- Increased year over year commercial and carrier revenue
by 3.7%
- Delivered over 3,100 net data adds
- Signed agreements for 200 new fiber to the cell tower
sites
- Achieved an additional $2.0 million in annual
synergies
Consolidated Communications Holdings, Inc. (Nasdaq:CNSL) reported
results for the first quarter 2015.
First quarter financial summary:
- Revenue was $192.6 million.
- Net cash from continuing operations was $52.4 million.
- Adjusted EBITDA was $79.7 million.
- Dividend payout ratio was 71.4%.
"We kicked off 2015 with a solid quarter both financially and
operationally," said Bob Udell, President and Chief Executive
Officer. "The results reflect our success in generating growth in
our strategic areas and offsetting legacy revenue declines. Our
broadband additions were strong, and we continued to upsell
customers to our higher speed offerings."
"With the Enventis acquisition now six months behind us, I could
not be more pleased with how the assets have performed and how well
our team has executed in integrating the companies. We are
delivering on our plans and, during the quarter, achieved an
additional $2.0 million in annual synergies. In addition, we signed
agreements for a record 200 fiber to the tower sites with a
majority of these coming from the Enventis markets," Udell
concluded.
Pro Forma Financial Results for the First
Quarter
As reflected in the tables provided in this release,
Consolidated has improved its revenue and metric presentations to
provide more meaningful information aligned with the strategic
management of the business. In an effort to provide an orderly
transition, Consolidated has provided revenues in both the old
format and the new format, which includes historical information
for the last five quarters. In future periods, revenues will be
provided in the new format only.
- Revenues were $192.6 million, compared to $193.9 million for
the first quarter of 2014. Excluding the $1.4 million decline in
equipment sales and service, revenues increased by $0.1 million. We
continued to deliver strong growth in our strategic sales channels
of commercial and carrier. Consumer revenues in the quarter were
flat compared to the same period last year.
- Income from operations was $26.7 million, compared to $26.2
million in the first quarter of 2014. The increase was primarily
due to synergy realization from the Enventis acquisition and other
efficiency improvements. These cost savings were partially offset
by continued increases in video programming expenses.
- Interest expense, net was $20.7 million, compared to $22.0
million for the same period last year. The improvement in interest
cost was attributable to the fourth quarter 2014 repurchases of $73
million in 10 7/8% senior notes due 2020 which were replaced using
excess funding from our 6.5% senior notes due 2022 and our
revolver.
- Other income, net was $6.4 million, compared to $7.4 million
for the same period in 2014. The current quarter included a $0.8
million non-cash impairment loss for our investment in Central
Valley Independent Network, LLC ("CVIN"). In the first quarter
of last year, a $0.7 million non-cash loss was recognized for the
sale of a building in Pennsylvania. Cash distributions from
our Verizon Wireless partnerships were $7.1 million compared to
$9.1 million for the first quarter of 2014.
- Adjusted diluted net income per share excludes items in the
manner described in the table provided in this
release. Adjusted diluted net income per share for the current
quarter was $0.20 compared to $0.18 for the prior year
period. Prior to the adjustments, diluted net income per
common share was $0.15 compared to $0.14 in the first quarter of
2014.
- Adjusted EBITDA was $79.7 million compared to $83.4 million for
the same period in 2014.
- The total net debt to last twelve month adjusted EBITDA
coverage ratio was 4.20 times to one.
Cash Available to Pay Dividends
For the quarter, cash available to pay dividends, or CAPD, was
$27.3 million, and the dividend payout ratio was 71.4%. At
March 31, 2015, cash and cash equivalents were $9.3
million. Capital expenditures for the quarter were $32.6
million.
