change (2,753,405) - -
----------------------------------------------
NET LOSS BEFORE PREFERRED DIVIDEND (33,598,692) (1,398,133) (3,481,694)
Reorganization item - accretion of preferred stock 8,325,000 - -
----------------------------------------------
NET LOSS AVAILABLE TO COMMON OWNERS $ (41,923,692) $ (1,398,133) $ (3,481,694)
==============================================
*NOTE: The revenues reflected in this statement have been reduced by I/C revenue
eliminations of $.5 million for all periods presented. There is no EBITDA impact
from these eliminations.
**Represents the period March 4, 2003 through March 31, 2003.
NTELOS Inc. and Subsidiaries
AS REPORTED Consolidating Income Statement - Current Month
May 31, 2003
Consolidated Telephone /1/ Network /2/ CLEC /3/ Internet /4/
------------------------------------------------------------------------------
TOTAL OPERATING REVENUES $ 25,286,784 $ 4,500,542 $ 736,604 $ 2,336,487 $ 1,511,499
OPERATING EXPENSES
Cost of sales 3,990,444 - - - -
Access 1,857,919 99,276 30,395 901,475 374,465
Advertising, marketing & external relations 841,191 2,879 466 31,161 40,968
Retention 729,679 - - - -
Cell site 1,347,816 - - - -
Contracted services 223,504 33,731 11,117 3,162 -
Directory 74,974 74,872 - 102 -
Intercompany eliminations (523,926) - - - -
Materials & supplies 26,482 14,352 1,622 1,230 1,427
Operating taxes 487,039 59,216 14,628 36,649 18,011
Postage & freight 176,804 2,419 10 85 (27)
Professional fees 282,365 18,159 1,175 - -
Rent 553,918 106,732 28,085 19,632 4,533
Repairs & maintenance 353,065 28,226 31,431 6,183 31
Roamer administration 119,741 - - - -
Salaries, wages & benefits 4,662,134 1,266,386 8,891 99,124 36,145
Sal & wages - I/C svcs (229) (60,823) 32,187 40,014 (6,081)
Selling expenses 1,138,675 2,536 11,606 45,849 17,702
Telephone - wireline & wireless 207,710 34,363 12,984 2,223 1,293
Recruiting, training and T&E 57,538 34,143 39 1,856 883
Utilities 86,213 35,653 3,485 196 1,305
Vehicle 29,299 23,661 2,163 347 1,365
Corporate and other 995,212 50,247 1,452 10,110 6,208
------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 17,717,567 1,826,028 191,736 1,199,398 498,228
Total Allocations (24,056) (355,055) 141,446 391,460 332,605
EBITDA before restructuring charges 7,593,273 3,029,569 403,422 745,629 680,666
Corporate and operational restructuring charges - - - - -
EBITDA - 2003 7,593,273 3,029,569 403,422 745,629 680,666
Depreciation & amortization (7,028,178) (665,058) (283,315) (250,883) (267,447)
Accretion of asset retirement obligations (63,859) (944) (116) (2,875) -
Reorganization items (1,386,393) - - - -
Interest expense (2,348,032) (57,716) (30) (119) (54)
Other income/(expense) (139,505) 259,680 (141,668) (171,518) (81,690)
------------------------------------------------------------------------------
TOTAL OTHER INCOME/(EXPENSE) (10,965,967) (464,038) (425,129) (425,395) (349,191)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES, MINORITY INTERESTS &
CUMULATIVE EFFECT OF AN ACCTG CHANGE (3,372,694) 2,565,531 (21,707) 320,234 331,475
Income taxes 109,000 - - - -
Minority interests - - - - -
------------------------------------------------------------------------------
INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF
AN ACCOUNTING CHANGE (3,481,694) 2,565,531 (21,707) 320,234 331,475
------------------------------------------------------------------------------
Cumulative effect of an accounting change - - - - -
------------------------------------------------------------------------------
NET INCOME (LOSS) BEFORE PREFERRED DIVIDEND (3,481,694) 2,565,531 (21,707) 320,234 331,475
------------------------------------------------------------------------------
Redeemable preferred dividend - - - - -
