Dobson Communication Corporation(dcel)

[adolar]

Mai i contadini non telefonano più?
Overview of the company
Dobson Communications is a provider of rural and suburban telephone services, utilizing a relationship with AT&T Wireless Services to offer cellular services to approximately 654K subscribers. For the 9 mos. ended 9/03, total revenues rose 23% to $515.8M. Net income from cont. ops. before acct. change applic. to Common totaled $186.6M vs. a loss of $150.4M. Results reflects higher subscriber base & the absence of loss from investment in joint venture.
Get DCEL's latest analyst recommendation.

P/E (TTM) 1.80 N/A (ma è vero?)
P/E - 5 year average (monthly intervals) N/A N/A
Price/Sales (TTM) 0.61 -4.52%
Price/Book (MRQ) 2.99 N/A
Price/Cash Flow (TTM) 1.31 N/A

 

[adolar]

in compenso ha un sacco di debiti long term(molto sensibile quindi agli aumenti dei tassi)
E Ratio (TTM) 1.80 28.10 29.46 25.27
P/E High - Last 5 Years N/A 37.25 48.66 47.55
P/E Low - Last 5 Years N/A 10.19 16.04 16.02
Price to Tangible Book (MRQ) N/A N/A N/A N/A
Price to Book (MRQ) 2.99 2.85 4.05 4.47
Price to Sales (TTM) 0.61 2.05 2.90 3.54
Price to Cash Flow (TTM) 1.31 7.15 17.62 18.81
Price to Free Cash Flow (TTM) 3.97 17.15 34.40 31.26
% Owned Institutions 69.44 N/A N/A N/A


Profitability table. Profitability DCEL Industry Sector S&P 500
% Gross Margin (TTM) 69.57 60.77 43.58 47.41
% Gross Margin - 5 Year Average 66.00 51.57 41.80 46.97
% EBITD Margin (TTM) 42.22 31.81 22.03 20.20
% EBITD Margin - 5 Year Average 38.24 31.34 21.83 20.47
% Operating Margin (TTM) 27.15 12.99 12.60 20.14
% Operating Margin - 5 Year Average 9.39 12.65 10.80 18.12
% Pre-Tax Margin (TTM) 6.89 11.44 10.80 17.22
% Pre-Tax Margin - 5 Year Average -26.80 9.51 10.72 17.33
% Net Profit Margin (TTM) 3.23 6.95 7.27 12.79
% Net Profit Margin - 5 Year Average -18.85 3.97 7.83 11.43
% Effective Tax Rate (TTM) 53.04 29.56 31.89 30.91
% Effective Tax Rate - 5 Year Average N/A 36.19 36.22 34.09
% Return on Equity (TTM) N/A 13.30 13.95 18.74
% Interest Coverage (TTM) 1.59 3.40 8.06 13.37


Financial strength table. Financial strength DCEL Industry Sector S&P 500
Quick ratio (MRQ) 1.46 1.01 0.91 1.27
Current ratio (MRQ) 1.65 1.21 1.46 1.78
Long term debt to equity (MRQ) 11.45 0.91 0.76 0.72 (altissimo)
Total debt to equity (MRQ) 11.46 1.04 0.85 0.89

 

[van]

Peccato.. i debiti sono davvero tanti...

 

[adolar]

infatti moody taglia il rating del debito a livello junk bond. prospettive insoddisfacenti per il 2004
March 2004, 11:14am ET

Mentioned Last Change
DCEL 4.06 0.05dollars or (1.21%)
NEW YORK, March 3 (Reuters) - Moody's Investors Service on Wednesday cut Dobson Communications Corp.'s (NASDAQCEL) debt ratings deeper into junk, citing the rural wireless telephone company's poor fourth-quarter results and weak earnings outlook for 2004.

Moody's cut Dobson's senior unsecured debt rating to Caa1 from B3. The longer-term outlook for the company's ratings is negative, Moody's said.

The cuts affect $2.8 billion of debt, credit facilities, and preferred stock.

