- Delivered another strong quarter of operating and
financial results
- Increased data and video subs by a combined
3,197
- Provided solid growth in our commercial sales with a
year over year increase of 21% in Metro Ethernet
revenue
- Generated $48.4 million in cash from operations and a
dividend payout ratio of 56.9%
Consolidated Communications Holdings, Inc. (Nasdaq:CNSL) reported
results for the first quarter 2014.
First quarter financial summary:
- Revenue was $149.6 million.
- Net cash from continuing operations was $48.4 million.
- Adjusted EBITDA was $71.1 million.
- Dividend payout ratio was 56.9%.
"We kicked off 2014 with a strong quarter," said Bob Currey,
Chairman and Chief Executive Officer. "Our focus on broadband
growth, along with commercial and carrier sales, drove our positive
operating and financial results. Metro Ethernet continues to be a
leading product with a 21% increase in revenue compared to the
first quarter of last year. Overall, we added 3,197 broadband
connections and continued to increase speeds across our
network."
"Our financial performance included a strong quarter of cash
flow generation resulting in a comfortable dividend payout ratio of
56.9%. We achieved an additional $0.6 million in annualized
synergies from the SureWest acquisition and the completion of the
final phase of billing integration remains on schedule for the
third quarter of 2014," Currey concluded.
Operating Statistics at March 31, 2014, Compared to
March 31, 2013.
|
Period Ended March 31, |
|
|
|
2014 |
2013 |
Increase/(decrease) |
% |
|
|
|
|
|
Data connections |
258,244 |
250,334 |
7,910 |
3.2% |
Video connections |
110,805 |
107,492 |
3,313 |
3.1% |
ILEC access lines |
254,061 |
265,855 |
(11,794) |
(4.4%) |
Voice connections (non-ILEC) |
122,172 |
127,866 |
(5,694) |
(4.5%) |
Total connections |
745,282 |
751,547 |
(6,265) |
(0.8%) |
|
|
|
|
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 56.9%. At
March 31, 2014, cash and cash equivalents were $6.8
million. The Company made capital expenditures of $25.4
million during the quarter.
Financial Highlights for the First Quarter Ended March
31, 2014
- Revenues were $149.6 million, compared to $151.5 million from
continuing operations in the first quarter of 2013. Decreases
in our network access and subsidy revenues were partially offset by
growth in data and video revenues.
- Income from operations was $25.9 million, compared to $28.3
million from continuing operations in the first quarter of
2013. The decrease was primarily due to higher video
programming costs and increases in our sales related expenses for
our growth and expansion initiatives.
- Interest expense, net was $19.8 million, compared to $24.6
million for the same period last year. The improvement was
driven by a lower overall cost of debt due to the successful
December 2013 refinancing of our secured term debt as well as the
March and September 2013 maturities of several higher cost interest
rate swaps.
- Other income, net was $7.4 million, compared to $8.7 million
for the same period in 2013. The current quarter includes
approximately $0.7 million in a non-cash loss on the disposal of
assets as the result of the sale of a building in our Pennsylvania
market. Cash distributions from our Verizon Wireless
partnerships were $9.1 million compared to $8.1 million for the
first quarter of 2013.
- Net income attributable to common stockholders was $8.3
million, compared to $6.8 million in the same period of
2013. "Adjusted net income attributable to common
stockholders" excludes certain items in the manner described in the
table provided in this release and was $10.0 million, compared to
$8.2 million in the same quarter of 2013.
- Diluted net income per common share was $0.20 compared to $0.17
in the first quarter of 2013. "Adjusted diluted net income per
share" excludes certain items in the manner described in the table
provided in this release and was $0.25 compared to $0.21 for the
prior year period.
- Net cash provided by operating activities was $48.4 million
compared to $36.2 million for the first quarter in 2013.
- Adjusted EBITDA was $71.1 million compared to $73.5 million
from continuing operations in the same period in 2013.
- The total net debt to last twelve month adjusted EBITDA
coverage ratio was 4.25 times to one.
