** **

**SECURITIESAND EXCHANGE COMMISSION****Washington, DC 20549**

 

**FORM 10-Q**

**QUARTERLY REPORT PURSUANT TOSECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934**

**Forthe quarterly period ended September 30, 2001**

**Commissionfile number 0-29281**

**CYPRESSCOMMUNICATIONS, INC.******(Exact name ofregistrant as specified in its charter)

 

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|  
**(404)  869-2500**(Registrant's telephone number,  including area code)

 
 
 

 
 
(Former name, if  changed since last report)

 
 

Indicate bycheck mark whether the registrant: (1) has filed all reports required to befiled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes ý No o

APPLICABLE ONLY TOCORPORATE ISSUERS

Indicate thenumber of shares outstanding of each of the issuer's classes of common stock,as of the latest practicable date:

The number ofshares of common stock outstanding at November 2, 2001 was 4,926,000.

 

 

CYPRESS COMMUNICATIONS,INC. AND SUBSIDIARIESQUARTERLY REPORT ON FORM 10-QFOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001

Table of Contents

Part I – Financial  Information

 

 

Item 1.

Financial Statements

 

 

 

Balance Sheets as of  December 31, 2000 and September 30, 2001 (Unaudited)

 

 

 

Statements  of Operations (Unaudited) for the three months ended September 30, 2000 and  2001

 

 

 

Statements  of Operations (Unaudited) for the nine months ended September 30, 2000 and  2001

 

 

 

Statements of  Cash Flows (Unaudited) for the nine months ended September 30, 2000 and 2001

 

 

 

Notes  to Interim Financial Statements (Unaudited) for the nine months ended September  30, 2000 and 2001

 

 

Item  2.

Management’s  Discussion and Analysis of Financial Condition and Results of Operations

 

 

Item  3.

Quantitative  and Qualitative Disclosures About Market Risk

 

 

 

 

Part II – Other Information

 

 

Item 1.

Legal Proceedings

 

 

Item  2.

Changes  in Securities and Use of Proceeds

 

 

Item 3.

Defaults Upon  Senior Securities

 

 

Item  4.

Submission  of Matters to a Vote of Security Holders

 

 

Item 5.

Other Information

 

 

Item 6.

Exhibits and  Reports on Form 8-K

 

 

Signatures

 

 

Part I. Financial Information

Item1.  Financial Statements.

CYPRESS COMMUNICATIONS,INC. AND SUBSIDIARIES CONSOLIDATEDBALANCE SHEETS

 

 

**DECEMBER 31,**

 

**SEPTEMBER 30,**

 

 

 

**2000**

 

**2001**

 

 

 

 

 

(UNAUDITED)

 

ASSETS

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents

 

$

28,108,000

 

$

9,519,000

 

Short-term investments

 

67,809,000

 

30,119,000

 

Accounts receivable, net

 

2,499,000

 

3,046,000

 

Other accounts receivable

 

397,000

 

1,243,000

 

Prepaid expenses and other

 

606,000

 

579,000

 

 

 

 

 

 

 

Total current assets

 

99,419,000

 

44,506,000

 

 

 

 

 

 

 

PROPERTY AND EQUIPMENT, net of accumulated  depreciation of $11,737,000 and $21,077,000 in 2000 and 2001, respectively

 

101,368,000

 

61,565,000

 

 

 

 

 

 

 

OTHER ASSETS:

 

 

 

 

 

Real estate access rights, net

 

121,117,000

 

84,506,000

 

Other intangible assets, net

 

6,743,000

 

6,062,000

 

Other

 

2,758,000

 

2,189,000

 

 

 

 

 

 

 

Total other assets

 

130,618,000

 

92,757,000

 

 

 

 

 

 

 

Total assets

 

$

331,405,000

 

$

198,828,000

 

 

 

 

 

 

 

LIABILITIES  AND STOCKHOLDERS' EQUITY

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

Accounts payable

 

$

4,081,000

 

$

1,025,000

 

Accrued expenses

 

21,403,000

 

15,533,000

 

Current portion of capital lease obligations

 

195,000

 

408,000

 

 

 

 

 

 

 

Total current liabilities

 

25,679,000

 

16,966,000

 

LONG-TERM PORTION OF CAPITAL LEASE OBLIGATIONS

 

235,000

 

484,000

 

 

 

 

 

 

 

Total liabilities

 

25,914,000

 

17,450,000

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY:

 

 

 

 

 

Common stock, $.001 par value; 150,000,000  shares authorized in 2000 and 2001; 4,854,000 and 4,926,000 shares issued and  outstanding in 2000 and 2001, respectively

 

5,000

 

5,000

 

Additional paid-in capital

 

395,443,000

 

384,816,000

 

Warrants outstanding

 

185,187,000

 

185,187,000

 

Deferred compensation

 

(19,663,000

)

(7,040,000

)

Other comprehensive income

 

345,000

 

32,000

 

Accumulated deficit

 

(255,826,000

)

(381,622,000

)

 

 

 

 

 

 

Total stockholders' equity

 

305,491,000

 

181,378,000

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

331,405,000

 

$

198,828,000

 

The accompanying notesare an integral part of these consolidated balance sheets.

 

CYPRESS COMMUNICATIONS,INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFOPERATIONS(UNAUDITED)FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2000 AND 2001

 

 

**2000**

 

**2001**

 

REVENUES

 

$

3,589,000

 

$

4,703,000

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

Cost of services

 

5,053,000

 

5,231,000

 

Sales and marketing, including noncash compensation  expense of $164,000 and $178,000 in 2000 and 2001, respectively

 

5,201,000

 

2,402,000

 

General and administrative, including noncash  compensation expense of $1,214,000 and $437,000 in 2000 and 2001,  respectively

 

15,301,000

 

5,687,000

 

Amortization of real estate access rights

 

4,625,000

 

2,769,000

 

Depreciation and other amortization

 

3,000,000

 

3,996,000

 

Restructuring and other unusual and infrequent  charges

 

0

 

27,007,000

 

 

 

 

 

 

 

Total operating expenses

 

33,180,000

 

47,092,000

 

