Delivers 3Q13 Revenue of $51.6 Million and Adjusted EBITDA of $23 Million
Maintains 2013 Financial Guidance of $208 Million in Revenue and $97 Million in Adjusted EBITDA
Cash Dividend of $0.14 per Share Declared
WAYNESBORO, Va.–(BUSINESS WIRE)–
Lumos Networks Corp. (“Lumos Networks” or “the Company”) (LMOS), a fiber-based service provider of data, voice and IP-based telecommunication services in the Mid-Atlantic region, today announced financial results for its third quarter of 2013.
Total revenue for the third quarter of 2013 was $51.6 million, compared to $52.0 million for the third quarter of 2012 and $52.3 million in the second quarter of 2013. Total Adjusted EBITDA was $23.0 million for the third quarter of 2013, compared to $22.3 million in the third quarter of 2012 and $24.6 million in the second quarter of 2013.
“While our results in the third quarter of 2013 were below our expectations, we are maintaining our 2013 financial guidance of $208 million for revenue and $97 million for Adjusted EBITDA,” said Tim Biltz, CEO of Lumos Networks. “In the third quarter of 2013, Lumos Networks delivered total Strategic Data revenue of $30.4 million, equal to nearly 59% of total revenue and representing a year-over-year increase of over 11%. The percentage of total revenue derived from Strategic Data increased by over 6% from the prior year period.”
Mr. Biltz continued, “We are beginning to see positive results from our plans to accelerate Strategic Data revenue growth and we project that sequential revenue in this segment will increase from 1.4% in the third quarter to over 2% in the fourth quarter. Additionally, we estimate that our operating expenses in the fourth quarter of 2013 will be lower than the third quarter.”
“Therefore, we expect our Adjusted EBITDA to improve on a sequential basis in the fourth quarter,” Mr. Biltz said. “For the full year 2013, we are on track to post overall revenue growth, Strategic Data revenue growth of nearly 12% and Adjusted EBITDA growth of over 9%.”
Highlights
- The Company ended the quarter with 540 fiber to the cell (“FTTC”) site installations, up 75 sequentially, which represents a year-over-year increase in total FTTC sites of 107%. Lumos Networks expects to end 2013 with over 600 installed sites and maintains its target for 1,500 sites within the next few years.
- The Company’s project to upgrade its internal systems is off to a good start and is expected to drive operating efficiencies, improve customer facing capabilities and streamline business processes as we progress through 2014.
- At the end of the third quarter, Lumos Networks officially “lit up” its metro fiber network in Richmond, Virginia and has pre-sold approximately $1.4 million in annualized revenue in that market, with the vast majority being strategic data.
- On October 30, 2013, the Board of Directors of Lumos Networks declared a dividend on its common stock in the amount of $0.14 per share to be paid on January 9, 2014 to stockholders of record on December 12, 2013.
Business Outlook
In the fourth quarter of 2013, the Company expects revenue to be $51 to $52 million and Adjusted EBITDA $24 to $25 million. For the full year 2013, the Company is maintaining its guidance of $208 million for revenue and $97 million for Adjusted EBITDA.
Please see the schedules accompanying this release for additional financial guidance, including reconciliations of non-GAAP measures to GAAP results.
Statements made are based on management’s current expectations. These statements are forward-looking and actual results may differ materially. Please see “Special Note from the Company Regarding Forward-Looking Statements.”
Conference Call
A conference call and simultaneous webcast, hosted by Timothy G. Biltz, CEO, Harold L. Covert, CFO, and Will Davis, Director of Investor Relations, to review these financial and operational results and financial guidance will be held at 8:30 A.M. (ET) on October 31, 2013.
The webcast may be accessed via the Internet at http://ir.lumosnetworks.com/ and the live call (“Lumos Networks Third Quarter 2013 Earnings Conference Call”) may be accessed with the following numbers:
Domestic: 1-888-317-6016
International: 1-412-317-6016
Canada: 1-855-669-9657
The conference call will be archived and available for replay through November 11, 2013 before 9:00 A.M. (ET) and may be accessed with the following numbers:
Domestic: 1-877-344-7529
International: 1-412-317-0088
Replay pass codes: Conference ID: 10030620
The webcast will also be archived and the replay may be accessed at http://ir.lumosnetworks.com/.