 

[adolar]

graficamente ha fatto un tonfo mica male, ma a questi livelli ci sono più linee di supporto annuale

 

[adolar]

infatti su questa base uno strong buy(1 marzo
StockPickReport.Com research suggests DCEL's price will move significantly higher than the "open price" the day this rating was initiated. This analysis is based on short-term stochastic and "relative strength" indicators. Both stochastic and "relative strength" indicators point to a move up. Investors, traders, and other market participants may find this a good opportunity to buy DCEL, "buy calls", or "sell puts". This may also be an opportunity to raise targets and stop/losses to allow for potential gains. Trading volume seems to be falling and DCEL's closing price moved up during the week before this rating was initiated.

Company Information:
Dobson Communications Corporation
14201 Wireless Way
Oklahoma City, Oklahoma 73134

 

[adolar]

ecco un triennale
Dentro un canale ribassista che ha come pnto di arrivo 2,5. A quel livello il p\e sarebbe ampiamente negativo

 

[beppeper]

mi piace mi ricorda als che nessuno la voleva 1 ,80 poi e' finita a 3 in pochi giorni .......

ma perche' era crollata?

 

[adolar]

Scritto da beppeper
mi piace mi ricorda als che nessuno la voleva 1 ,80 poi e' finita a 3 in pochi giorni .......

ma perche' era crollata?

di als non so . Qui parlano di outlook deludente. Anche le prospettive sui tassi dovrebbe influire non poco Ma un p\e così basso è a livello bancarotta

 

[adolar]

ci sono due elementi negativi che influiscono.
1) A seguito di alcune sentenze gli operatori locali potranno alzare le tariffe di leasing delle loro infrastrutture nei confronti delle piccole compagnie che non le possiedono.
2) Occorre verificare la consistenza degli earning perchè forse influiscono molto le poste fiscali.

Telecommunications operators that lease network capacity from local phone companies may see higher costs as a result of a federal appeals court ruling Tuesday.

 

[adolar]

ulteriore crollo. La cosa si fa interessante, magari siritorna al supporto 2,5

 

[adolar]

ritorna a 4

 

[adolar]

chiude a 4. Vediamo se adesso fanno rimbalzare il titolo. I volumi non incoraggiano

 

[adolar]

non so che accidenti abbia, comunque a questi livelli è graficamente interessante. P\E 1,27

 

[adolar]

il problema è l'indebitamento considerevolmente alto rispetto alla media del settore, tutto a lungo termine
ratio (MRQ) 1.46 1.02 0.94 1.27
Current ratio (MRQ) 1.65 1.23 1.48 1.77
Long term debt to equity (MRQ) 11.45 0.84 0.73 0.68
Total debt to equity (MRQ) 11.46 0.95 0.82 0.85

 

[adolar]

gli istituzionali sono parecchio dentro al titolo, ma la famiglia ha ridotto la quota di partecipazione recentemente
DOBSON CC LIMITED PARTNERSHIP sold 120,121 16 May 2003 21,066,540

 

[adolar]

sta trovando acquirenti +3,87% 2,95

 

[adolar]

sempre agli stessi livelli da 3 mesi O sale parecchio o fallisce. E' il sesto gestore cellulare USA P\E 1.74 trimestrale

 

[adolar]

Company to Discuss Reduced 2004 Expectations at Investors Conference
OKLAHOMA CITY, Feb. 17, 2004 -- Dobson Communications Corporation (NasdaqCEL) ("Dobson") today reported operating income of $48.6 million for the fourth quarter ended December 31, 2003, an increase of 33 percent over operating income of $36.6 million for the same quarter last year.

The Company reported a net loss of $68.4 million for the period, compared with net income of $8.3 million for the fourth quarter of 2002.

Dobson reported a net loss applicable to common shareholders of $70.3 million, or $0.53 per share, for the fourth quarter of 2003 (Table 1). The average of total shares outstanding for the fourth quarter of 2003 was approximately 133.7 million. For the fourth quarter of 2002, Dobson recorded net income applicable to common shareholders of $25.6 million, or $0.28 per share, based on approximately 90.1 million average shares outstanding.