 

 

 

 

 

 

OPERATING LOSS

 

(29,591,000

)

(42,389,000

)

INTEREST INCOME, net

 

2,709,000

 

468,000

 

MINORITY INTEREST IN LOSS

 

137,000

 

0

 

 

 

 

 

 

 

LOSS BEFORE INCOME TAXES

 

(26,745,000

)

(41,921,000

)

INCOME TAX BENEFIT

 

0

 

0

 

 

 

 

 

 

 

NET LOSS

 

(26,745,000

)

(41,921,000

)

NET LOSS PER COMMON  SHARE:

 

 

 

 

 

Basic and diluted

 

$

(5.58

)

$

(8.70

)

 

 

 

 

 

 

WEIGHTED AVERAGE  NUMBER OF COMMON SHARES OUTSTANDING:

 

 

 

 

 

Basic and diluted

 

4,794,000

 

4,819,000

 

The accompanying notesare an integral part of these consolidated statements.

 

CYPRESS COMMUNICATIONS,INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OFOPERATIONS(UNAUDITED)FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 2001

 

 

**2000**

 

**2001**

 

REVENUES

 

$

9,430,000

 

$

14,111,000

 

 

 

 

 

 

 

OPERATING EXPENSES:

 

 

 

 

 

Cost of services

 

10,959,000

 

20,031,000

 

Sales and marketing, including noncash  compensation expense of $700,000 and $526,000 in 2000 and 2001, respectively

 

13,152,000

 

8,585,000

 

General and administrative, including noncash  compensation expense of $3,657,000 and $1,471,000 in 2000 and 2001,  respectively

 

37,302,000

 

24,736,000

 

Amortization of real estate access rights

 

11,677,000

 

8,971,000

 

Depreciation and other amortization

 

5,817,000

 

12,354,000

 

Restructuring and other unusual and infrequent  charges

 

0

 

67,534,000

 

 

 

 

 

 

 

Total operating expenses

 

78,907,000

 

142,211,000

 

 

 

 

 

 

 

OPERATING LOSS

 

(69,477,000

)

(128,100,000

)

INTEREST INCOME, net

 

7,368,000

 

2,304,000

 

MINORITY INTEREST IN LOSS

 

137,000

 

0

 

 

 

 

 

 

 

LOSS BEFORE INCOME TAXES

 

(61,972,000

)

(125,796,000

)

INCOME TAX BENEFIT

 

0

 

0

 

 

 

 

 

 

 

NET LOSS

 

(61,972,000

)

(125,796,000

)

NET LOSS PER COMMON  SHARE:

 

 

 

 

 

Basic and diluted

 

$

(15.06

)

$

(26.14

)

 

 

 

 

 

 

WEIGHTED AVERAGE  NUMBER OF COMMON SHARES OUTSTANDING:

 

 

 

 

 

Basic and diluted

 

4,115,000

 

4,813,000

 

The accompanying notesare an integral part of these consolidated statements.

 

CYPRESS COMMUNICATIONS,INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED)FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 2001

 

 

**2000**

 

**2001**

 

CASH FLOWS FROM  OPERATING ACTIVITIES:

 

 

 

 

 

Net loss

 

$

(61,972,000

)

$

(125,796,000

)

Adjustments  to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

Depreciation and other amortization

 

17,494,000

 

21,325,000

 

Amortization of deferred compensation

 

4,142,000

 

1,997,000

 

Minority interest

 

(137,000

)

0

 

Restructuring and other unusual and infrequent  charges

 

0

 

65,702,000

 

Other non-cash items

 

(1,054,000

)

445,000

 

Changes  in operating assets and liabilities:

 

 

 

 

 

Accounts receivable, net

 

(891,000

)

(547,000

)

Prepaid expenses and other current assets

 

(930,000

)

1,495,000

 

Other assets

 

(2,051,000

)

322,000

 

Accounts payable and accrued expenses

 

3,017,000

 

(9,667,000

)

 

 

 

 

 

 

Net cash used in operating activities

 

(42,382,000

)

(44,724,000

)

 

 

 

 

 

 

CASH FLOWS FROM  INVESTING ACTIVITIES:

 

 

 

 

 

Purchases of property and equipment

 

(79,982,000

)

(14,672,000

)

Sale of property and equipment

 

0

 

6,669,000

 

Cash acquired in acquisitions

 

295,000

 

0

 

(Purchases) sales of short-term investments,  net

 

(75,947,000

)

36,931,000

 

Other

 

(252,000

)

0

 

 

 

 

 

 

 

Net cash (used in) provided by investing  activities

 

(155,886,000

)

28,928,000

 

 

 

 

 

 

 

CASH FLOWS FROM  FINANCING ACTIVITIES:

 

 

 

 

 

Return of investment in Cypress Canada

 

0

 

(2,333,000

)

Contributions from investor in Cypress Canada

 

2,450,000

 

0

 

Proceeds from exercise of stock options

 

211,000

 

0

 

Principal payments on capital lease  obligations

 

(104,000

)

(340,000

)

Proceeds from initial public offering, net of  offering costs

 

179,872,000

 

0

 

 

 

 

 

 

 

Net cash provided by (used in) financing  activities

 

182,429,000

 

(2,673,000

)

 

 

 

 

 

 

EFFECT OF EXCHANGE RATE CHANGES ON CASH

 

(100,000

)

(120,000

)

 

 

 

 

 

 

DECREASE IN CASH AND CASH EQUIVALENTS

 

(15,939,000

)

(18,589,000

)

CASH AND CASH EQUIVALENTS, beginning of period

 

69,475,000

 

28,108,000

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS, end of period

 

$

53,536,000

 

 

9,519,000

 

 

 

 

 

 

 

SUPPLEMENTAL  DISCLOSURES:

 

 

 

 

 

Common stock issued to acquire SiteConnect

 

$

7,908,000

 

$

0

 

 

 

 

 

 

 

Assets acquired under capital leases

 

$

0

 

$

802,000

 

The accompanying notesare an integral part of these consolidated statements.