About Lumos Networks
Lumos Networks is a fiber-based service provider in the Mid-Atlantic region serving carrier, business and residential customers over a dense fiber network offering data, voice and IP services. With headquarters in Waynesboro, VA, Lumos Networks serves Virginia, West Virginia and portions of Pennsylvania, Kentucky, Ohio, and Maryland over a fiber network of approximately 5,800 long haul miles. Detailed information about Lumos Networks is available atwww.lumosnetworks.com.
Non-GAAP Measures
Adjusted EBITDA is defined as net income attributable to Lumos Networks before interest, income taxes, depreciation and amortization, accretion of asset retirement obligations, net income or loss attributable to noncontrolling interests, other expenses/income, equity based compensation charges, acquisition related charges, amortization of actuarial losses on retirement plans, employee separation charges, restructuring related charges, gain or loss on settlements and gain or loss on interest rate derivatives. Adjusted EBITDA margin is calculated as the ratio of Adjusted EBITDA, as defined, to operating revenues.
Adjusted EBITDA is a non-GAAP financial performance measure. It should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to the schedules herein and our SEC filings for a reconciliation of these non-GAAP financial performance measures to the most comparable measures reported in accordance with GAAP and for a discussion of the presentation, comparability and use of such financial performance measures.
SPECIAL NOTE FROM THE COMPANY REGARDING FORWARD-LOOKING STATEMENTS
Any statements contained in this presentation that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. The words “anticipates,” “believes,” “expects,” “intends,” “plans,” “estimates,” “targets,” “projects,” “should,” “may,” “will” and similar words and expressions are intended to identify forward-looking statements. Such forward-looking statements reflect, among other things, our current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Many of these risks are beyond our ability to control or predict. 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. 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. Important factors with respect to any such forward-looking statements, including certain risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, include, but are not limited to: rapid development and intense competition in the telecommunications and high speed data transport industry; our ability to offset expected revenue declines in legacy voice and access products related to the recent regulatory actions, wireless substitution, technology changes and other factors; our ability to effectively allocate capital and implement our “edge-out” expansion plans in a timely manner; our ability to complete customer installations in a timely manner; adverse economic conditions; operating and financial restrictions imposed by our senior credit facility; our cash and capital requirements; declining prices for our services; our ability to maintain and enhance our network; the potential to experience a high rate of customer turnover; federal and state regulatory fees, requirements and developments; our reliance on certain suppliers and vendors; and other unforeseen difficulties that may occur. These risks and uncertainties are not intended to represent a complete list of all risks and uncertainties inherent in our business, and should be read in conjunction with the more detailed cautionary statements and risk factors included in our SEC filings, including our Annual Reports filed on Forms 10-K and our Quarterly Reports filed on Forms 10-Q.
