In January 1994 American PCS, L.P. (known as American Personal
Communications or APC), a limited partnership in which the company has a 70
percent interest, filed an application for a PCS authorization with the Federal
Communications Commission (FCC). APC has begun some operations, and
immediately following receipt of authorization from the FCC, the company
expects to substantially increase the level of its capital investment in the
In February 1994 the FCC issued new rules related to pricing and the
reregulation of the cable industry. The company has evaluated the rules and
does not expect them to have a material effect on consolidated financial
In April 1994 the company purchased the assets of two television
stations in Houston and San Antonio, Texas, for $253 million in cash and the
assumption of approximately $4 million in liabilities related to the operations
of the two stations.
The company has experienced no other significant changes in its
financial condition since the end of 1993.