Financial Guidance
Consolidated is reiterating its full year guidance. The
table below reflects pro forma results for the full year of
2014.
|
2015
Guidance |
2014 Pro Forma
Results |
|
|
|
Cash Interest Expense |
$78.0 million to $81.0 million |
$81.4 million |
Cash Income Taxes |
$4.0 million to $8.0 million |
$12.4 million |
Capital Expenses* |
$122.0 million to $129.0 million |
$131.3 million |
|
*2015 capital guidance includes $5.2 million
of integration related expenses. |
Dividend Payments
On May 4, 2015, Consolidated's board of directors declared its
next quarterly dividend of $0.38738 per common share, which is
payable on August 1, 2015 to stockholders of record at the close of
business on July 15, 2015. This will represent the 40th
consecutive quarterly dividend paid by the Company.
Conference Call Information
The Company will host a conference call today at 11:00 a.m.
Eastern Time / 10:00 a.m. Central Time to discuss first quarter
earnings and developments with respect to the Company. The
call is being webcast and archived on the "Investor Relations"
section of the Company's website at http://www.consolidated.com. If
you do not have internet access, the conference call dial-in number
is 1-877-374-3981 with pass code 22705444. International
parties can access the call by dialing 1-253-237-1158. A
telephonic replay of the conference call will also be available
starting three hours after completion of the call until May 14,
2015 at midnight Eastern Time. To hear the replay, parties in
the United States and Canada should call 1-855-859-2056 and
international parties should call 1-404-537-3406.
Use of Non-GAAP Financial Measures
This press release, as well as the conference call, includes
disclosures regarding "EBITDA", "adjusted EBITDA", "cash available
to pay dividends" and the related "dividend payout ratio", "total
net debt to last twelve month adjusted EBITDA coverage ratio",
"adjusted diluted net income per share" and "adjusted net income
attributable to common stockholders", all of which are non-GAAP
financial measures and described in this section as not being in
compliance with Regulation S-X. Accordingly, they should not
be construed as alternatives to net cash from operating or
investing activities, cash and cash equivalents, cash flows from
operations, net income or net income per share as defined by GAAP
and are not, on their own, necessarily indicative of cash available
to fund cash needs as determined in accordance with GAAP. In
addition, not all companies use identical calculations, and the
non-GAAP financial measures may not be comparable to other
similarly titled measures of other companies. A reconciliation
of the differences between these non-GAAP financial measures and
the most directly comparable financial measures presented in
accordance with GAAP is included in the tables that follow.
Adjusted EBITDA is comprised of EBITDA, adjusted for certain
items as permitted or required by the lenders under our credit
agreement in place at the end of each quarter in the periods
presented. The tables that follow include an explanation of
how adjusted EBITDA is calculated for each of the periods presented
with the reconciliation to net income. EBITDA is defined as
net earnings before interest expense, income taxes, depreciation
and amortization on a historical basis.
Cash available to pay dividends represents adjusted EBITDA plus
cash interest income less (1) cash interest expense, (2) capital
expenditures and (3) cash income taxes; this calculation differs in
certain respects from the similar calculation used in our credit
agreement.
We present adjusted EBITDA, cash available to pay dividends and
the related dividend payout ratio for several
reasons. Management believes adjusted EBITDA, cash available
to pay dividends and the dividend payout ratio are useful as a
means to evaluate our ability to fund our estimated uses of cash
(including interest on our debt) and pay dividends. In addition, we
have presented adjusted EBITDA, cash available to pay dividends and
the dividend payout ratio to investors in the past because they are
frequently used by investors, securities analysts and other
interested parties in the evaluation of companies in our industry,
and management believes presenting them here provides a measure of
consistency in our financial reporting. Adjusted EBITDA and cash
available to pay dividends, referred to as Available Cash in our
credit agreement, are also components of the restrictive covenants
and financial ratios contained in our credit agreement that
requires us to maintain compliance with these covenants and limit
certain activities, such as our ability to incur debt and to pay
dividends. The definitions in these covenants and ratios are
based on adjusted EBITDA and cash available to pay dividends after
giving effect to specified charges. In addition, adjusted
EBITDA, cash available to pay dividends and the dividend payout
ratio provide our board of directors with meaningful information to
determine, with other data, assumptions and considerations, our
dividend policy and our ability to pay dividends under the
restrictive covenants in our credit agreement and to measure our
ability to service and repay debt. We present the related
"total net debt to last twelve month adjusted EBITDA coverage
ratio" principally to put other non-GAAP measures in context and
facilitate comparisons by investors, security analysts and others;
this ratio differs in certain respects from the similar ratio used
in our credit agreement. These measures differ in certain
respects from the ratios used in our Senior Notes
indenture.