Exhibits:
- Condensed Consolidated Balance Sheets
- Condensed Consolidated Statements of Income
- Condensed Consolidated Statements of Cash Flows
- Summary of Operating Results, Customer and Network Statistics
- Reconciliation of Net Income Attributable to Lumos Networks Corp. to Operating Income
- Reconciliation of Operating Income to Adjusted EBITDA
- Business Outlook
| Lumos Networks Corp. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| September 30, 2013 | December 31, 2012 | |||||||
| (In thousands) | ||||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash | $ | 58,072 | $ | 2 | ||||
| Restricted cash 1 | 4,324 | 5,303 | ||||||
| Accounts receivable, net | 23,834 | 22,676 | ||||||
| Other receivables | 1,289 | 2,400 | ||||||
| Income tax receivable | 1,708 | 954 | ||||||
| Prepaid expenses and other | 4,265 | 5,136 | ||||||
| Deferred income taxes | 2,474 | 3,357 | ||||||
| Total Current Assets | 95,966 | 39,828 | ||||||
| Securities and investments | 601 | 462 | ||||||
| Property, plant and equipment, net | 362,527 | 336,589 | ||||||
| Other Assets | ||||||||
| Goodwill | 100,297 | 100,297 | ||||||
| Other intangibles, net | 27,527 | 34,895 | ||||||
| Deferred charges and other assets | 7,596 | 4,448 | ||||||
| Total Other Assets | 135,420 | 139,640 | ||||||
| Total Assets | $ | 594,514 | $ | 516,519 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current Liabilities | ||||||||
| Current portion of long-term debt | $ | 5,422 | $ | 7,900 | ||||
| Accounts payable | 9,813 | 17,453 | ||||||
| Dividends payable | 3,080 | 3,013 | ||||||
| Advance billings and customer deposits | 13,659 | 13,527 | ||||||
| Accrued compensation | 2,431 | 1,742 | ||||||
| Accrued operating taxes | 5,153 | 3,838 | ||||||
| Other accrued liabilities | 4,208 | 6,284 | ||||||
| Total Current Liabilities | 43,766 | 53,757 | ||||||
| Long-Term Liabilities | ||||||||
| Long-term debt | 375,288 | 304,325 | ||||||
| Retirement benefits | 29,196 | 30,413 | ||||||
| Deferred income taxes | 67,175 | 59,313 | ||||||
| Other long-term liabilities | 2,862 | 3,500 | ||||||
| Income tax payable | 432 | 609 | ||||||
| Total Long-term Liabilities | 474,953 | 398,160 | ||||||
| Stockholders’ Equity | 75,122 | 64,050 | ||||||
| Noncontrolling Interests | 673 | 552 | ||||||
| Total Equity | 75,795 | 64,602 | ||||||
| Total Liabilities and Equity | $ | 594,514 | $ | 516,519 | ||||
| 1 | During 2010, the Company received a Federal stimulus award providing 50% funding to bring broadband services and infrastructure to Alleghany County, Virginia. The Company was required to deposit 100% of its grant ($8.1 million) into pledged accounts in advance of any reimbursements, to be drawn down ratably following reimbursement approvals. |
| Lumos Networks Corp. | |||||||||||||||||
| Condensed Consolidated Statements of Income | Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| (In thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Operating Revenues | $ | 51,627 | $ | 51,977 | $ | 156,472 | $ | 154,192 | |||||||||
| Operating Expenses | |||||||||||||||||
| Network access costs | 10,342 | 11,529 | 31,997 | 35,471 | |||||||||||||
| Selling, general and administrative 1,2 | 21,731 | 19,752 | 58,647 | 59,341 | |||||||||||||
| Depreciation and amortization | 11,169 | 9,650 | 31,528 | 27,673 | |||||||||||||
| Accretion of asset retirement obligations | 31 | 32 | 95 | 93 | |||||||||||||
| Gain on settlements, net | – | (2,335 | ) | – | (2,335 | ) | |||||||||||
| Restructuring charges | 10 | – | 50 | – | |||||||||||||
| Total Operating Expenses | 43,283 | 38,628 | 122,317 | 120,243 | |||||||||||||
| Operating Income | 8,344 | 13,349 | 34,155 | 33,949 | |||||||||||||
| Other Income (Expenses) | |||||||||||||||||
| Interest expense | (3,841 | ) | (3,064 | ) | (10,375 | ) | (8,980 | ) | |||||||||
| Loss on interest rate derivatives | (564 | ) | (263 | ) | (110 | ) | (555 | ) | |||||||||