------------------------------------------------------------------------------
NET INCOME (LOSS) AVAILABLE TO COMMON OWNERS $ (3,481,694) $ 2,565,531 $ (21,707) $ 320,234 $ 331,475
==============================================================================
Wrless PCS /5/ Other Wrls /6/ Paging /7/ Other /8/ Holding Co /9/ Elim's /10/
--------------------------------------------------------------------------------
TOTAL OPERATING REVENUES $ 16,320,290 $ - $ 88,213 $ 299,146 $ 17,929 $ (523,926)
OPERATING EXPENSES
Cost of sales 3,990,444 - - - - -
Access 441,279 - 10,029 1,000 - -
Advertising, marketing & external relations 749,252 (78) 3,197 242 13,104 -
Retention 717,770 11,909 - - - -
Cell site 1,334,847 - 7,530 5,439 - -
Contracted services 38,934 18,470 257 6,775 111,058 -
Directory - - - - - -
Intercompany eliminations - - - - - (523,926)
Materials & supplies 33,532 10,324 - 739 (36,744) -
Operating taxes 310,068 7,270 - 10,185 31,012 -
Postage & freight 17,980 24,690 - 61 131,586 -
Professional fees 167,749 - - 8,634 86,648 -
Rent 213,905 110,674 1,926 34,077 34,354 -
Repairs & maintenance 213,207 33,780 - 7,843 32,364 -
Roamer administration 106,348 13,393 - - - -
Salaries, wages & benefits 998,364 1,049,193 39 71,991 1,132,001 -
Sal & wages - I/C svcs 310 - 2,206 (7,281) (761) -
Selling expenses 1,014,148 31,368 286 15,500 (320) -
Telephone - wireline & wireless 49,573 (3,140) 823 5,762 103,829 -
Recruiting, training and T&E (4,274) 19,811 - (197) 5,277 -
Utilities 21,261 10,946 - 6,220 7,147 -
Vehicle 7,245 1,385 - 8,508 (15,375) -
Corporate and other 154,380 17,567 - 16,215 739,033 -
--------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 10,576,322 1,357,562 26,293 191,713 2,374,213 (523,926)
Total Allocations 2,120,323 (1,214,716) 24,902 65,117 (1,530,138) -
EBITDA before restructuring charges 3,623,645 (142,846) 37,018 42,316 (826,146) -
Corporate and operational restructuring charges - - - - - -
EBITDA - 2003 3,623,645 (142,846) 37,018 42,316 (826,146) -
Depreciation & amortization (5,183,730) (53,868) (3,457) (57,933) (262,487) -
Accretion of asset retirement obligations (46,577) (13,347) - - - -
Reorganization items - - - - (1,386,393) -
Interest expense (144,809) - - (20) (2,145,284) -
Other income/(expense) (2,399,963) (3,796,499) 2,239 7,390 6,182,524 -
--------------------------------------------------------------------------------
TOTAL OTHER INCOME/(EXPENSE) (7,775,079) (3,863,714) (1,218) (50,563) 2,388,360 -
NET INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES, MINORITY INTERESTS &
CUMULATIVE EFFECT OF AN ACCTG CHANGE (4,151,434) (4,006,560) 35,800 (8,247) 1,562,214 -
Income taxes 82,295 - - - 26,705 -
Minority interests - - - - - -
--------------------------------------------------------------------------------
INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF
AN ACCOUNTING CHANGE (4,233,729) (4,006,560) 35,800 (8,247) 1,535,509 -
--------------------------------------------------------------------------------
Cumulative effect of an accounting change - - - - - -
--------------------------------------------------------------------------------
NET INCOME (LOSS) BEFORE PREFERRED DIVIDEND (4,233,729) (4,006,560) 35,800 (8,247) 1,535,509 -
--------------------------------------------------------------------------------
Redeemable preferred dividend - - - - - -
--------------------------------------------------------------------------------
NET INCOME (LOSS) AVAILABLE TO COMMON OWNERS $ (4,233,729) $ (4,006,560) $ 35,800 $ (8,247) $ 1,535,509 $ -
================================================================================
/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
For the Period:
Mar 4-31, 2003 Apr 1-30, 2003 May 1-31, 2003
--------------------------------------------------
OPERATIVE INFLOWS
