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TheStreet Open House

Clearwire Reports First Quarter 2013 Results

Stocks in this article: CLWR

  • Q1 Total Revenues of $318.0 Million Increased 2% Sequentially, Down 1% Year Over Year
  • Retail Subscribers Up 8% Sequentially and 10% Year Over Year on Record Gross Additions
  • Approximately 1,300 TDD-LTE Sites Commissioned at Quarter-End; On Track to Meet 2,000 Site Milestone by End of June 2013

BELLEVUE, Wash., April 25, 2013 (GLOBE NEWSWIRE) -- Clearwire Corporation (Nasdaq:CLWR), a leading provider of 4G wireless broadband services in the U.S., today reported its financial and operating results for first quarter 2013.

"Our ongoing focus on driving our retail business cash contribution, controlling costs and maintaining liquidity continues to yield results," said Erik Prusch, President and CEO of Clearwire. "Our day-to-day focus on delivering for our customers and the substantial progress on the TDD-LTE network build demonstrate the company's commitment to execution during this transition period."

First quarter 2013 total revenue increased 2% over fourth quarter 2012 primarily due to sequential retail revenue growth. On a year over year basis, total revenue declined 1% to $318.0 million, reflecting slight declines in both wholesale and retail revenue over the prior year period. First quarter wholesale revenue of $114.9 million declined 1% sequentially on lower revenue related to the amortization of the second quarter 2011 Sprint wholesale settlement (the "Sprint Settlement"). On a year over year basis, wholesale revenue declined 2% primarily due to a decrease in the non-Sprint wholesale customer base as well as lower Sprint Settlement revenue. Wholesale revenue in first quarter 2013, fourth quarter 2012 and first quarter 2012 reflect the fixed wholesale WiMAX revenue terms of the November 2011 4G MVNO Agreement with Sprint which will continue through 2013. Retail revenue and other revenue increased 4% sequentially and decreased 1% year over year to $203.1 million in first quarter 2013. Retail average revenue per user (ARPU) was $43.49 representing sequential and year over year decreases of $(0.61) and $(3.34), respectively, primarily due to lower equipment lease revenue under the no-contract offering that was fully launched in first quarter 2012.

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