These non-GAAP financial measures have certain
shortcomings. In particular, adjusted EBITDA does not
represent the residual cash flows available for discretionary
expenditures, since items such as debt repayment and interest
payments are not deducted from such measure. Similarly, while
we may generate cash available to pay dividends, we are not
required to use any such cash to pay dividends, and the payment of
any dividends is subject to declaration by our board of directors,
compliance with applicable law and the terms of our credit
agreement. Because adjusted EBITDA is a component of the
dividend payout ratio and the ratio of total net debt to last
twelve month adjusted EBITDA, these measures are also subject to
the material limitations discussed above. In addition, the
ratio of total net debt to last twelve month adjusted EBITDA is
subject to the risk that we may not be able to use the cash on the
balance sheet to reduce our debt on a dollar-for-dollar basis.
Management believes these ratios are useful as a means to evaluate
our ability to incur additional indebtedness in the
future.
We present the non-GAAP measures adjusted diluted net income per
share and adjusted diluted net income attributable to common
stockholders because our net income and net income per share are
regularly affected by items that occur at irregular intervals or
are non-cash items. We believe that disclosing these measures
assists investors, securities analysts and other interested parties
in evaluating both our company over time and the relative
performance of the companies in our industry.
About Consolidated
Consolidated Communications Holdings, Inc. is a leading
communications provider within its eleven state operations.
Headquartered in Mattoon, IL, the Company has been providing
services in many of its markets for over a century. The Company
leverages its advanced fiber optic network and multiple data
centers to offer a wide range of communications services, including
data, voice, video, managed services, cloud computing and wireless
backhaul.
Safe Harbor
The Securities and Exchange Commission ("SEC") encourages
companies to disclose forward-looking information so that investors
can better understand a company's future prospects and make
informed investment decisions. Certain statements in this
press release are forward-looking statements and are made pursuant
to the safe harbor provisions of the Securities Litigation Reform
Act of 1995. These forward-looking statements reflect, among
other things, our current expectations, plans, strategies, and
anticipated financial results. There are a number of risks,
uncertainties, and conditions that may cause our actual results to
differ materially from those expressed or implied by these
forward-looking statements. These risks and uncertainties
include our ability to successfully integrate Enventis' operations
and realize the synergies from the acquisition, as well as a number
of factors related to our business, including economic and
financial market conditions generally and economic conditions in
our service areas; various risks to shareholders of not receiving
dividends and risks to our ability to pursue growth opportunities
if we continue to pay dividends according to the current dividend
policy; various risks to the price and volatility of our common
stock; changes in the valuation of pension plan assets; the
substantial amount of debt and our ability to repay or refinance it
or incur additional debt in the future; our need for a significant
amount of cash to service and repay the debt and to pay dividends
on the common stock; restrictions contained in our debt agreements
that limit the discretion of management in operating the business;
regulatory changes, including changes to subsidies, rapid
development and introduction of new technologies and intense
competition in the telecommunications industry; risks associated
with our possible pursuit of acquisitions; system failures; losses
of large customers or government contracts; risks associated with
the rights-of-way for the network; disruptions in the relationship
with third party vendors; losses of key management personnel and
the inability to attract and retain highly qualified management and
personnel in the future; changes in the extensive governmental
legislation and regulations governing telecommunications providers
and the provision of telecommunications services;
telecommunications carriers disputing and/or avoiding their
obligations to pay network access charges for use of our network;
high costs of regulatory compliance; the competitive impact of
legislation and regulatory changes in the telecommunications
industry; and liability and compliance costs regarding
environmental regulations. A detailed discussion of these and other
risks and uncertainties that could cause actual results and events
to differ materially from such forward-looking statements are
discussed in more detail in our filings with the Securities and
Exchange Commission, including our reports on Form 10-K and Form
10-Q. Many of these circumstances are beyond our ability to
control or predict. Moreover, forward-looking statements
necessarily involve assumptions on our part. These
forward-looking statements generally are identified by the words
"believe", "expect", "anticipate", "estimate", "project", "intend",
"plan", "should", "may", "will", "would", "will be", "will
continue" or similar expressions. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements
of Consolidated Communications Holdings, Inc. and its subsidiaries
to be different from those expressed or implied in the
forward-looking statements. All forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the cautionary statements that
appear throughout this press release. Furthermore,
forward-looking statements speak only as of the date they are made.
