NEW YORK-Centennial Cellular Corp. announced record results for the quarter ended Nov.
30.
Total revenue for the quarter was $87.2 million, up $28.6 million or 48.8 percent compared with revenue of
$58.6 million in the quarter ended Nov. 30, 1997.
The consolidated net income for the quarter was $688,000,
compared with a net loss of $9.7 million for the same quarter last year. After dividends payable on preferred stock, the
company’s loss per common share was 13 cents and 52 cents for the quarters ended Nov. 30, 1998, and 1997,
respectively.
Duff & Phelps Credit Rating Co. announced they removed the BB- rating of Centennial Cellular’s
existing senior unsecured notes from Rating Watch-Down. Concurrently, DCR said it assigned a B+ rating to
Centennial Cellular Operating Co. L.L.C.’s $1.05 billion senior secured credit facility. DCR also assigned a B- rating to
CCOC’s $370 million offering of 10.75 percent senior subordinated notes due 2008.
