Shenandoah Telecommunications Company Announces Reporting Segment Changes
February 18 2020 - 5:30PM
Shenandoah Telecommunications Company (“Shentel” or “Company”)
(NASDAQ:SHEN) announces reporting segment changes which align with
how the Company’s CEO and chief operating decision maker (“CODM”)
allocates resources and evaluates operating performance. These
changes follow an organizational shift during 2019 from a business
line to a functional structure, better delineate between key
products, and better enable peer comparisons by both the Company’s
CODM and investors.
As summarized below, Shentel’s Tower segment will be separated
from its legacy Wireless segment, while the legacy Cable and
Wireline segments will be combined into a new Broadband
segment.
Shentel will report under the new reportable segments beginning
with the 2019 fourth quarter and year-end financial results
included in the Company’s Form 10-K, to be released after the close
of the market on February 26, 2020. Segment operating results and
key metrics will be recast under the new segment structure for the
comparable periods (2018 and 2017) to aide with analysis and
transition. These changes will not change Shentel’s consolidated
results. A description of each new reportable segment is provided
below.
Wireless (“PCS”)
Shentel’s Wireless segment provides wireless voice and data
personal communications service (“PCS”) to Sprint customers through
the Company’s affiliate agreement with Sprint covering large
portions of central and western Virginia, south-central
Pennsylvania, West Virginia, and portions of Maryland, Kentucky,
and Ohio.
Broadband
Shentel’s Broadband segment provides broadband, video and voice
services to residential and commercial customers in portions of
Virginia, West Virginia, Maryland, and Pennsylvania via fiber optic
and hybrid fiber coaxial (“HFC”) cable, leasing dark fiber and
providing Ethernet and Wavelength fiber optic services to
enterprise and wholesale customers throughout the entirety of
Shentel’s service area and voice and digital subscriber line
(“DSL”) telephone services to customers in the Shenandoah county of
Virginia. These integrated networks are connected by an
approximately 6,000 fiber route mile network.
Tower
Shentel’s Tower segment leases space on 225 Company-owned cell
towers to the Company’s Wireless (“PCS”) business and to other
wireless communications providers.
About Shenandoah Telecommunications
Shenandoah Telecommunications Company (Shentel) provides a broad
range of diversified communications services through its high
speed, state-of-the-art wireless, cable and fiber optic networks to
customers in the Mid-Atlantic United States. The Company’s services
include: wireless voice and data; broadband internet, video, and
digital voice; fiber optic Ethernet, wavelength and leasing;
telephone voice and digital subscriber line; and tower colocation
leasing. Shentel is the exclusive personal communications service
(“PCS”) Affiliate of Sprint in a multi-state area covering large
portions of central and western Virginia, south-central
Pennsylvania, West Virginia, and portions of Maryland, Kentucky,
and Ohio. For more information, please visit www.shentel.com.
CONTACT:
Shenandoah Telecommunications CompanyJim Volk540-984-5168
Or
John Nesbett/Jennifer BelodeauIMS Investor
Relations203-972-9200jnesbett@institutionalms.com
Source: Shenandoah Telecommunications Company
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