Except as required under the federal securities laws or the
rules and regulations of the Securities and Exchange Commission, we
disclaim any intention or obligation to update or revise publicly
any forward-looking statements. You should not place undue reliance
on forward-looking statements.
Consolidated
Communications Holdings, Inc. |
Condensed Consolidated
Balance Sheets |
(Dollars in thousands, except
par value) |
(Unaudited) |
|
March 31, |
December
31, |
|
2015 |
2014 |
|
|
|
ASSETS |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 9,339 |
$ 6,679 |
Accounts receivable, net |
74,672 |
77,536 |
Income tax receivable |
14,116 |
18,940 |
Deferred income taxes |
13,374 |
13,374 |
Prepaid expenses and other current
assets |
20,892 |
17,616 |
Total current assets |
132,393 |
134,145 |
|
|
|
Property, plant and equipment, net |
1,129,757 |
1,137,478 |
Investments |
114,641 |
115,376 |
Goodwill |
764,630 |
764,630 |
Other intangible assets |
53,228 |
56,322 |
Deferred debt issuance costs, net and other
assets |
18,707 |
19,313 |
Total assets |
$ 2,213,356 |
$ 2,227,264 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 11,433 |
$ 15,277 |
Advance billings and customer
deposits |
30,961 |
31,933 |
Dividends payable |
19,527 |
19,510 |
Accrued compensation |
23,536 |
32,581 |
Accrued interest |
16,369 |
6,784 |
Accrued expense |
40,835 |
39,698 |
Current portion of long-term debt and
capital lease obligations |
9,931 |
9,849 |
Current portion of derivative
liability |
583 |
443 |
Total current liabilities |
153,175 |
156,075 |
|
|
|
Long-term debt and capital lease
obligations |
1,359,725 |
1,356,753 |
Deferred income taxes |
246,734 |
246,665 |
Pension and other post-retirement
obligations |
117,859 |
122,363 |
Other long-term liabilities |
15,279 |
14,579 |
Total liabilities |
1,892,772 |
1,896,435 |
|
|
|
Shareholders' equity: |
|
|
Common stock, par value $0.01 per share;
100,000,000 shares authorized, 50,515,950 and 50,364,579,
shares outstanding as of March 31, 2015 and December 31, 2014,
respectively |
505 |
504 |
Additional paid in capital |
346,775 |
357,139 |
Accumulated other comprehensive loss,
net |
(31,541) |
(31,640) |
Noncontrolling interest |
4,845 |
4,826 |
Total shareholders' equity |
320,584 |
330,829 |
Total liabilities and shareholders'
equity |
$ 2,213,356 |
$ 2,227,264 |
|
|
Consolidated
Communications Holdings, Inc. |
Condensed Consolidated
Statements of Income |
(Dollars in thousands, except
per share amounts) |
(Unaudited) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2015 |
2014 |
|
|
|
|
|
|
Net revenues |
$ 192,578 |
$ 149,648 |
Operating expenses: |
|
|
Cost of services and
products |
79,892 |
55,300 |
Selling, general and
administrative expenses |
41,948 |
32,575 |
Acquisition and other transaction
costs |
437 |
289 |
Depreciation and
amortization |
43,556 |
35,542 |
Income from operations |
26,745 |
25,942 |
Other income (expense): |
|
|
Interest expense, net of interest
income |
(20,674) |
(19,831) |
Other income, net |
6,384 |
