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NextWave Wireless Files Fiscal Year 2011 Financial Results

NextWave Wireless Inc. (OTCQB: WAVE) today announced that it has filed its Annual Report on Form 10-K with the Securities and Exchange Commission for the fiscal year 2011, which ended December 31, 2011.

The Form 10-K is available on the Web site maintained by the Securities and Exchange Commission at www.sec.gov and on the NextWave Web site at www.nextwave.com under the heading - Financial Information - SEC Filings. The financial information accompanying this press release should be reviewed together with the Notes to Condensed Consolidated Financial Statements, Management’s Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors contained in the Form 10-K.

About NextWave Wireless

NextWave Wireless Inc. is a wireless technology company that manages and maintains worldwide wireless spectrum licenses.

Additional Information

This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. There can be no assurances that forward-looking statements will be achieved. Actual events or results could differ materially from the events or results predicted by such statements. Important factors that could cause actual events or results to differ materially are discussed in greater detail in the filings of NextWave with the Securities and Exchange Commission. All such documents are available through the SEC's website at www.sec.gov. NextWave makes no commitment to update any forward-looking statements in order to reflect subsequent changes in events or circumstances except as may be required pursuant to applicable law.

NEXTWAVE WIRELESS INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except par value data)

                   

December 31,

2011

January 1,

2011

ASSETS
Current assets:
Cash and cash equivalents

$

11,087

$ 42,528
Restricted cash 1,047 20
Marketable securities 10,000
Wireless spectrum licenses held for sale 6,535
Deferred financing costs, net 3,262
Prepaid expenses and other current assets 827 1,092
Current assets of discontinued operations   3,511     3,632  
Total current assets 26,472 57,069
Wireless spectrum licenses, net 435,522 437,781
Property and equipment, net 1,313 2,188
Other assets   362     115  
Total assets $ 463,669   $ 497,153  
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable $ 5 $ 947
Accrued expenses 2,328 3,427
Current portion of long-term obligations 142,019 784,649
Other current liabilities 10 1,272
Current liabilities of discontinued operations   172     515  
Total current liabilities 144,534 790,810
Deferred income tax liabilities 83,334 84,688
Long-term obligations, net of current portion   896,568     19,821  
Commitments and contingencies
Stockholders’ deficit:
Preferred stock, $0.001 par value; 25,000 shares authorized; 355 shares designated as Series A Senior Convertible Preferred Stock; no other shares issued or outstanding
Common stock, $0.007 par value; 57,143 shares authorized; 24,938 and 23,729 shares issued at December 31, 2011 and January 1, 2011, respectively; 24,938 and 23,510 shares outstanding at December 31, 2011 and January 1, 2011 175 166
Additional paid-in-capital 888,505 887,676
Accumulated other comprehensive income 21,805 21,116
Accumulated deficit   (1,571,252 )   (1,307,124 )
Total stockholders’ deficit   (660,767 )   (398,166 )
Total liabilities and stockholders’ deficit $ 463,669   $ 497,153  
 

NEXTWAVE WIRELESS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS

(in thousands, except per share data)

         
Years Ended

December 31,

2011

         

