Arch Wireless Inc. reported a third-quarter net loss of $66.2 million, or $1 per share, compared with $68.2 million, or $1.42 per share, reported for the last third-quarter period. Arch was expected to close its merger with Paging Network Inc. Nov. 10. Net revenues totaled $175.5 million, almost $1 million of which was generated from the recent launch of its Webster two-way messaging service. Earnings before interest, taxes, depreciation and amortization were $58.7 million. The company also reported net unit additions of 24,600, all two-way messaging subscribers.
Cell-Loc Inc. announced it ratified the appointment of independent auditors for the next fiscal year and adopted an amended stock option plan during its annual general meeting. The company’s shareholders elected all nominees to the board of directors, which includes seven outside directors and one inside director. During the meeting, the company’s president and chief executive officer Michel Fattouche said the company’s business plan is on track, its network in Austin, Texas, is working and the company is well financed.
Standard & Poor’s lowered its ratings on Metrocall Inc. The company’s corporate credit rating was lowered from a B to a B-, a $200 million bank loan was lowered from a B+ to a B-, and the company’s senior subordinated notes lowered from a C+ to a C. The downgrade reflects ongoing price and margin erosion in the company’s traditional one-way paging business and uncertain prospects for the company’s two-way messaging service.
SBA Communications Corp. reported revenues for the third quarter ended Sept. 30 of $45.4 million, an 85-percent increase from the $24.6 million in revenues reported for third-quarter 1999. The company experienced a net loss of $5.9 million, or 14 cents per share for the quarter, compared with a net loss of $8 million, or 28 cents per share, for the same period the previous year. “The third quarter was a very good one for SBA,” said Steven E. Bernstein, CEO of SBA. “Our skill sets and employee base continue to improve, as does our backlog of new tower builds, tower acquisitions, tenant leases and services business.”