7,433 |
Income before income taxes |
12,455 |
13,544 |
Income tax expense |
4,626 |
5,122 |
Net income |
7,829 |
8,422 |
|
|
|
Less: net income attributable to
noncontrolling interest |
19 |
98 |
|
|
|
Net income attributable to common
shareholders |
$ 7,810 |
$ 8,324 |
|
|
|
Net income per basic and diluted
common share attributable to common shareholders |
$ 0.15 |
$ 0.20 |
|
|
Consolidated
Communications Holdings, Inc. |
Pro Forma Condensed
Consolidated Statements of Income |
(Dollars in thousands, except
per share amounts) |
(Unaudited) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
|
Pro Forma |
|
2015 |
2014 |
|
|
|
|
|
|
Net revenues |
$ 192,578 |
$ 193,888 |
Operating expenses: |
|
|
Operating expenses (exclusive of
depreciation and amortization) |
122,277 |
120,331 |
Depreciation and
amortization |
43,556 |
47,398 |
Income from operations |
26,745 |
26,159 |
Other income (expense): |
|
|
Interest expense, net of interest
income |
(20,674) |
(21,951) |
Other income, net |
6,384 |
7,433 |
Income from before income
taxes |
12,455 |
11,641 |
Income tax expense |
4,626 |
4,450 |
Net Income |
7,829 |
7,191 |
Less: net income attributable to
noncontrolling interest |
19 |
98 |
|
|
|
Net income attributable to common
shareholders |
$ 7,810 |
$ 7,093 |
|
|
|
Net income per basic and diluted
common share attributable to common shareholders |
$ 0.15 |
$ 0.14 |
|
|
Consolidated
Communications Holdings, Inc. |
Condensed Consolidated
Statements of Cash Flows |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2015 |
2014 |
OPERATING ACTIVITIES |
|
|
Net income |
$ 7,829 |
$ 8,422 |
Adjustments to reconcile net income to
cash provided by operating activities: |
|
|
Depreciation and amortization |
43,556 |
35,542 |
Cash distributions from wireless
partnerships in excess of/(less than) earnings |
358 |
729 |
Non- cash stock-based compensation |
813 |
784 |
Amortization of deferred financing |
943 |
630 |
Other adjustments, net |
686 |
1,391 |
Changes in operating assets and
liabilities, net |
(1,781) |
896 |
Net cash provided by operating
activities |
52,404 |
48,394 |
INVESTING ACTIVITIES |
|
|
Purchase of property, plant and
equipment, net |
(32,552) |
(25,405) |
Proceeds from sale of assets |
29 |
1,241 |
Net cash used in investing
activities |
(32,523) |
(24,164) |
FINANCING ACTIVITIES |
|
|
Proceeds on issuance of long-term
debt |
20,000 |
10,000 |
Payment of capital lease obligation |
(222) |
(157) |
Payment on long-term debt |
(17,275) |
(17,275) |
Repurchase and retirement of common
stock |
(214) |
-- |
Dividends on common stock |
(19,510) |
(15,520) |
Net cash used in financing
activities |
(17,221) |
(22,952) |
Net change in cash and cash equivalents |
2,660 |
1,278 |
Cash and cash equivalents at beginning of
period |
6,679 |
5,551 |
Cash and cash equivalents at end of
period |
$ 9,339 |
$ 6,829 |
|
|
Consolidated
Communications Holdings, Inc. |
Consolidated Revenue by
Category |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
PRO
FORMA |
|
|
Q1'14 |
Q2'14 |
Q3'14 |
