FiberTower CORP

CIK:0001010286|SEC Filings

Condensed Consolidated Statements of Operations (USD $) In Thousands, except Per Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Service revenues	$ 23,434	$ 18,388	$ 46,937	$ 36,211
Operating expenses:
Cost of service revenues (excluding depreciation and amortization)	19,017	15,205	35,172	29,202
Sales and marketing	649	1,130	1,347	2,149
General and administrative	3,409	4,610	8,812	9,707
Depreciation and amortization	8,380	7,038	16,395	13,409
Total operating expenses	31,455	27,983	61,726	54,467
Loss from operations	(8,021)	(9,595)	(14,789)	(18,256)
Other income (expense):
Interest expense	(3,398)	(3,486)	(6,781)	(6,848)
Miscellaneous income and expense, net	22	30	41	245
Total other expense, net	(3,376)	(3,456)	(6,740)	(6,603)
Loss before income taxes	(11,397)	(13,051)	(21,529)	(24,859)
Income tax provision	(107)		(109)
Net loss	$ (11,504)	$ (13,051)	$ (21,638)	$ (24,859)
Basic and diluted net loss per share attrbutable to common stockholders	$ (0.24)	$ (0.28)	$ (0.45)	$ (0.54)
Shares used in computing basic net loss per share (in shares)	46,101	45,692	45,968	45,648
Shares used in computing diluted net loss per share (in shares)	46,101	45,692	45,968	45,648

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Operating activities
Net loss	$ (21,638)	$ (24,859)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	16,395	13,409
Impairment of long-lived assets and other charges	3,358	976
Increase in carrying value of long-term debt	3,683	5,120
Stock-based compensation	2,228	1,782
Other	696	858
Net changes in operating assets and liabilities:
Accounts receivable, net	327	(1,156)
Prepaid expenses and other current assets	(60)	48
Other long-term assets	(457)	(360)
Accounts payable	(3,044)	2,551
Accrued compensation and related benefits	119	691
Accrued interest payable	45	1,705
Other accrued liabilities	(930)	(169)
Net cash provided by operating activities	722	596
Investing activities
Decrease (increase) in restricted cash and investments	1,729	(100)
Purchase of property and equipment	(11,312)	(8,979)
Net cash used for investing activities	(9,583)	(9,079)
Financing activities
Repurchases of common stock	(134)
Proceeds from exercise of stock options	52	7
Net cash (used for) provided by financing activities	(82)	7
Net decrease in cash and cash equivalents	(8,943)	(8,476)
Cash and cash equivalents at beginning of period	21,314	50,669
Cash and cash equivalents at end of period	12,371	42,193
Supplemental Disclosures
Cash paid for interest on Notes due 2016	1,756
Cash paid for interest on Notes due 2012	$ 1,353

Condensed Consolidated Balance Sheets (USD $) In Thousands	Jun. 30, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents	$ 12,371	$ 21,314
Restricted cash and investments, current portion	6,084	5,923
Accounts receivable, net of allowances of $53 and $43 at June 30, 2011 and December 31, 2010, respectively	10,119	10,446
Prepaid expenses and other current assets	2,061	2,001
Total current assets	30,635	39,684
Restricted cash and investments, net of current portion	2,177	4,067
Property and equipment, net	213,977	222,214
FCC licenses	287,495	287,495
Intangible and other long-term assets, net	5,235	5,010
Total assets	539,519	558,470
Current liabilities:
Accounts payable	5,102	8,146
Accrued compensation and related benefits	2,443	2,324
Accrued interest payable	2,137	2,092
Other accrued liabilities	1,463	2,118
Current portion of accrued restructuring costs	920	1,230
Current portion of obligation under capital lease	734	225
Total current liabilities	12,799	16,135
Other liabilities	1,455	1,138
Deferred rent	7,728	7,613
Asset retirement obligations	5,662	5,281
Accrued restructuring costs, net of current portion	273	539
Obligation under capital lease, net of current portion	3,280	3,687
Long-term debt	168,510	164,827
Deferred tax liability	71,904	71,904
Total liabilities	271,611	271,124
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value; 400,000 shares authorized, 49,783 and 49,985 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively	50	50
Additional paid-in capital	965,392	963,192
Accumulated deficit	(697,534)	(675,896)
Total stockholders' equity	267,908	287,346
Total liabilities and stockholders' equity	$ 539,519	$ 558,470