Financial Guidance
The Company is reiterating its full year guidance:
|
|
|
|
2014
Guidance |
2013
Results |
|
|
|
Cash Interest Expense |
$75.0 million to $78.0 million |
$81.9 million |
Cash Income Taxes |
$10.0 million to $15.0 million |
$1.0 million |
Capital Expenditures |
$97.0 million to $103.0 million |
$107.4 million |
Dividend Payments
On April 29, 2014, the Company's board of directors declared its
next quarterly dividend of $0.38738 per common share, which is
payable on August 1, 2014 to stockholders of record at the close of
business on July 15, 2014. This will represent the 36th
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 26932945. 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 8, 2014 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 six state operations of
California, Illinois, Kansas, Missouri, Pennsylvania and Texas.
Headquartered in Mattoon, IL, the Company has been providing
services in many of its markets for over a century. With one of the
highest quality networks in the industry, the Company offers a wide
range of communications services, including IP-based digital and
high definition television, high speed internet, Voice over IP,
carrier access, directory publishing and local and long distance
service.
Safe Harbor
Any statements other than statements of historical facts,
including statements about management's beliefs and expectations,
are forward-looking statements and should be evaluated as such.
These statements are made on the basis of management's views and
assumptions regarding future events and business performance. Words
such as "estimate," "believe," "anticipate," "expect," "intend,"
"plan, "target," "project," "should," "may," "will" and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements (including oral representations) involve
risks and uncertainties that may cause actual results to differ
materially from any future results, performance or achievements
expressed or implied by such statements. These risks and
uncertainties include the ability of Consolidated Communications
Holdings, Inc. (the "Company") to successfully integrate the
operations of SureWest Communications and realize the
synergies from the acquisition, as well as a number of other
factors related to the businesses of the Company, including various
risks to stockholders of not receiving dividends and risks to the
Company's ability to pursue growth opportunities if the Company
continues to pay dividends according to the current dividend
policy; various risks to the price and volatility of the Company's
common stock; the substantial amount of debt and the Company's
ability to repay or refinance it or incur additional debt in the
future; the Company's need for a significant amount of cash to
service and repay the debt and to pay dividends on the Company's
common stock; changes in the valuation of pension plan assets;
restrictions contained in the Company's 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; changes in content costs, which have
been substantial and continue to increase; risks associated with
the Company's possible pursuit of acquisitions; economic conditions
in the Company's service areas; 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 the Company's
network; high costs of regulatory compliance; the competitive
impact of legislation and regulatory changes on the
telecommunications industry; and liability and compliance costs
regarding environmental regulations. These and other risks and
uncertainties are discussed in more detail in the Company's filings
with the Securities and Exchange Commission, including our reports
on Form 10-K and Form 10-Q.
Many of these risks are beyond management's ability to control
or predict. All forward-looking statements attributable to the
Company or persons acting on its behalf are expressly qualified in
their entirety by the cautionary statements and risk factors
contained in this communication and the Company's filings with the
Securities and Exchange Commission. Because of these risks,
uncertainties and assumptions, you should not place undue reliance
on these forward-looking statements. 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 do not
undertake any obligation to update or review any forward-looking
information, whether as a result of new information, future events
or otherwise.