 

CYPRESS COMMUNICATIONS,INC. AND SUBSIDIARIESNOTES TO INTERIM CONSOLIDATEDFINANCIAL STATEMENTS(UNAUDITED)SEPTEMBER 30, 2000 AND 2001

1. ORGANIZATION AND NATURE OF BUSINESS

             Cypress Communications, Inc. andits subsidiaries ("Cypress Communications" or the"Company") provide a full range of broadband communications servicesto businesses in multi-tenant office buildings located in select majormetropolitan markets within the United States. These communications services includehigh speed Internet access and data services, local and long distance voiceservices, feature rich digital telephone systems, digital satellite businesstelevision, voicemail, e-mail, website hosting, security/monitoring servicesand other advanced communications services. The Company delivers these servicesover state-of-the-art fiber-optic, digital and broadband networks that CypressCommunications designs, constructs, owns and operates inside large- andmedium-sized office buildings. In addition, in January 2001, the Company beganoffering wholesale services to other communications providers using ourexisting fiber-optic and copper network infrastructure.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

             The accompanying unauditedconsolidated financial statements have been prepared in accordance withgenerally accepted accounting principles for interim financial information andwith the instructions for Form 10-Q and Article 10 of Regulation S-X.Accordingly, they do not include all of the information and footnotes requiredby generally accepted accounting principles for complete financial statements.In the opinion of management, all adjustments (consisting of normal recurringaccruals) necessary to present fairly the information set forth therein havebeen included. The accompanying condensed consolidated financial statementsshould be read in conjunction with the financial statements and footnotesincluded in the Annual Report on Form 10-K of Cypress Communications for the yearended December 31, 2000. Operating results for the nine-month period endedSeptember 30, 2001 are not necessarily an indication of the results that may beexpected for the year ended December 31, 2001.

3. CAPITAL TRANSACTIONS

REVERSE STOCKSPLIT

             InAugust 2001, the Company’s board of directors approved a one-for-ten reversestock split with respect to its outstanding common stock.  All shares of common stock and per shareamounts in the accompanying financial statements have been retroactivelyadjusted to reflect this split.

STOCK OPTION REPRICING

             On February 16, 2001, the Company'sboard of directors approved a plan to reprice certain existing stock optionshaving an exercise price of greater than $25.20 per share. Pursuant to theplan, options to purchase 156,679 shares of common stock, having an originalweighted average exercise price of $102.50 per share, were repriced to anexercise price of $12.80 per share. In addition, options to purchase 161,950shares of common stock held by certain executive officers of the Company,having an original weighted average exercise price of $50.10 per share, wereconverted into (i) options to purchase 91,000 shares of common stock at $12.80per share, and (ii) 49,670 shares of restricted common stock. The Company recordeddeferred compensation of $528,000 for the restricted stock, which is beingamortized over the three-year vesting period. The vesting schedules applicableto the employee stock options affected by this repricing and conversion did notchange. The Company accounts for the repriced stock options under the variableaccounting method.  For the nine-monthperiod ending September 30, 2001, Cypress Communications was not required to record anyincremental compensation expense related to the repriced options, as the fairvalue of the Company's common stock was below $12.80 per share as of September30, 2001.

4. EXECUTIVE COMPENSATION

             On February 16, 2001, CypressCommunications granted 16,500 shares of restricted common stock under anexecutive compensation agreement with its Chief Executive Officer and, inconnection therewith, recorded deferred compensation expense of $175,000, whichis being amortized over a 51-month vesting period. According to the terms ofthe agreement, one-half of the shares would vest if and when the Company'smanagement established, and the Company's board of directors approved, a fullyfunded business plan. The vesting of the remaining half of the shares will beaccelerated if the Company's closing sales price of common stock exceeds $60.00dollars per share adjusted for stock split, stock dividend, orrecapitalization. On March 21, 2001, one-half of the shares vested as a resultof the Company's board of director's approval of the Company's fully fundedbusiness plan.

             For the nine-months ended September30, 2001, the Company recorded amortization expense of $101,000 for theserestricted shares.

5. CYPRESS CANADA

             In September 2000, CypressCommunications and e-ffinity properties, inc. ("e-ffinity") formedCypress Canada Communications Inc. (“Cypress Canada”) to provide in-buildingcommunications services in Canada. Cypress Communications and e-ffinity owned51% and 49%, respectively, of Cypress Canada. Cypress Canada was originallycapitalized with a total of $5 million in cash contributed by CypressCommunications and e-ffinity based on each party's respective ownershippercentage.

             In January 2001, CypressCommunications and e-ffinity agreed to cease the operations of Cypress Canadaand for Cypress Communications to return e-ffinity's original investment in thejoint venture. In March 2001, Cypress Communications returned $2.3 million toe-ffinity representing e-ffinity's initial investment in Cypress Canada plusinterest earned.

6. RESTRUCTURING AND OTHER UNUSUAL ANDINFREQUENT CHARGES

             In December 2000, the Company'sboard of directors approved a revised business strategy that included severalinitiatives that were designed to extend the Company's need for additionalfunding into the second quarter of 2002. The revised strategy included theCompany's exit from several markets, as well as cost reductions throughemployee reductions and other measures. This strategy would focus the Company'sretail operations in the following markets: Atlanta, Boston, Chicago, Dallas,Denver, Houston, New Orleans, Phoenix, San Francisco, Seattle, SouthernCalifornia (Los Angeles and Orange County), South Florida and Washington DC.The Company had originally targeted 28 metropolitan retail markets. The Companyalso decided to implement wholesale operations in all 28 markets where it hadconstructed in-building networks whereby the Company would sell access to itsin-building networks to other communications providers. In December 2000, theCompany recorded a special charge of $64.7 million related to this restructuring.

             InMarch 2001, the Company continued to revise its strategy by concentratingretail efforts on seven major metropolitan markets including Atlanta, Boston,Chicago, Dallas, Houston, and Southern California (Los Angeles and OrangeCounty) and Seattle.   During theimplementation of this strategy, the Company reduced its workforce by 310employees across all functional areas during the nine-months ending September30, 2001.

