NII Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Announces Asset Impairment Charges for the First Quarter Ended March 31, 2018; Provides Earnings Guidance for the Year 2018
May 08, 2018 at 07:00 am EDT
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NII Holdings Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported operating revenues of $181.0 million compared with $251.0 million a year ago. Operating loss was $14.5 million compared with $79.8 million a year ago. Loss from continuing operations before reorganization items and income tax was $43.2 million compared with $92.7 million a year ago. Net loss from continuing operations was $43.2 million or $0.43 per basic and diluted share compared with $92.7 million or $0.92 per basic and diluted share a year ago. Net loss attributable to the company was $31.7 million or $0.43 per basic and diluted share compared with $92.7 million or $0.92 per basic and diluted share a year ago. Net cash used in operating activities was $44.7 million compared with $44.6 million a year ago. Adjusted operating loss before depreciation and amortization was $7.9 million compared with income of $5.1 million for the same period a year ago. Capital expenditures were $8 million for the quarter. In terms of cash burn before debt service, for the quarter, the company spent $58 million from a combination of cash CapEx, value-added taxes, working capital and judicial deposits, including a $10 million deposit related to a tax case.
For the quarter, the company reported asset impairment charges of $0.7 million compared with $68.3 million for the same period a year ago.
For the year 2018, the company continues to expect adjusted OIBDA to be moderately better than 2017 but still negative.
NII Holdings Inc is a United States-based company. The Company provided wireless communication services under the Nextel brand in Latin America. The Company has no active operations and intends to dissolve.
NII Holdings, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Announces Asset Impairment Charges for the First Quarter Ended March 31, 2018; Provides Earnings Guidance for the Year 2018