In accordance with GAAP, these totals reflect Dobson's 100 percent ownership in American Cellular from August 19, 2003. Results for prior periods reflect Dobson's 50 percent ownership of American Cellular, showing the subsidiary's results as "Loss from investment in joint venture." Complete results for American Cellular for all relevant periods are reflected in Table 5.

Dobson's 2003 results include the operations of the Anchorage Metropolitan Service Area (MSA) and Alaska Rural Service Area (RSA) 2 from their date of acquisition on June 17, 2003, and not for the fourth quarter of 2002. Dobson acquired them in exchange for its Santa Cruz MSA and California RSA 4 properties.

Dobson's fourth quarter net loss applicable to common shareholders included:



-- A $24.2 million loss from the extinguishment of debt, related
to the redemption in the fourth quarter of Dobson/Sygnet
Communications Corporation notes and the termination of the
Dobson/Sygnet credit facility, which was replaced by a new
credit facility;

-- A $26.8 million loss related to the repurchase of preferred
stock in the quarter;

-- $12.7 million in cash and non-cash dividends on mandatorily
redeemable preferred stock; and

-- A $596,100 loss from discontinued operations, net of taxes,
and a $12.7 million loss on disposal of discontinued operations,
net of taxes, both related to the Company's pending swap of its
Maryland RSA 2 property for the Michigan RSA 5 property owned
by Cingular Wireless. Beginning with the fourth quarter of 2003,
the results of the Maryland RSA 2 property are listed as
discontinued operations for the quarter and prior periods.
Results of operations for Michigan RSA 5 will be included in
Dobson's operating results in the quarter when the swap
transaction is completed, which the Company expects in the
first quarter of 2004. And

-- $1.9 million in dividends on preferred stock, related to Dobson's
newly issued Series F convertible preferred stock.

Discontinued Operations

Footnote 2 of Table 1 reflects the operating results from discontinued operations in greater detail.

Operating results from discontinued operations for the full year 2003 include the results of the two California properties from January 1 until they were disposed June 17, 2003, and results for Maryland RSA 2 for the 12 months. The total of $33.8 million in EBITDA includes approximately $18.0 million in EBITDA from the California properties and approximately $15.8 million from Maryland RSA 2.

Fourth Quarter 2002 Results

Dobson reported net income applicable to common shareholders of $25.6 million for the fourth quarter of 2002, which included $4.9 million in other expense, net of taxes, primarily related to the write-off of the remaining costs related to Dobson's participation in FCC Auction 35; and $5.9 million in income from discontinued operations, relating to the California and Maryland properties mentioned above.

Also included were $22.8 million in dividends on preferred stock and a $40.1 million gain that represented the excess of liquidation preference amount over the repurchase price of preferred stock in the fourth quarter last year.

Revenue and EBITDA

Dobson reported total revenue for the fourth quarter of 2003 of $250.3 million, of which $185.7 million, or 74.2 percent, was service revenue generated by Dobson's subscribers. Roaming revenue in the fourth quarter was $56.1 million, or 22.4 percent of total revenue.

As noted above, Dobson acquired 100 percent ownership in American Cellular in August 2003. For more detail on revenue and expenses at the Dobson Cellular and American Cellular subsidiaries, please see Tables 4 and 5.

Dobson reported $94.2 million in EBITDA for the fourth quarter of 2003, compared with $55.7 million for the fourth quarter of 2002.

EBITDA was lower than expected in the fourth quarter of 2003. The Company attributed this decline to:



-- The decline in roaming revenue in Dobson's total revenue mix,
due to slower growth in roaming MOUs overall, particularly with
AT&T Wireless (NYSE:AWE), which is Dobson's largest roaming
customer.