             A detail of the restructuring and otherunusual and infrequent charges that the Company recorded in 2000 and 2001related to restructuring plans are as follows:

 

 

**2000**

 

**2001**

 

 

 

 

 

**4th  Qtr.  Amount**

 

**1st  Qtr.  Amount**

 

**2nd Qtr.  Amount**

 

**3rd Qtr.  Amount**

 

**Total  Amount**

 

Impaired real estate access rights

 

$

47,650,000

 

$

26,583,000

 

$

0

 

$

1,059,000

 

$

75,292,000

 

Impaired property and equipment

 

9,572,000

 

4,858,000

 

0

 

15,203,000

 

29,633,000

 

Impaired property and equipment- previous  quarter adjustment

 

 

 

 

 

2,000

 

10,297,000

 

10,299,000

 

Circuit termination charges

 

5,104,000

 

1,968,000

 

0

 

363,000

 

7,435,000

 

Office space leases

 

2,056,000

 

2,556,000

 

1,999,000

 

0

 

6,611,000

 

Office space leases- previous  quarter adjustment

 

0

 

(1,530,000

)

1,717,000

 

(228,000

)

(41,000

)

Severance benefits

 

258,000

 

1,475,000

 

899,000

 

313,000

 

2,945,000

 

Other

 

106,000

 

0

 

0

 

0

 

106,000

 

Total

 

$

64,746,000

 

$

35,910,000

 

$

4,617,000

 

$

27,007,000

 

$

132,280,000

 

The Company recorded impairment charges inaccordance with SFAS No. 121 to write off the net book value of real estateaccess rights related to the buildings in which the Company has suspendedretail services.   The Company alsorecorded certain charges for the impairment of property and equipment.  Restructuring charges include the Company'sestimate of costs it may incur to terminate contracts it has withcommunications service providers to purchase circuits and connectivity, as wellas charges for office space lease commitments in markets where the Company hasexited or reduced retail operations, net of an estimate for sublease rentals.The restructuring charge also includes severance benefits for employeesterminated in the nine months ending September 30, 2001. Restructuring costswere accrued in accordance with EITF 94-3.

             In 2000 and 2001, the Companyrecorded impairment charges related to i) property and equipment that theCompany has not placed in service, no longer plans to use, and expects to sellat a discount from its net book value, and ii) property and equipment deployedin buildings in which the Company does not plan to provide retail services andthat the Company believes has no salvage value. Property and equipment expectedto be sold was written down to its estimated fair value based upon third partyquotes to purchase such property and equipment.  In each quarter during 2001, the Company revised previousestimates based on actual transactions and changes in market conditions.  In the second quarter of 2001, the value ofInternet equipment and other miscellaneous equipment in discontinued retailmarkets with a net book value of $2.5 million was estimated to beimpaired.  The value of this additionalimpairment was offset by a $2.5 million revision to the salvage value ofcertain previously expensed equipment.

In the third quarter of 2001, the Company ceaseddevelopment and implementation of new billing, customer service andprovisioning systems.  These systems hada net book value of approximately $14.0 million which was expensed in September2001.  Additionally, in the thirdquarter of 2001, Cypress Communications decided to exit retail service in 30buildings in active markets resulting in an impairment charge of $670,000 forproperty and equipment and $1.1 million for the write-off of related realestate access rights.  In the thirdquarter of 2001, the Company also determined that leasehold improvementsrelating to switch rooms in buildings where the Company has exited retailoperations were impaired and had no salvage value.  These assets had a net book value of $7.3 million in discontinuedmarkets and $482,000 in markets where we are providing retail services.  An additional reserve of  $3.0 million was also recorded in the thirdquarter of 2001 for changes in the estimated net book value of other propertyand equipment identified in previous quarters.

             In the December 2000 restructuring charge,the Company recorded a $2.1 million accrual for office space lease commitmentsin markets in which the Company suspended retail services, net of estimatedsublease revenues. This accrual was based upon Company estimates that wereconsidered most likely at the time. In March 2001, the Company revised thisestimate based on changes in expected sublease revenues and lease terminationcharges. This resulted in a change in estimate of the December 2000 chargerelated to office space commitments. The restructuring accrual for suchcommitments was reduced to $526,000, requiring the reversal of $1.5 million ofthe accrual in March 2001.  In March 2001,the Company accrued $2.6 million for commitments under additional leases thatthe Company no longer planned to use. In June 2001, the Company revised the December 2000 and March 2001charges related to office space commitments. Due primarily to declining market conditions in the San Francisco officespace market, the Company increased the restructuring accrual for thesecommitments by $1.7 million.  TheCompany also recorded additional office space charges of $2.0 million relatedto excess space in markets where the Company expects to continue retailoperations but with a smaller workforce.   In the third quarter of 2001, the Company revised all excess officespace lease commitment reserves based on current market conditions and reducedthe total office space lease reserve by $228,000.

             Impaired real estate access rightsand property and equipment charges are non-cash charges.  Circuit termination charges, office spaceleases and severance benefits are cash charges.  A portion of these charges were accrued as follows:

 

**2000**

 

**2001**

 

 

 

**4th  Qtr.  Amount**

 

**1st  Qtr.  Amount**

 

**2nd Qtr.  Amount**

 

**3rd Qtr.  Amount**

 

**Total  Amount**

Circuit termination charges

$

5,104,000

 

$

1,968,000

 

$

0

 

$

363,000

 

$

7,435,000

Office space leases

2,056,000

 

1,026,000

 

3,716,000

 

(228,000

)

6,570,000

Severance benefits

258,000

 

615,000

 

122,000

 

118,000

 

1,113,000

Other

106,000

 

0

 

0

 

0

 

106,000

Total

$

 7,524,000

 

$

 3,609,000

 

$

  3,838,000

 

$

 253,000

 

$

 15,224,000

Cash payments related to these accruals arelisted below:

 

 

**2000**

 

**2001**

 

 

 

 

 

**4th  Qtr.  Amount**

 

**1st  Qtr.  Amount**

 

**2nd Qtr.  Amount**

 

**3rd Qtr.  Amount**

 

**Total  Amount**

 

Circuit termination charges

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

Office space leases

 

0

 

197,000

 

1,485,000

 

616,000

 

2,298,000

 

Severance benefits

 

0

 

258,000

 

615,000

 

122,000

 

995,000

 

Other

 

0

 

106,000

 

0

 

0

 

106,000

 

Total

 

$

0

 

$

561,000

 

$

2,100,000

 

$

738,000

 

$

3,399,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Accrual at September 30, 2001

 

 

 

 

 

 

 

 

 

$

11,825,000

 

Severance in the amount of $1,832,000 was paidwhen expensed.