- Tables Follow –
|
|
|
Consolidated
Communications Holdings, Inc. |
Condensed Consolidated
Balance Sheets |
(Dollars in thousands, except
par value) |
(Unaudited) |
|
March 31, |
December
31, |
|
2014 |
2013 |
|
|
|
ASSETS |
|
|
Current assets: |
|
|
Cash and cash
equivalents |
$ 6,829 |
$ 5,551 |
Accounts receivable, net |
52,368 |
52,033 |
Income tax receivable |
4,689 |
9,796 |
Deferred income taxes |
7,960 |
7,960 |
Prepaid expenses and other current
assets |
14,151 |
12,380 |
Total current assets |
85,997 |
87,720 |
|
|
|
Property, plant and equipment,
net |
875,467 |
885,362 |
Investments |
112,585 |
113,099 |
Goodwill |
603,446 |
603,446 |
Other intangible assets |
37,628 |
40,084 |
Deferred debt issuance costs, net and
other assets |
17,891 |
17,667 |
Total assets |
$ 1,733,014 |
$ 1,747,378 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 7,775 |
$ 4,885 |
Advance billings and customer
deposits |
26,527 |
25,934 |
Dividends payable |
15,607 |
15,520 |
Accrued compensation |
17,333 |
22,252 |
Accrued expense |
43,132 |
38,697 |
Current portion of long-term debt
and capital lease obligations |
9,773 |
9,751 |
Current portion of derivative
liability |
694 |
660 |
Total current liabilities |
120,841 |
117,699 |
|
|
|
Long-term debt and capital lease
obligations |
1,204,873 |
1,212,134 |
Deferred income taxes |
180,023 |
179,859 |
Pension and other post-retirement
obligations |
71,066 |
75,754 |
Other long-term liabilities |
10,000 |
9,593 |
Total liabilities |
1,586,803 |
1,595,039 |
|
|
|
Shareholders' equity: |
|
|
Common stock, par value $0.01 per
share; 100,000,000 shares authorized, 40,287,654 and 40,065,246,
shares outstanding as of March 31, 2014 and December 31, 2013,
respectively |
403 |
401 |
Additional paid in
capital |
141,933 |
148,433 |
Accumulated other comprehensive
loss, net |
(728) |
(1,000) |
Noncontrolling interest |
4,603 |
4,505 |
Total shareholders' equity |
146,211 |
152,339 |
Total liabilities and shareholders'
equity |
$ 1,733,014 |
$ 1,747,378 |
|
|
|
Consolidated
Communications Holdings, Inc. |
Condensed Consolidated
Statements of Income |
(Dollars in thousands, except
per share amounts) |
(Unaudited) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2014 |
2013 |
|
|
|
|
|
|
Net revenues |
$ 149,648 |
$ 151,528 |
Operating expenses: |
|
|
Cost of services and
products |
55,300 |
55,052 |
Selling, general and administrative
expenses |
32,864 |
33,305 |
Depreciation and
amortization |
35,542 |
34,841 |
Income from operations |
25,942 |
28,330 |
Other income (expense): |
|
|
Interest expense, net of interest
income |
(19,831) |
(24,600) |
Other income, net |
7,433 |
8,677 |
Income from continuing operations
before income taxes |
13,544 |
12,407 |
Income tax expense |
5,122 |
5,549 |
Income from continuing
operations |
8,422 |
6,858 |
|
|
|
Income from discontinued operations,
net of tax |
-- |
24 |
|
|
|
Net income |
8,422 |
6,882 |
Less: net income attributable to
noncontrolling interest |
98 |
99 |
|
|
|
Net income attributable to common
shareholders |
$ 8,324 |
$ 6,783 |
|
|
|
Net income per common share - basic and
diluted |
|
|
Income from continuing operations |
$ 0.20 |
$ 0.17 |
Discontinued operations, net of tax |
-- |
-- |
Net income per basic and diluted common
share attributable to common shareholders |
$ 0.20 |
$ 0.17 |
|
|
|
Consolidated
Communications Holdings, Inc. |
Condensed
Consolidated Statements of Cash Flows |
(Dollars in
thousands) |
(Unaudited) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2014 |