-- General and administrative expenses in the fourth quarter of
2003 were increased by approximately $4 million, which the
Company related to higher bad debt expense, higher billing
costs during the transition to a new billing system, the
incremental costs of a transition services agreement with AT&T
Wireless for Dobson's new Alaska properties in October and
November, and an increased property tax assessment in Kentucky,
due to changes in the manner in which valuations are determined.

Dobson's two subsidiaries, Dobson Cellular Systems and American Cellular, reported a combined gain of only 3 percent in roaming MOUs for the fourth quarter, to a combined total of approximately 327 million MOUs, compared with a combined total of in the fourth quarter of 2002 of approximately 316 million MOUs.

The subsidiaries' combined roaming yield per MOU for the most recent quarter declined 32 percent to approximately $0.17, compared with $0.25 per minute for the same quarter last year.

Under Dobson's current roaming agreements with Cingular Wireless and AT&T Wireless, the roaming rates that Dobson receives have been reduced in 2002 and 2003, as have been the off-network roaming rates that Dobson pays to its roaming partners. The reduction in Dobson's off-network roaming rates has enabled the Company to significantly reduce cash cost per user over the past two years.

Dobson Communications generated approximately 89,100 gross subscriber additions (postpaid) for the fourth quarter of 2003. Total net subscriber additions for the quarter were 14,400, reflecting postpaid customer churn of 1.9 percent.

As previously announced, Dobson adjusted its subscriber base by a negative 4,900 subscribers at the end of the quarter, increasing its postpaid subscribers in Alaska by approximately 1,700, and reducing the number of prepaid subscribers by approximately 6,600. Dobson's year-end 2003 total of 1,552,100 subscribers also reflected the removal of 36,300 subscribers in MD RSA 2 (discontinued) from the Company's base.

Results for Fiscal 2003

For the year ended December 31, 2003, Dobson reported service revenue of $505.9 million, roaming revenue of $201.2 million, and total revenue of $735.8 million (Table 1). As noted above, prior to August 19, 2003, Dobson was a 50-percent owner of American Cellular.

For the year, the Company reported a net loss of approximately $24.0 million, and net income applicable to common shareholders of $151.0 million, or $1.38 per share on a fully diluted basis. Net income applicable to common shareholders included:



-- A $52.3 million loss from extinguishments of debt;

-- A $218.3 million gain on the repurchases of preferred stock
before July 1, when the Company adopted SFAS 150, and a $26.8
million loss from redemption of preferred stock, related to
stock redeemed after July 1;

-- $43.3 million in dividends on preferred stock, paid on
mandatorily redeemable preferred stock before July 1 and paid
on the Series F preferred stock since inception, and $30.6
million in dividends on mandatorily redeemable preferred stock,
paid after July 1; and

-- $11.9 million in income from discontinued operations and a
$14.8 million gain from disposal of discontinued operations,
both net of taxes.

For 2002, Dobson reported a net loss of $166.5 million and a net loss applicable to common shareholders of $190.6 million, or $2.10 per share.

Capital Expenditures and Balance Sheet

Capital expenditures were approximately $45.4 million in the Dobson Cellular markets and $12.6 million in the American Cellular markets in the fourth quarter, bringing full-year capital expenditures to approximately $199.9 million for the two entities combined. Capital expenditures of $4.7 million in MD RSA 2 in 2003 are not included in these totals.

As of January 31, 2004, the Company had overlaid approximately 786 of its 1,727 total cell sites with GSM/GPRS/EDGE hardware, compared with approximately 625 at year-end 2003. The Company is on schedule and budget to have overlaid all of its cell sites in the Continental United States with the new technology by the end of March 2004; to overlay its Alaska properties in the second quarter of 2004; and to upgrade its data service capabilities with EDGE software in the second quarter of 2004.

The Company ended the year with approximately $208 million in cash and cash equivalents, approximately $2.4 billion in total debt, and approximately $376 million in preferred stock obligations (Table 2).

Investors Conference

Dobson plans to hold its 2004 Investors' Conference at The Waldorf-Astoria in New York City, beginning at 8:30 a.m. ET on Wednesday, February 18, 2004. Investors will also be able to listen by phone or via web-cast on Dobson's web site at www.dobson.net. The PowerPoint presentation for the Investors Conference will also be available on Dobson web site.