HORIZON $ 3,000 $ 3,000 $ 3,000
AT&T 452 480 455
CUSTOMER RECEIPTS 21,802 22,759 24,408
--------------------------------------------
TOTAL INFLOWS 25,254 26,239 27,863
--------------------------------------------
OPERATIVE OUTFLOWS
Cost of Sales-Handsets & Accessories (1,648) (2,345) (3,119)
Advertising & Marketing (67) (1,023) (885)
Rent/Cell Site (1,313) (1,548) (1,471)
Salaries & Benefits (4,049) (5,070) (5,294)
Operating Taxes (1,622) (1,375) (2,106)
Other (6,219) (6,588) (5,858)
--------------------------------------------
TOTAL OUTFLOWS (14,918) (17,948) (18,733)
--------------------------------------------
FINANCIAL AND ADVISOR EXPENSES
INTEREST LTD (1,710) (727) (1,884)
JLL 0 0 0
FCC 0 0 0
RUS/RTB 0 0 0
FEES (70) 0 (27)
DEBT REPAYMENT-SR. CREDIT FACILITY (250) 0 0
ADVISOR & BANK FEES (672) (257) (559)
--------------------------------------------
TOTAL FINANCIAL AND ADVISOR EXPENSES (2,702) (984) (2,470)
--------------------------------------------
OPERATING CASH FLOW BEFORE CAP EX 7,634 7,306 6,660
TOTAL CAP EX (125) (5,230) (3,551)
--------------------------------------------
OPERATING CASH FLOW 7,509 2,076 3,109
INITIAL CASH BALANCE 15,953 23,462 25,538
--------------------------------------------
ENDING CASH BALANCE 23,462 25,538 28,647
Deposits in Transit & other reconciling items 1,377 949 1,377
--------------------------------------------
Balance per Financial Statements $ 24,839 $ 26,487 $ 30,024
============================================
- -----------------------------------------
CASE NAME: NTELOS Inc. et al. ACCRUAL BASIS-4
- -----------------------------------------
CASE NUMBER03-32094-DOT
- -----------------------------------------
- ---------------------------------------------------------------------------------------------------------------
SCHEDULE
ACCOUNTS RECEIVABLE AGING AMOUNT 3/31/03 4/30/03 5/31/03
- ---------------------------------------------------------------------------------------------------------------
1. 0-30 $ 21,298,047 $ 23,211,543 $ 21,640,621
- ---------------------------------------------------------------------------------------------------------------
2. 31-60 10,980,597 10,242,037 10,299,284
- ---------------------------------------------------------------------------------------------------------------
3. 61-90 2,087,902 2,122,425 2,244,668
- ---------------------------------------------------------------------------------------------------------------
4. 91+ 19,498,038 20,277,509 21,335,833
- ---------------------------------------------------------------------------------------------------------------
5. TOTAL ACCOUNTS RECEIVABLE 33,190,045 53,864,584 55,853,514 55,520,407
- ---------------------------------------------------------------------------------------------------------------
6. AMOUNT CONSIDERED UNCOLLECTIBLE 20,621,728 21,499,954 22,321,530
- ---------------------------------------------------------------------------------------------------------------
7. ACCOUNTS RECEIVABLE (NET) $ 33,190,045 $ 33,242,856 $ 34,353,560 $ 33,198,877
- ---------------------------------------------------------------------------------------------------------------
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, including the Company's ability to
finalize the terms of a plan of reorganization acceptable to the Company's
senior noteholders and bank group. 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 develop, prosecute, confirm and 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.
Similarly, these and other factors, including the terms of any reorganization
plan ultimately confirmed, can affect the value of the Company's various
pre-petition liabilities and securities. At this time, it is not possible to
predict the final outcome of the bankruptcy proceedings.