January 1,

2011

Operating expenses:
General and administrative $ 22,497 $ 28,768
Restructuring credits   (1,076 )   (581 )
Total operating expenses 21,421 28,187
Net gains on sales of wireless spectrum licenses   330     5,536  
Loss from operations   (21,091 )   (22,651 )
Other income (expense):
Interest income 59 573
Interest expense (248,317 ) (211,880 )
Gain on extinguishment of debt 37,988
Other income   1,249     13,827  
Total other expense, net   (247,009 )   (159,492 )
Loss from continuing operations before income taxes (268,100 ) (182,143 )
Income tax benefit   2,199     26,737  
Net loss from continuing operations   (265,901 )   (155,406 )
Income from discontinued operations before income taxes, net of gains on divestitures of discontinued operations of $2,257 and $78,360, respectively 2,792 52,832
Income tax provision   (1,019 )   (17,824 )
Net income from discontinued operations 1,773 35,008
Net loss attributed to noncontrolling interest in subsidiary       3,794  
Net income from discontinued operations attributed to NextWave   1,773     38,802  
Net loss attributed to NextWave $ (264,128 ) $ (116,604 )
Other comprehensive loss:
Net loss $ (264,128 ) $ (120,398 )
Foreign currency translation adjustment   689     6,339  
Total other comprehensive loss (263,439 ) (114,059 )
Comprehensive loss attributable to noncontrolling interest in subsidiary       4,134  
Other comprehensive loss attributed to NextWave $ (263,439 ) $ (109,925 )
Amounts attributed to NextWave common shares:
Net loss from continuing operations $ (265,901 ) $ (155,406 )
Net income from discontinued operations   1,773     38,802  
Net loss attributed to NextWave common shares $ (264,128 ) $ (116,604 )
Net income (loss) per share attributed to NextWave common shares – basic and diluted
Continuing operations $ (11.05 ) $ (6.41 )
Discontinued operations   0.07     1.60  
Net loss $ (10.98 ) $ (4.81 )
Weighted-average shares used in per share calculation 24,060 24,267
 

NEXTWAVE WIRELESS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

         
Years Ended

December 31,

2011

         

January 1,

2011

OPERATING ACTIVITIES
Net loss $ (264,128 ) $ (120,398 )
Net income from discontinued operations   1,773     35,008  
Net loss from continuing operations (265,901 ) (155,406 )
Adjustments to reconcile loss from continuing operations to net cash used in operating activities of continuing operations:
Amortization of intangible assets 7,567 7,716
Depreciation 875 534
Non-cash share-based compensation 738 1,078
Paid-in-kind interest 136,861 109,536
Amortization of deferred financing costs and discounts 111,468 102,054
Gain on extinguishment of debt (37,988 )
Gain on sales of wireless spectrum licenses (330 ) (5,536 )
Gains from changes in estimated fair values of embedded derivatives (1,261 ) (12,537 )
Deferred income tax benefit (2,199 ) (26,737 )
Other non-cash adjustments (1,042 ) 1,320
Changes in operating assets and liabilities:
Prepaid expenses and other current assets 275 (107 )
Other assets (279 ) (11 )
Accounts payable and accrued liabilities (2,041 ) (5,280 )
Other liabilities and deferred credits   78     (99 )
Net cash used in operating activities of continuing operations   (15,191 )   (21,463 )
INVESTING ACTIVITIES
Purchase of held-to-maturity marketable securities (15,000 )
Proceeds from the maturity of marketable securities 5,000
Proceeds from the sale of wireless spectrum licenses, net of selling costs 1,041 12,880
Proceeds from the sale of auction-rate securities 24,023
Payments for the purchase of property and equipment       (2,625 )
Net cash provided (used) by investing activities of continuing operations   (8,959 )   34,278  
FINANCING ACTIVITIES
Payments on long-term obligations (10,281 ) (124,138 )
Payments to restricted cash account used to redeem long-term obligations (1,026 )
Proceeds from long-term obligations 25,000
Proceeds from the sale of common shares   100     141  
Net cash used in financing activities of continuing operations   (11,207 )   (98,997 )
Cash provided (used) by discontinued operations:
Net cash provided (used) by operating activities of discontinued operations 119 (1,694 )
Net cash provided by investing activities of discontinued operations   3,809     110,666  
Net cash provided by discontinued operations 3,928 108,972
Effect of foreign currency exchange rate changes on cash   (77 )   (704 )
Net increase (decrease) in cash and cash equivalents (31,506 ) 22,086
Cash and cash equivalents, beginning of period   42,598     20,512  
Cash and cash equivalents, end of period 11,092 42,598
Less cash and cash equivalents of discontinued operations, end of period   (5 )   (70 )
Cash and cash equivalents of continuing operations, end of period $ 11,087   $ 42,528  

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