At the meeting, the Company expects to reduce significantly its EBITDA guidance for 2004, based on updated, reduced estimates of roaming revenue in 2004 and additional data on revenue and expenses. The Company also intends to review fourth quarter 2003 results and to provide a general overview of expectations for 2005 and beyond.

 

[adolar]

Those interested may access the call by dialing:
Conference call (800) 289-0436
Pass code 753890

A replay of the call will be available later in the day via
Dobson's web site or by phone.
Replay (888) 203-1112
Pass code 753890
The replay will be available by phone for two weeks.

Dobson Communications is a leading provider of wireless phone services to rural and suburban markets in the United States. Headquartered in Oklahoma City, the rapidly growing Company owns wireless operations in 16 states. For additional information on the Company and its operations, please visit its web site at www.dobson.net

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements regarding the Company's plans, intentions and expectations. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, but are not limited to, increased levels of competition; shortages of key equipment; further declines in roaming MOUs; restrictions on the Company's ability to finance its growth; and other factors. A more extensive discussion of the risk factors that could impact these areas and the Company's overall business and financial performance can be found in the Company's reports and other filings filed with the Securities and Exchange Commission. Given these concerns, investors and analysts should not place undue reliance on forward-looking statements.



Table 1
Dobson Communications Corporation
Statements of Operations

Three Months Ended Year Ended
December 31, December 31,
2003 2002 2003 2002
------------ ----------- ------------ -----------
($ in thousands except per share data)
Operating Revenue (unaudited)
Service
revenue $ 185,708 $ 81,828 $ 505,860 $ 323,116
Roaming revenue 56,132 44,672 201,199 176,150
Equipment & other
revenue 8,475 4,194 28,695 17,504
------------ ----------- ------------ -----------
Total 250,315 130,694 735,754 516,770
------------ ----------- ------------ -----------
Operating Expenses
(excluding
depreciation &
amortization)
Cost of service 59,463 33,291 173,436 138,240
Cost of
equipment 21,752 9,916 56,612 40,331
Marketing &
selling 30,747 14,659 79,547 61,581
General &
administrative 44,192 17,146 106,108 66,473
------------ ----------- ------------ -----------
Total 156,154 75,012 415,703 306,625
------------ ----------- ------------ -----------
EBITDA (1) 94,161 55,682 320,051 210,145
Depreciation &
amortization (45,560) (19,120) (119,424) (75,181)
------------ ----------- ------------ -----------
Operating income 48,601 36,562 200,627 134,964
Minority interest (1,291) (1,652) (6,541) (6,521)
Loss from
investment in
joint venture -- -- -- (184,381)
Interest expense (52,957) (25,609) (138,148) (108,331)
(Loss) gain from
extinguishment
of debt (24,175) (435) (52,277) 2,202
Loss from
redemption of
preferred stock (26,777) -- (26,777) --
Dividends on
mandatorily
redeemable
preferred stock (12,735) -- (30,568) --
Other (expense)
income, net 1,530 (4,938) 3,829 (1,636)
------------ ----------- ------------ -----------
Income (loss)
before income
taxes (67,804) 3,928 (49,855) (163,703)
Income tax
(expense)
benefit 12,751 (1,498) (845) 52,177
------------ ----------- ------------ -----------
Income (loss)
from continuing
operations (55,053) 2,430 (50,700) (111,526)
Discontinued
operations:
Income from
discontinued
operations, net
of taxes(2) (596) 5,893 11,945 24,454
Loss from
discontinued
operations from
investment in
joint venture -- -- -- (327)
Gain from disposal
of discontinued
operations, net
of taxes (12,729) -- 14,786 88,315
Gain from disposal
of discontinued
operations from
investment in
joint venture -- -- -- 6,736
------------ ----------- ------------ -----------
Income (loss)
before cumulative
effect of change
in accounting
principle (68,378) 8,323 (23,969) 7,652
Cumulative
effect
of change in
accounting
principle, net
of taxes -- -- -- (33,294)
Cumulative
effect
of change in
accounting
principle from
investment in
joint venture -- -- -- (140,820)
------------ ----------- ------------ -----------
Net Income (loss) (68,378) 8,323 (23,969) (166,462)
Dividends on
preferred stock (1,879) (22,838) (43,300) (94,451)
Gain on re-
demption of
preferred stock -- 40,092 218,310 70,323
------------ ----------- ------------ -----------
Net (loss) Income
applicable to
common
shareholders $ (70,257) $ 25,577 $ 151,041 $ (190,590)
============ =========== ============ ===========
Basic net (loss)
income applicable
to common share-
holders per
common share:
Continuing
operations $ (0.41) $ 0.03 $ (0.48) $ (1.23)
Discontinued
operations (0.10) 0.06 0.25 1.31
Change in
accounting
principle -- -- -- (1.92)
Dividends on and
redemption of
preferred stock (0.02) 0.19 1.65 (0.26)
------------ ----------- ------------ -----------
Total basic net
(loss) income
applicable to
common
shareholders
per common
share $ (0.53) $ 0.28 $ 1.42 $ (2.10)
============ =========== ============ ===========
Basic weighted
average common
shares
outstanding 133,686,530 90,109,318 106,291,582 90,671,688
============ =========== ============ ===========
Total diluted net
(loss) income
applicable to
common share-
holders per
common share $ (0.53) $ 0.28 $ 1.38 $ (2.10)
============ =========== ============ ===========
Diluted weighted
average common
shares
outstanding 133,686,530 90,132,042 109,676,631 90,671,688
============ =========== ============ ===========