7. COMMITMENTS

             Certain communication licenseagreements include the requirement to pay the property owner or operator a basefee. As of September 30, 2001, the aggregate minimum obligation under theseagreements was approximately $1.6 million per year for approximately the nextseven years.

             In 2001, the Company entered intoadditional capital lease agreements to finance the purchase of computerhardware related to the implementation of its operational support system. As ofSeptember 30, 2001, future minimum lease obligations under these new agreementswere $80,000, $319,000 and $319,000 for 2001, 2002 and 2003 respectively.

             The Company currently has contracts withseveral communications providers with minimum purchase obligations for leasedtransport under terms typically ranging from two to five years.  As of September 30, 2001, approximate futureminimum purchase commitments were as follows:

2001

$

1,908,000   

2002

3,474,000 

2003

984,000 

2004

461,000 

2005

177,000 

 

$

7,004,000  

** **

**SPECIALCAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS**

             This report containsforward-looking statements within the meaning of the Federal securities laws.Forward-looking statements include all statements, estimates, projections,expectations or predictions about future events and often include words such as"estimate," "projects," "will,""targets," "expects," "believe," "isdesigned to" and other words or expressions indicating statements aboutthe future. Without limiting the foregoing, forward-looking statements in thisreport include statements relating to the company's plans, objectives,expectations and prospects under "Item 2. Management's Discussion andAnalysis of Financial Condition and Results of Operations." Relianceshould not be placed on forward-looking statements because they involve knownand unknown risks and uncertainties which may cause the actual results,performance or achievements of the company to differ materially fromanticipated future results, performance or achievements expressed or implied bysuch forward-looking statements. These risks and uncertainties, include, amongother things whether the company will achieve targeted cost reductions andgreater operational efficiencies as a result of its revised business plan, theeffects of focusing on a limited number of markets, whether the company will besuccessful in implementing its wholesale strategy, the company's ability tomanage its restructuring, the amount and timing of restructuring charges, theability to successfully sell voice and data services, whether the company willbe successful in improving its operations, provisioning and other coreprocesses, the effect of new regulations governing communications access andservices, whether the company will be able to maintain its Nasdaq listing, andother risks and uncertainties detailed from time to time in the company'sSecurities and Exchange filings. The company disclaims any obligation to updateany of the forward-looking statements contained herein to reflect future eventsor developments.

Item2. Management's Discussion and Analysis of Financial Condition and Results ofOperations

Overview

Weprovide a full range of broadband communication services to businesses locatedin commercial office buildings in select major metropolitan markets in theUnited States. These services include high speed Internet access and dataservices, local and long distance voice services, feature rich digitaltelephone systems, digital satellite business television, voicemail, e-mail,website hosting, security/monitoring services and other advanced communicationsservices. In addition, in January 2001, we began offering wholesale services toother communications providers using our existing fiber-optic and coppernetwork infrastructure.

             We began providing communicationsservices and operating in-building networks in Atlanta, Georgia in June of1996. As of December 31, 2000, we had constructed in-building networks in 562buildings representing approximately 164 million rentable square feet in 28major metropolitan markets. Overall, as of September 30, 2001, we had licenseagreements giving us the right to operate our networks in over 1,000 buildingsrepresenting more than 250 million rentable square feet.

             In January 2001, in an effort toconserve existing capital, refine core business practices, streamlineoperations, increase productivity, and shorten the time needed to achievepositive cash flow, we reduced the scope of our retail business to 13 markets.In connection with this restructuring, we recorded a $64.7 million charge inthe fourth quarter of 2000 related to the impairment of certain fixed assets,the impairment of real estate access rights in markets in which we suspendedretail services for the foreseeable future, the estimated cash costs of disconnectingcircuits and terminating office leases prior to the expiration of applicablecommunications agreements and office leases and cash severance payments toterminated employees.

             On March 21, 2001, we suspended retailbusiness in six additional markets to concentrate retail operations in thefollowing metropolitan areas: Atlanta, Boston, Chicago, Dallas, Houston,Seattle, and Southern California (Los Angeles and Orange County). On March 21,2001, we also announced plans to reduce our workforce from approximately 400employees on March 1, 2001, to approximately 200 employees by mid-2001. InSeptember 2001, we also suspended retail services in certain buildings in ourseven active markets. The company continues to adjust business operations inmarkets where we provide retail services. In connection with this further restructuring, we recorded a $35.9, $4.6and $27.0 million charge in the first, second and third quarters of 2001,respectively, related to the impairment of certain fixed assets, the impairmentof real estate access rights in the six additional markets and buildings withinretail markets in which we suspended retail operations for the foreseeablefuture, the estimated cash costs of disconnecting circuits and terminatingoffice leases prior to the expiration of applicable communications agreementsand office leases, and cash severance payments to terminated employees (seeNote 6 to our financial statements for further information).

 Results of Operations

Three MonthsEnded September 30, 2001 Compared to the Three Months Ended September 30, 2000

             Revenues. Revenues for the threemonths ended September 30, 2001 increased 31% to $4.7 million from $3.6 millionfor the same period in the prior year. This increase relates to the addition ofnew customers and providing additional services to existing customers.

             Cost of services. Cost of servicesfor the three months ended September 30, 2001 increased 2% to $5.2 million from$5.1 million for the same period in the prior year. The increase in cost ofservices was primarily due to increased penetration in mature buildings. Thisincrease was not proportionate to the increase in revenue due to a decrease inthe average number of active in-building networks in the third quarter of 2001from the third quarter of 2000. Active networks include constructed in-buildingnetworks that are connected to local, long distance and Internet providers forthe provision of voice and/or data communication services. The average numberof active buildings for the three months ended September 30, 2001 decreased 26%to 324 buildings from the 438 buildings during the three months endingSeptember 31, 2000.

