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.