Q4'14 |
Q1'15 |
Commercial and carrier: |
|
|
|
|
|
Data and transport services (includes
VoIP) |
$ 41,503 |
$ 42,198 |
$ 43,110 |
$ 43,668 |
$ 45,280 |
Voice services |
26,582 |
26,937 |
26,573 |
26,098 |
25,865 |
Other |
2,999 |
3,079 |
2,966 |
3,394 |
2,561 |
|
71,084 |
72,214 |
72,649 |
73,160 |
73,706 |
Consumer: |
|
|
|
|
|
Broadband (VoIP, Data and Video) |
52,665 |
53,885 |
53,595 |
53,465 |
53,775 |
Voice services |
16,906 |
16,673 |
16,609 |
16,014 |
15,506 |
|
69,571 |
70,558 |
70,204 |
69,479 |
69,281 |
|
|
|
|
|
|
Equipment Sales and Service |
12,248 |
17,407 |
22,224 |
11,008 |
10,853 |
Subsidies |
14,667 |
14,851 |
14,040 |
14,348 |
14,392 |
Network Access |
21,476 |
20,802 |
19,680 |
19,789 |
19,399 |
Other products and services |
4,842 |
4,928 |
4,652 |
4,864 |
4,947 |
Total operating revenue |
$ 193,888 |
$ 200,760 |
$ 203,449 |
$ 192,648 |
$ 192,578 |
|
|
Consolidated
Communications Holdings, Inc. |
Consolidated Revenue by
Category |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
PRO
FORMA |
|
|
Q1'14 |
Q2'14 |
Q3'14 |
Q4'14 |
Q1'15 |
|
|
|
|
|
|
Local calling service |
30,436 |
30,980 |
30,472 |
29,905 |
29,281 |
Network access revenues |
30,044 |
29,252 |
28,439 |
28,370 |
28,451 |
Subsidies |
14,667 |
14,851 |
14,040 |
14,348 |
14,392 |
Long distance services |
5,964 |
5,922 |
5,778 |
5,613 |
5,628 |
Data and internet service |
79,951 |
81,696 |
82,031 |
82,153 |
84,260 |
Equipment sales and services |
12,248 |
17,407 |
22,224 |
11,008 |
10,853 |
Other services |
20,578 |
20,652 |
20,465 |
21,251 |
19,713 |
Total |
193,888 |
200,760 |
203,449 |
192,648 |
192,578 |
|
|
Consolidated
Communications Holdings, Inc. |
Schedule of Adjusted
EBITDA Calculation |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
|
Pro forma |
|
2015 |
2014 |
Net income |
$ 7,829 |
$ 7,191 |
Add (subtract): |
|
|
Income tax expense |
4,626 |
4,450 |
Interest expense, net |
20,674 |
21,951 |
Depreciation and amortization |
43,556 |
47,398 |
EBITDA |
76,685 |
80,990 |
|
|
|
Adjustments to EBITDA (1): |
|
|
Other, net (2) |
(4,901) |
(7,668) |
Investment distributions (3) |
7,079 |
9,086 |
Non-cash compensation (4) |
813 |
1,015 |
|
|
|
Adjusted EBITDA |
$ 79,676 |
$ 83,423 |
|
|
|
Footnotes for Adjusted
EBITDA: |
|
|
(1) These adjustments
reflect those required or permitted by the lenders under our credit
agreement. |
(2) Other, net includes the
equity earnings from our investments, dividend income, income
attributable to noncontrolling interests in subsidiaries,
acquisition and non-recurring related costs and certain
miscellaneous items. |
(3) Includes all cash
dividends and other cash distributions received from our
investments. |
(4) Represents compensation
expenses in connection with our Restricted Share Plan, which
because of the non-cash nature of the expenses are excluded from
adjusted EBITDA. |
|
Consolidated
Communications Holdings, Inc. |
Cash Available to Pay
Dividends |
(Dollars in thousands) |
(Unaudited) |
|
|
|
Three Months
Ended |
|
March 31,
2015 |
|
|