             Sales and marketing expenses. Salesand marketing expenses for the three months ended September 30, 2001 decreased54% to $2.4 million from $5.2 million for the same period in the prior year.$2.2 million of this decrease was due to a reduction in the number of sales andmarketing personnel and their related compensation, travel and other expensesand $0.7 million of this decrease in expenses was due to a reduction inmarketing activities, including print media. These decreases were offset by a$0.3 million increase in revenue sharing payments made to property owners withwhom we have license agreements.

             General and administrativeexpenses. General and administrative expenses for the three months endedSeptember 30, 2001 decreased 63% to $5.7 million from $15.3 million for thesame period in the prior year. The decrease in general and administrativeexpenses was due to: a $6.8 million decrease in salaries, benefits and otherexpenses related to the decrease in personnel as a result of the Company’srestructuring; a $0.8 million decrease in non-cash compensation related to theissuance of stock options at exercise prices lower than fair value on theirdates of grant due to employee turnover; a $0.7 million decrease in accounting,consulting and legal fees; a $0.5 million decrease in office space andfurniture rent; and a $0.8 million decrease in miscellaneous expenses due tooverall cost control efforts.

             Amortization of Real Estate AccessRights. Amortization of real estate access rights for the three months endedSeptember 30, 2001 decreased 39% to $2.8 million from $4.6 million for the sameperiod in the prior year. The amortization of real estate access rightsrepresents the amortization of the value of warrants issued to property ownersor operators over the terms ofthe related license agreements, which aregenerally ten years.  A portion of thesereal estate access rights was written-off in connection with the Company’srestructuring in 2000 and 2001, resulting in decreased amortization in 2001(see Note 6 to our financial statements for further information).

             Depreciation and otheramortization. Depreciation and other amortization for the three months endedSeptember 30, 2001 increased 33% to $4.0 million from $3.0 million for the sameperiod in the prior year.  This increasewas primarily a result of our capital expenditures in the third and fourthquarters of 2000, net of restructuring write-offs in subsequent quarters.   $0.7 million of this increase was due toour in-building networks and related equipment and $0.3 million of thisincrease was due to computers and other back-office equipment.

             Restructuring and other unusual andinfrequent charges. In the third quarter of 2001, we recorded a $27.0 millionrestructuring charge related to the impairment of certain fixed assets, theimpairment of real estate access rights, the estimated cash costs ofdisconnecting circuits, the termination of office leases prior to theirexpiration, and cash severance payments to terminated employees.  This charge for the impairment of fixedassets included: $14.0 million related to the abandonment of the Company’sbilling, customer service and provisioning systems which were in-development;$7.8 million of leasehold improvements in buildings where the Company hadceased retail operations; $670,000 of equipment in 30 buildings within activemarkets that the Company decided to terminate retail operations; and $3.0million for changes in the estimates of previous quarters (see Note 6 to ourfinancial statements).  Additionally,$1.1 million was recorded for the impairment of the real estate access rightsassociated with the suspension of retail service in 30 building within activemarkets and $363,000 for the early termination of the circuits associated withthese buildings.  $313,000 was relatedto severances benefits paid to terminated employees and a reduction of $228,000was recorded due primarily to office space lease transactions in San Franciscoand Atlanta (see Note 6 to our financial statements).

             Interest income, net. Net interestincome for the three months ended September 30, 2001 decreased to $0.5 millionfrom $2.7 million for the same period in the prior year. The decrease in netinterest income was due to reduction in short-term interest bearingsecurities.  These securities were usedto fund our operations. Interest expense was nominal in both periods.

Nine MonthsEnded September 30, 2001 Compared to the Nine Months Ended September 30, 2000

             Revenues. Revenues for the ninemonths ended September 30, 2001 increased 50% to $14.1 million from $9.4million for the same period in the prior year. $4.5 million of the increase wasdue to the addition of new customers and providing additional services toexisting customers. $0.2 million of the increase resulted from the acquisitionof the assets and customers of SiteConnect in April 2000.

             Cost of services. Cost of servicesfor the nine months ended September 30, 2001 increased 82% to $20.0 millionfrom $11.0 million for the same period in the prior year. The increase in costof services was primarily due to increased penetration in mature markets.  In addition, the average number of activelit buildings for the nine months ended September 30, 2001 was 393, 38% greaterthan the average number of active lit buildings for the nine months endedSeptember 30, 2000.  Active networksinclude constructed in-building networks that are connected to local, long distanceand Internet providers for the provision of voice and/or data communicationservices.

             Sales and marketing expenses. Salesand marketing expenses for the nine months ended September 30, 2001 decreased35% to $8.6 million from $13.2 million for the same period in the prioryear.  $3.2 million of this decrease inexpenses was due to a decrease in the number of sales and marketing personneland their related compensation and expenses, and $2.5 million of this decreasein expenses was due to a reduction in spending on print media.  These decreases were offset by a $1.1million increase in revenue sharing payments made to property owners with whomwe have license agreements.

             General and administrativeexpenses. General and administrative expenses for the nine months endedSeptember 30, 2001 decreased 34% to $24.7 million from $37.3 million for thesame period in the prior year. The decrease in general and administrativeexpenses was due to a $9.9 million decrease in salaries, benefits and otherexpenses related to the Company’s restructuring; a $2.2 million decrease innon-cash compensation related to the issuance of stock options at exerciseprices lower than fair value on their dates of grant due to employee turnover;and a $1.1 million decrease in various operating expenses as the Companycontinues to restructure operations and reduce costs. These decreases wereoffset by a $0.6 million increase in rent expense.

             Amortization of Real Estate AccessRights. Amortization of real estate access rights for the nine months endedSeptember 30, 2001 decreased 23% to $9.0 million from $11.7 million for thesame period in the prior year. The amortization of real estate access rightsrepresents the amortization of the value of warrants issued to property ownersor operators over the terms of the related license agreements, which aregenerally ten years.  A portion of thesereal estate access rights were written off in connection with the Company’srestructuring in 2000 and 2001, resulting in lower amortization expense in thecurrent period (see Note 6 to our financial statements for furtherinformation).

