SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
-------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 18, 2003
Price Communications Corporation
(Exact Name of Registrant as Specified in Charter)
New York 1-8309 13-2991700
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
45 Rockefeller Plaza
New York, New York 10020
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 757-5600
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(c) Exhibit 99.1-- Press Release, dated August 18, 2003.
ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On August 18, 2003, Price Communications Corporation announced its
earnings for the quarter and six months ended June 30, 2003. Attached hereto and
incorporated by reference as Exhibit 99.1 is the Press Release announcing such
results.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: August 20, 2003
PRICE COMMUNICATIONS CORPORATION
By: /s/Kim Pressman
-----------------------------------
Kim Pressman
Executive Vice President and Chief Financial Officer
Exhibit 99.1
PRICE COMMUNICATIONS CORPORATION
News Release Contact:
August 18, 2003 Robert Price
212-757-5600
PRICE COMMUNICATIONS CORPORATION
REPORTS EARNINGS OF $0.12 FOR SECOND QUARTER 2003
COMPARED TO $0.09 IN 2002
Price Communications Corporation announced today results for the
quarter and six months ended June 30, 2003. The Company reported income from its
partnership with Verizon of $16 million for the six months ended June 30, 2003
and $8 million for the quarter ended June 30, 2003.
The following table presents selected unaudited financial data for the
quarter and six months ended June 30, 2003 and 2002. Results for the two periods
are not comparable, since the Company disposed of its cellular business on
August 15, 2002 and instead had income from its partnership with Verizon during
2003:
UNAUDITED THREE MONTHS ENDED SIX MONTHS ENDED
--------- ------------------ ----------------
JUNE 30, JUNE 30,
-------- --------
(000's)
-----
2003 2002 2003 2002
---- ---- ---- ----
EARNINGS FROM PARTNERSHIP $8,133 - $16,189 -
OTHER INCOME, NET 4,170 (16,693) 5,903 (32,941)
NET INCOME 6,314 $5,139 10,870 9,885
NET INCOME PER SHARE (BASIC) $0.12 $0.09 $0.20 $ 0.18
WEIGHTED AVERAGE SHARES OUTSTANDING 54,384 54,605 54,443 54,670
In connection with these results, Robert Price, President of the
Company said:
"We are delighted with the performance of our Verizon
Wireless of the East partnership supervised by David Benson of
Verizon Communications. We continue to explore new prudent
acquisitions including mutual fund companies, cellular
properties, independent telephone companies, broadcasting
companies, and converting our company into a closed-end
investment company."
On August 15, 2002 Price Communications Corporation completed its
transaction with Verizon, under which the cellular telephone assets of its Price
Communications Wireless subsidiary were exchanged for a preferred limited
partnership interest in a new partnership controlled by Verizon Wireless. This
interest may be exchanged in 2006 into the common stock of Verizon
Communications, Inc.
Price Communications Corporation is a New York based corporation and
trades on the NYSE. It is also traded on the Chicago Stock Exchange (symbol:
PR.M), the Boston Stock Exchange (symbol: PR.B), the Pacific Stock Exchange
(symbol: PR.P), and trades in Euros on the Frankfurt and Munich Stock Exchanges
THIS PRESS RELEASE CONTAINS CERTAIN FORWARD-LOOKING
STATEMENTS. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE
PROJECTED OR IMPLIED IN SUCH FORWARD-LOOKING STATEMENTS. SUCH
FORWARD-LOOKING INFORMATION INVOLVES RISKS AND UNCERTAINTIES THAT
COULD SIGNIFICANTLY AFFECT EXPECTED RESULTS. THESE RISKS AND
UNCERTAINTIES ARE DISCUSSED IN THE COMPANY'S SEC FILINGS,
INCLUDING, BUT NOT LIMITED TO, THE COMPANY'S ANNUAL REPORT ON
FORM 10-K.
45 Rockefeller Plaza, New York, New York 10020