Adjusted EBITDA |
$ 79,676 |
|
|
- Cash interest expense |
(19,985) |
- Capital expenditures |
(32,552) |
- Cash income taxes |
197 |
|
|
Cash available to pay dividends |
$ 27,336 |
|
|
Dividends Paid |
$ 19,510 |
Payout Ratio |
71.4% |
|
|
* The above calculation excludes
the principal payments on the amortization of our debt |
|
|
Consolidated
Communications Holdings, Inc. |
Total Net Debt to LTM
Adjusted EBITDA Ratio |
(Dollars in thousands) |
(Unaudited) |
|
|
Summary of Outstanding Debt |
|
Term loan, net of discount $3,797 |
$ 894,828 |
Revolving loan |
44,000 |
Senior unsecured notes due 2020, net of
discount of $1,054 |
226,164 |
Senior unsecured notes due 2022 |
200,000 |
Capital leases |
4,664 |
Total debt as of March 31, 2015 |
$ 1,369,656 |
Less cash on hand |
(9,339) |
Total net debt as of March 31, 2015 |
$ 1,360,317 |
|
|
Adjusted EBITDA for the last twelve
months ended March 31, 2015 |
$ 324,306 |
|
|
Total Net Debt to last twelve months |
|
Adjusted EBITDA |
4.20x |
|
|
Consolidated
Communications Holdings, Inc. |
Adjusted Net Income and
Net Income Per Share |
(in thousands, except per share
amounts) |
(Unaudited) |
|
|
|
|
Three
Months Ended |
|
|
Pro Forma |
|
March 31, |
March 31, |
|
2015 |
2014 |
Net income (loss) |
$ 7,829 |
$ 7,191 |
Transaction and severance related costs, net
of tax |
1,344 |
760 |
Loss related to sale of building, net of
tax |
-- |
457 |
Impairment charge for CVIN investment, net of
tax |
526 |
-- |
Non-cash stock compensation, net of tax |
511 |
627 |
Adjusted net income |
$ 10,211 |
$ 9,036 |
|
|
|
Weighted average number of shares
outstanding |
50,148 |
50,021 |
Adjusted diluted net income per share |
$ 0.20 |
$ 0.18 |
|
|
|
* Calculations above assume a
37.1% and 38.2% effective tax rate for the three months ended March
31, 2015 and 2014, respectively. |
|
|
|
Consolidated
Communications Holdings, Inc. |
Key Operating
Statistics |
(Unaudited) |
|
|
|
|
|
|
|
31-Mar-15 |
31-Dec-14 |
% Change in Qtr |
31-Mar-14 |
% Change yoy |
|
|
|
|
|
|
Voice Connections |
498,121 |
503,120 |
(1.0%) |
519,361 |
(4.1%) |
|
|
|
|
|
|
Data and Internet
Connections |
446,621 |
443,489 |
0.7% |
439,551 |
1.6% |
|
|
|
|
|
|
Video Connections |
123,208 |
124,229 |
(0.8%) |
124,463 |
(1.0%) |
|
|
|
|
|
|
Business and Broadband as % of total
revenue |
80% |
80% |
0.0% |
79% |
1.3% |
|
|
|
|
|
|
Fiber network miles (including
long-haul and metro) |
13,038 |
12,814 |
1.7% |
12,400 |
5.1% |
|
|
|
|
|
|
On-net buildings |
4,804 |
4,768 |
0.8% |
4,660 |
3.1% |
|
|
|
|
|
|
Consumer Customers |
274,484 |
276,466 |
(0.7%) |
282,927 |
(3.0%) |
|
|
|
|
|
|
Consumer ARPU |
$84.13 |
$83.77 |
0.4% |
$81.88 |
2.8% |
|
|
|
|
|
|
Note: |
|
|
|
|
|
BB% includes commercial/carrier,
equipment sales, directory, special access and consumer
broadband |
All periods are pro forma for the
Enventis acquisition |
CONTACT: Company Contact:
Matt Smith
Treasurer and VP of Finance & IR
217-258-2959
matthew.smith@consolidated.com
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