(1) EBITDA is defined as income (loss) from continuing operations
before interest income, interest expense, income taxes,
depreciation, amortization, impairment of goodwill, other income,
gain(loss) from extinguishment of debt, dividends on mandatorily
redeemable preferred stock and minority interests. We believe
that EBITDA provides meaningful additional information concerning
a company's operating results and its ability to service its
long-term debt and other fixed obligations and to fund its
continued growth. Many financial analysts consider EBITDA to be a
meaningful indicator of an entity's abilty to meet its future
financial obligations, and they consider growth in EBITDA to be
an indicator of future porfitability, especially in a
captial-intensive industry such as wireless telecommunications.
You should not construe EBITDA as an alternative to net income
(loss) as determined in accordance with GAAP, as an alternative
to cash flows from operating activities as determined in
accordance with GAAP or as a measure of liquidity. Because EBITDA
is not calculated in the same manner by all companies, it may not
be comparable to other similarly titled measures of other
companies.

(2) Operating results
from income Three Months Ended Year Ended
from discontinued December 31, December 31,
operations: 2003 2002 2003 2002
------- ------- ------- --------
Service revenue $ 4,224 $12,930 $31,649 $ 54,070
Roaming revenue 3,059 15,063 36,577 70,357
Equipment & other revenue 127 749 1,469 2,921
------- ------- ------- --------
Total operating revenue 7,410 28,742 69,695 127,348
------- ------- ------- --------
Cost of service 2,029 6,471 15,656 28,527
Cost of equipment 563 1,594 3,628 6,197
Marketing & selling 1,823 2,639 7,752 12,289
General & administrative 1,600 3,494 8,845 14,616
------- ------- ------- --------
Total operating
expenses (excluding
depreciation and
amortization) 6,015 14,198 35,881 61,629
------- ------- ------- --------
EBITDA 1,395 14,544 33,814 65,719
------- ------- ------- --------
Depreciation &
amortization (1,267) (2,789) (8,858) (12,813)
Interest expense & other (1,089) (2,250) (5,690) (13,467)
Income tax expense 365 (3,612) (7,321) (14,985)
------- ------- ------- --------
Income from discontinued
operations $ (596) $ 5,893 $11,945 $ 24,454
======= ======= ======= ========