2013 |
OPERATING ACTIVITIES |
|
|
Net income |
$ 8,422 |
$ 6,882 |
Income from discontinued operations, net
of tax |
-- |
(24) |
Net income from continuing
operations |
8,422 |
6,858 |
Adjustments to reconcile net income to
cash provided by operating activities: |
|
|
Depreciation and amortization |
35,542 |
34,841 |
Deferred income taxes |
-- |
(124) |
Cash distributions from wireless
partnerships in excess of/(less than) earnings |
729 |
(770) |
Non- cash stock-based compensation |
784 |
656 |
Amortization of deferred financing |
630 |
544 |
Other adjustments, net |
1,391 |
2,519 |
Changes in operating assets and
liabilities, net |
896 |
(6,801) |
Net cash provided by continuing
operations |
48,394 |
37,723 |
Net cash provided by (used in)
discontinued operations |
-- |
(1,531) |
Net cash provided by operating
activities |
48,394 |
36,192 |
INVESTING ACTIVITIES |
|
|
Purchase of property, plant and
equipment, net |
(25,405) |
(27,506) |
Proceeds from sale of assets |
1,241 |
21 |
Other |
-- |
(84) |
Net cash used by continuing
operations |
(24,164) |
(27,569) |
Net cash used in discontinued
operations |
-- |
(11) |
Net cash used in investing
activities |
(24,164) |
(27,580) |
FINANCING ACTIVITIES |
|
|
Proceeds on issuance of long-term
debt |
10,000 |
13,000 |
Payment of capital lease obligation |
(157) |
(85) |
Payment on long-term debt |
(17,275) |
(15,310) |
Dividends on common stock |
(15,520) |
(15,447) |
Net cash used in financing
activities |
(22,952) |
(17,842) |
Net change in cash and cash equivalents |
1,278 |
(9,230) |
Cash and cash equivalents at beginning of
period |
5,551 |
17,854 |
Cash and cash equivalents at end of
period |
$ 6,829 |
$ 8,624 |
|
|
|
Consolidated
Communications Holdings, Inc. |
Consolidated Revenue by
Category |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
|
|
|
2014 |
2013 |
|
|
|
Operating Revenues |
|
|
Local calling services |
$ 26,209 |
$ 26,580 |
Network access services |
26,840 |
29,654 |
Subsidies |
13,079 |
13,446 |
Long distance services |
4,770 |
4,991 |
Data, video and internet services |
68,189 |
66,312 |
Other services |
10,561 |
10,545 |
Total operating revenue |
$ 149,648 |
$ 151,528 |
|
|
|
Consolidated
Communications Holdings, Inc. |
Schedule of Adjusted
EBITDA Calculation |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
|
|
|
2014 |
2013 |
Net income from continuing operations |
$ 8,422 |
$ 6,858 |
Add (subtract): |
|
|
Income tax expense |
5,122 |
5,549 |
Interest expense, net |
19,831 |
24,600 |
Depreciation and amortization |
35,542 |
34,841 |
EBITDA |
68,917 |
71,848 |
|
|
|
Adjustments to EBITDA (1): |
|
|
Other, net (2) |
(7,717) |
(7,084) |
Investment distributions (3) |
9,086 |
8,101 |
Non-cash compensation (4) |
784 |
656 |
|
|
|
Adjusted EBITDA |
$ 71,070 |
$ 73,521 |
|
|
|
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,
transaction 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,
2014 |
Adjusted EBITDA |
$ 71,070 |
|
|
- Cash interest expense |
(18,393) |
- Capital expenditures |
(25,405) |
- Cash income taxes |
(15) |
|
|
Cash available to pay dividends |
$ 27,257 |
|
|
Dividends Paid |
$ 15,520 |
Payout Ratio |
56.9% |
|
|
* 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 $4,391 |
$ 903,334 |
Drawn on $75.0 million revolver |
8,000 |
Senior unsecured notes, net of discount of
$1,653 |
298,347 |
Capital leases |
4,965 |
Total debt as of March 31, 2014 |
$ 1,214,646 |
Less cash on hand |
(6,829) |
Total net debt as of March 31, 2014 |
$ 1,207,817 |