             Depreciation and other amortization.Depreciation and other amortization for the nine months ended September 30,2001 increased 114% to $12.4 million from $5.8 million for the same period inthe prior year. $5.1 million of this increase was due to increased capitalexpenditures related to deploying our in-building networks and relatedequipment; $1.3 million of this increase was due to computers and otherback-office equipment; and $0.2 million of this increase was due todepreciation and amortization of tangible and intangible assets obtainedthrough the acquisition of SiteConnect.

             Restructuring and other unusual andinfrequent charges. In the first nine months of 2001, we recorded a $67.5million restructuring charge related to the impairment of certain fixed assets,the impairment of real estate access rights, the estimated cash costs ofdisconnecting circuits and terminating office leases prior to the expiration ofapplicable communication agreements and office leases and cash severancepayments to terminated employees.  Aportion of these charges relate to adjustments to revisions of our fourthquarter 2000 estimates (see Note 6 to our financial statements).

             Interest income, net. Net interestincome for the nine months ended September 30, 2001, decreased to $2.3 millionfrom $7.4 million for the same period in the prior year. The decrease in netinterest income was due to reduction in short-term interest bearing securities.  These securities were used to fund ouroperations. Interest expense was nominal in both periods.

Liquidityand Capital Resources

             Cash,cash equivalents and short-term investments were $95.9 million and $39.6million at December 31, 2000, and September 30, 2001, respectively.

             Theresults of our operations have generated a net cash outflow due to the rate atwhich we have grown. Cash flow from operations totaled ($42.4 million) and($44.7 million) for the nine months ended September 30, 2000 and 2001,respectively. The expansion of our operating, sales, marketing andadministrative personnel, the growth of our leased network, office space costs,and other growth-driven operating expenses were the principal contributors tothe increase in the net cash outflow between the periods. We expect thisoutflow to decrease as we reduce the scope of our operations.

             Cash (used in) provided byinvesting activities was ($155.9 million) and $28.9 million for thenine months ended September 30, 2000 and 2001, respectively. During the ninemonths ended September 30, 2001, cash provided by investing activities was dueto the sale of $36.9 million in short-term investments and $6.7 million ofproperty, plant and equipment.  Thesesales were offset by capital expenditures of $14.7 million related primarily toconstruction of in-building networks completed as of December 31, 2000, and theimplementation of our operational support system.  The property plant and equipment sold were excess inventory anddeconstructed assets related to the Company’s restructuring.  During the nine months ended September 30,2000, cash used in investing activities was primarily related to theconstruction of our in-building networks. As of September 30, 2001, we had madecapital expenditures of $129.1 million since inception. We expect futurecapital expenditures to decrease as we reduce the scope of our operations.

             Cash provided by (used in)financing activities was $182.4 million and ($2.7 million) for the ninemonths ending September 30, 2000 and 2001, respectively. Cash used by financingactivities during the nine months ended September 30, 2001 was primarily forthe repayment of e-ffinity's original investment in the joint venture ofCypress Canada Communications Inc. During the nine months ended September30, 2000, cash provided by financing activities was primarily from our initialpublic offering, netting proceeds of approximately $179.6 million.

             As of September 30, 2001, we had$892,000 in capital lease obligations outstanding. These capital leaseobligations relate to back-office equipment used for our operational supportsystem and communications equipment. Our capital lease obligations contain noprovisions that would limit our future borrowing ability.

             We currently have contracts with severalcommunications providers with minimum purchase obligations for leased voice anddata transport, equipment colocation, and other services under terms typicallyranging from one to five years. As of September 30, 2001, these minimum purchasecommitments totaled approximately $7.0 million through 2005 (seeNote 7 to our financial statements for further information).

             As of September 30, 2001, wehad operating lease commitments, primarily related to office space, whichtotaled $12.3 million.

             Under our license agreements withproperty owners and/or operators of several office buildings, we are obligatedto pay approximately $2.2 million in commissions per year for the nextseven years (see Note 7 to our financial statements). Some of these paymentsrelate to buildings that are located in markets where we have suspended ourretail operations but maintain certain continuing contract obligations.

             In September 2000, e-ffinityand Cypress Communications formed Cypress Canada Communications Inc. toprovide in-building communications services in Canada. In January 2001, weagreed to repay all of our joint venture partner's interest in the subsidiary,having ceased retail operations in Canada, except for potential wholesaleoperations relating to Cypress Canada's existing networks in four buildings inToronto, Canada. In March 2001, we paid e-ffinity $2.3 million as return oftheir original investment plus interest earned.

             As of December 31, 2000, we hadconstructed in-building networks in 562 buildings representing approximately164 million rentable square feet in 28 major metropolitan areas. InJanuary, 2001, we reduced the scope of our retail business to 13 markets, andon March 21, 2001, we suspended retail operations in 6 additional markets,having determined to concentrate our retail business in Atlanta, Boston,Chicago, Dallas, Houston, Seattle (data products and services only) andSouthern California (Los Angeles and OrangeCounty). In connection with our December 2000 restructuring, we recorded a $64.7 millioncharge in December 2000 related to the impairment of real estate access rightsin markets in which we will not provide retail services for the forseeablefuture, certain fixed assets, the estimated cash costs of disconnectingcircuits and terminating office leases prior to the expiration of applicableconnection agreements and office leases, and cash severance payments toterminated employees. Of the $64.7 million charge, approximately$57.3 million is related to the impairment of fixed assets and real estateaccess rights, which should not adversely affect our current or future cashposition.

             In connection with our March 2001restructuring, we recorded a $67.5 million charge in the first nine monthsof 2001 related to the impairment of certain fixed assets, the impairment ofreal estate access rights in the six additional markets in which we suspendedretail operations for the foreseeable future, the cash costs of disconnectingcircuits and terminating office leases prior to the expiration of applicablecommunications agreements and office leases, and cash severance payments toterminated employees (see Note 6 to our financial statements for furtherinformation). A portion of these charges relate to adjustments to our December2000 restructuring.  Of the $67.5million charge, approximately $58.0 million is related to the impairment offixed assets and real estate access rights, which should not adversely affectour current or future cash position.  Weexpect to incur additional restructuring charges in 2001 related tospecifically identifying on-going reductions in personnel as announced in March2001.

