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FiberTower 10q (www.chapter11cases.com)

FiberTower 10q (www.chapter11cases.com)

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Published by: Chapter 11 Dockets on Jul 18, 2012
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Table of Contents
 
UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
FORM 10-Q
 
 
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
for the quarterly period ended June 30, 2011
 
 
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
for the transition period from toCommission File Number 000-21091
 
FIBERTOWER CORPORATION
 
(Exact name of registrant as specified in its charter)
 
185 Berry Street
 
Suite 4800
 
San Francisco, CA 94107
 
(Address of principal executive offices)
 
(415) 659-3500
 
(Registrant’s telephone number, including area code)
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes
No
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, everyInteractive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes
No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes
No
 
Indicate the number of shares outstanding of each of the registrant’s classes of common stock as of the latest practicable date: Theregistrant had 49,779,329 shares of its common stock outstanding as of July 29, 2011.
 
Delaware
 
52-1869023
 
(State or other jurisdiction
 
(I.R.S. Employer 
 
of incorporation or organization)
 
Identification No.)
 
Large accelerated filer 
 
Accelerated filer 
 
 Non-accelerated filer 
 
Smaller reporting company
(Do not check if a smaller reporting company)
 
 
Table of Contents
 
FIBERTOWER CORPORATION
 
INDEX
 
2
 
Page
 
PART I. FINANCIAL INFORMATION
 
Item 1.
 
Financial Statements (unaudited)
 
3 Condensed Consolidated Balance Sheets
 
3 Condensed Consolidated Statements of Operations4 Condensed Consolidated Statements of Cash Flows5  Notes to Condensed Consolidated Financial Statements6 Item 2.
 
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
15 Item 3.
 
Quantitative and Qualitative Disclosures about Market Risk 26 Item 4.
 
Controls and Procedures
 
26 
PART II. OTHER INFORMATION
 
Item 1.
 
Legal Proceedings
 
26 Item 1A.
 
Risk Factors
 
26 Item 2.
 
Unregistered Sales of Equity Securities and Use of Proceeds27 Item 3.
 
Defaults Upon Senior Securities
 
27 Item 4.
 
(Removed and Reserved)
 
27 Item 5.
 
Other Information
 
27 Item 6.
 
Exhibits
 
27 Signatures
 
28 Exhibit Index
 
29
 
Table of Contents
 
 ITEM 1. FINANCIAL STATEMENTS
 
FIBERTOWER CORPORATION
 
Condensed Consolidated Balance Sheets
 
(In thousands, except par value)
 
See accompanying notes.
 
3
 
June 30, 2011
 
December 31, 2010
 
(Unaudited)
 
Assets:
 
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
 
30,63539,684Restricted 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
 
Liabilities and Stockholders’ Equity:
 
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
 
1,4632,118Current 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
 
5,6625,281Accrued restructuring costs, net of current portion
 
273
 
539
 
Obligation under capital lease, net of current portion3,2803,687Long-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 issuedand 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

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