|
|
Adjusted EBITDA for the last twelve months
ended March 31, 2014 |
$ 284,055 |
|
|
Total Net Debt to last twelve months |
|
Adjusted EBITDA |
4.25x |
|
|
|
Consolidated
Communications Holdings, Inc. |
Adjusted Net
Income and Per Share Attributable to Common
Stockholders |
(in thousands, except per share
amounts) |
(Unaudited) |
|
|
|
|
Three Months
Ended |
|
March 31, |
March 31, |
|
2014 |
2013 |
Net income attributable to common
shareholders |
$ 8,324 |
$ 6,783 |
Transaction and severance related costs, net
of tax |
765 |
1,015 |
Loss related to sale of building, net of
tax |
460 |
-- |
Non-cash stock compensation, net of tax |
488 |
412 |
Adjusted net income attributable to common
stockholders |
$ 10,037 |
$ 8,210 |
|
|
|
Weighted average number of shares
outstanding |
39,877 |
39,755 |
Adjusted diluted net income per share |
$ 0.25 |
$ 0.21 |
|
|
|
* Calculations above assume a
37.8 and 37.2 percent effective tax rate for the three months ended
March 31, 2014 and 2013, respectively. |
|
|
|
|
|
|
Consolidated
Communications Holdings, Inc. |
Key Operating
Statistics |
(Unaudited) |
|
|
|
|
|
|
|
March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|
2014 |
2013 |
2013 |
2013 |
2013 |
ILEC access lines |
|
|
|
|
|
Residential |
145,814 |
147,247 |
148,811 |
150,711 |
152,644 |
Business |
108,247 |
109,558 |
110,794 |
111,870 |
113,211 |
Total local access lines |
254,061 |
256,805 |
259,605 |
262,581 |
265,855 |
Quarterly change |
(1.1%) |
(1.1%) |
(1.1%) |
(1.2%) |
(1.0%) |
|
|
|
|
|
|
Voice Connections [1,2] |
|
|
|
|
|
Residential |
72,080 |
73,219 |
74,588 |
76,101 |
77,515 |
Business |
50,092 |
50,214 |
49,830 |
50,013 |
50,351 |
Total voice connections |
122,172 |
123,433 |
124,418 |
126,114 |
127,866 |
Quarterly change |
(1.0%) |
(0.8%) |
(1.3%) |
(1.4%) |
(1.4%) |
|
|
|
|
|
|
Data and Internet Connections
[2] |
258,244 |
255,231 |
252,506 |
251,294 |
250,334 |
Quarterly change |
1.2% |
1.1% |
0.5% |
0.4% |
1.1% |
Res. penetration of marketable
homes |
30.5% |
30.3% |
30.2% |
30.3% |
30.3% |
|
|
|
|
|
|
Video Connections [2] |
110,805 |
110,621 |
109,892 |
109,095 |
107,492 |
Quarterly change |
0.2% |
0.7% |
0.7% |
1.5% |
1.3% |
Res. penetration of marketable
homes |
20.5% |
20.5% |
20.5% |
20.7% |
20.5% |
|
|
|
|
|
|
Total Connections |
745,282 |
746,090 |
746,421 |
749,084 |
751,547 |
Quarterly change |
(0.1%) |
(0.0%) |
(0.4%) |
(0.3%) |
(0.1%) |
|
|
|
|
|
|
Network Stats - Marketable
Homes |
|
|
|
|
|
Fiber homes |
203,273 |
201,720 |
199,826 |
197,355 |
195,962 |
HFC homes |
94,568 |
94,559 |
94,540 |
94,534 |
94,433 |
Copper homes |
399,547 |
399,547 |
399,547 |
399,547 |
399,547 |
Total |
697,388 |
695,826 |
693,913 |
691,436 |
689,942 |
|
|
|
|
|
|
Data marketable homes |
684,960 |
683,398 |
681,485 |
679,008 |
677,514 |
% of total marketable homes |
98% |
98% |
98% |
98% |
98% |
Video marketable homes |
532,853 |
530,834 |
528,921 |
526,444 |
524,950 |
% of total marketable homes |
76% |
76% |
76% |
76% |
76% |
|
|
|
|
|
|
Note: The figures in the
table, excluding ILEC access lines, do not include SureWest
business subscribers. |
|
|
|
|
|
|
[1] These include voice lines
outside the ILECs and Voice-over-IP inside the ILECs. |
[2] These connections are both
residential and business (excluding SureWest business
subscribers). They include services both inside and outside
the ILECs. |
CONTACT: Matt Smith
VP of Finance & Treasurer
217-258-2959
matthew.smith@consolidated.com
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