             The portion of the 2000 and 2001restructurings as of September 30, 2001 that we expect to adversely affect ourfuture cash position is as follows: 

Circuit termination charges

 

$

7,435,000

Office space leases

 

4,272,000

Severance benefits

 

118,000

 

 

 

Total

 

$

11,825,000

 

             The actual amount and timing of ourfuture capital requirements may differ materially from our estimates as aresult of many factors, some of which we cannot control. These factors include:

 

•

obtaining favorable prices for circuits and  transport;

 

 

 

 

•

our ability to develop, acquire and integrate  the necessary operational support systems;

 

 

 

 

•

the cost of network development in each of our  markets;

 

 

 

 

•

demand for our services;

 

 

 

 

•

the nature and penetration of new services  that we may offer;

 

 

 

 

•

the timing and extent of future acquisitions  or investments, if any, and our ability to integrate these acquisitions or  investments;

 

 

 

 

•

ability to cease operations in abandoned  markets in a timely and cost efficient manner;

 

 

 

 

•

regulatory changes;

 

 

 

 

•

changes in technology and competitive  developments beyond our control; and

 

 

 

 

•

our ability to recruit, hire and retain  qualified personnel.

             Duringthe first quarter of 2001, the company adopted a revised business plan designedto fully fund ongoing business operations and generate positive cash flow inthe second half of 2003.  As ofSeptember 30, 2001, the company maintained sufficient capital resources to fundcontinuing business operations in accordance with that plan.  The company is monitoring its progressagainst the revised plan and may adjust business operations as necessary toaccommodate plan requirements.

RecentAccounting Pronouncements

             SFAS No. 133, "Accountingfor Derivatives," which is effectiveJanuary 1, 2001 for the Company, did not have a material effect on ourfinancial statements.

             In July 2001, the FinancialAccounting Standards Board (FASB) issued SFAS No. 141 “Business Combinations”and SFAS No. 142 “Goodwill and Other Intangible Assets”.  SFAS No. 141 requires business combinationsinitiated after June 30, 2001, to be accounted for using the purchase method ofaccounting and broadens the criteria for recording intangible assets separatefrom goodwill.  Recorded goodwill andintangibles will be evaluated against this new criteria and may result incertain intangibles being reallocated into goodwill, or alternatively, amountsinitially recorded as goodwill may be separately identified and recognizedapart from goodwill.  SFAS No. 142requires the use of a nonamortization approach to account for purchasedgoodwill and certain intangibles.  Undera nonamortization approach, goodwill and certain intangibles will not beamortized into results of operations, but instead would be reviewed forimpairment and written down and charged to results of operations only in theperiods in which the recorded value of goodwill and certain intangibles is morethan its fair value.  The provisions ofeach statement which apply to goodwill and intangible assets acquired prior toJune 30, 2001, will be adopted by the Company on January 1, 2002.  Upon adoption, the Company will cease annualgoodwill amortization of $544,000 per year. The Company is in the process of evaluating the other financialstatement impacts of adoption of SFAS No. 142.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

             Our exposure to financial marketrisk, including changes in interest rates and marketable equity securityprices, relates primarily to our investment portfolio. We typically do notattempt to reduce or hedge the market exposure on our investment securitiesbecause a substantial majority of our investments are in fixed-rate, short-termsecurities. We do not have any derivative instruments. As of September 30,2001, a 100 basis point increase or decrease in the average interest ratesearned on our investments would impact the fair value of our investment portfolioor related yearly income by approximately $300,000. As of September 30, 2001,we had no debt outstanding, other than capital leases.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

             We are not currently involved inany pending legal proceedings that are expected to have a material adverseeffect on our business.

Item2.  Changes in Securities and Use ofProceeds.

             Consistent with the description ofthe use of proceeds set forth in the prospectus contained in the RegistrationStatement, during the first nine months of 2001 we used approximately $56.3million in proceeds from the initial public offering for the construction ofin-building networks, the purchase of communications equipment, working capitaland general corporate purposes.  To datewe have used approximately $140.3 million in proceeds from the initial publicoffering for the construction of in-building networks, the purchase ofcommunications equipment and working capital and general corporate purposes.

Item3.  Defaults Upon Senior Securities.

             None.

 Item 4.  Submission of Matters to a Vote of Security Holders.

             OnAugust 17, 2001, the company held a special meeting of shareholders at whichthe shareholders were asked to consider and approve a proposal to authorize thecompany’s Board of Directors to amend the company’s Certificate ofIncorporation to effect a reverse split of the company’s common stock at aratio not to exceed one-for-fifteen, with the size and timing of the reversesplit to be determined by the Board of Directors in its discretion.  The proposal was approved by a vote of38,293,969 votes cast for the proposal, 109,273 votes cast against theproposal.  In addition, shareholdersholding 4,125 votes abstained from voting and there were 0 brokernon-votes.    The company’s Board ofDirectors subsequently voted to execute a one-for-ten reverse stock split ofthe company's common stock, effective August 27, 2001.  The reverse stock split reduced the numberof shares of company common stock then issued and outstanding from 49,283,582to approximately 4,928,358

Item 5. Other Information.

             None.

Item6.  Exhibits and Reports on Form 8-K.

             (a)             Exhibits

             None.

             (b)             Reports on Form 8-K

             Therewere no reports filed by the Company on Form 8-K during the quarter endedSeptember 30, 2001.

 

**SIGNATURES**

             Pursuantto the requirements of the Securities Exchange Act of 1934, the registrant hasduly caused this report to be signed on its behalf by the undersigned thereuntoduly authorized.

 

 

CYPRESS  COMMUNICATIONS, INC.

 

 

 

 

 

 

Date:  November 14, 2001

By:

/s/  W. Frank Blount

 

 

W.  Frank Blount

 

 

Chairman  and Chief Executive Officer

  |