| Other income (expense), net | 78 | 24 | (804 | ) | 55 | ||||||||||||
| Income Before Income Tax Expense | 4,017 | 10,046 | 22,866 | 24,469 | |||||||||||||
| Income Tax Expense | 1,464 | 3,589 | 9,037 | 9,985 | |||||||||||||
| Net Income | 2,553 | 6,457 | 13,829 | 14,484 | |||||||||||||
| Net Income Attributable to Noncontrolling Interests | (16 | ) | (115 | ) | (121 | ) | (80 | ) | |||||||||
| Net Income Attributable to Lumos Networks Corp. | $ | 2,537 | $ | 6,342 | $ | 13,708 | $ | 14,404 | |||||||||
| Basic and Diluted Earnings per Common Share Attributable to Lumos Networks Corp. Stockholders: | |||||||||||||||||
| Earnings per share – basic | $ | 0.12 | $ | 0.30 | $ | 0.63 | $ | 0.69 | |||||||||
| Earnings per share – diluted | $ | 0.11 | $ | 0.30 | $ | 0.62 | $ | 0.67 | |||||||||
| Cash Dividends Declared per Share – Common Stock | $ | 0.14 | $ | 0.14 | $ | 0.42 | $ | 0.42 | |||||||||
| 1 | Includes equity-based compensation charges related to all of the Company’s share-based awards and the Company’s 401(k) matching contributions of $3.2 million and $1.1 million for three months ended September 30, 2013 and 2012, respectively, and $5.5 million and $2.9 million for the nine months ended September 30, 2013 and 2012, respectively. | |
| 2 | For the nine months ended September 30, 2012, selling, general and administrative expenses includes a $2.0 million charge related to the recognition of employee separation benefits which were provided for in the separation agreement of an executive officer who left the Company in April 2012. |
| Lumos Networks Corp. | ||||||||
| Condensed Consolidated Statements of Cash Flows | Nine Months Ended September 30, | |||||||
| (In thousands) | 2013 | 2012 | ||||||
| Cash Flows from Operating Activities: | ||||||||
| Net income | $ | 13,829 | $ | 14,484 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation | 24,160 | 19,323 | ||||||
| Amortization | 7,368 | 8,350 | ||||||
| Accretion of asset retirement obligations | 95 | 93 | ||||||
| Deferred income taxes | 9,006 | 9,122 | ||||||
| Loss on interest rate derivatives | 110 | 555 | ||||||
| Equity-based compensation expense | 5,536 | 2,887 | ||||||
| Amortization of debt issuance costs | 907 | 606 | ||||||
| Write off of unamortized debt issuance costs | 890 | – | ||||||
| Gain on settlement | – | (3,035 | ) | |||||
| Retirement benefits, net of contributions and distributions | (289 | ) | 154 | |||||
| Excess tax benefits from share-based compensation | (622 | ) | – | |||||
| Other | (172 | ) | (34 | ) | ||||
| Changes in operating assets and liabilities, net | (6,523 | ) | 1,697 | |||||
| Net Cash Provided by Operating Activities | 54,295 | 54,202 | ||||||
| Cash Flows from Investing Activities: | ||||||||
| Purchases of property, plant and equipment | (45,721 | ) | (43,925 | ) | ||||
| Broadband network expansion funded by stimulus grant | (29 | ) | (842 | ) | ||||
| Change in restricted cash | 979 | 804 | ||||||
| Cash reimbursement received from broadband stimulus grant | 979 | 804 | ||||||
| Purchase of tradename asset | – | (333 | ) | |||||
| Other | – | (26 | ) | |||||
| Net Cash Used in Investing Activities | (43,792 | ) | (43,518 | ) | ||||
| Cash Flows from Financing Activities: | ||||||||
| Proceeds from issuance of long-term debt | 375,000 | – | ||||||
| Payment of debt issuance costs | (4,872 | ) | – | |||||
| Principal payments on senior secured term loans | (308,188 | ) | (1,500 | ) | ||||
| Borrowings from revolving credit facility | 15,000 | 7,783 | ||||||
| Principal payments on revolving credit facility | (18,521 | ) | (18,066 | ) | ||||
| Termination payments of interest rate swaps | (858 | ) | – | |||||
| Cash dividends paid on common stock | (9,133 | ) | (8,945 | ) | ||||
| Principal payments under capital lease obligations | (1,337 | ) | (604 | ) | ||||
| Proceeds from stock option exercises and employee stock purchase plan | 349 | 98 | ||||||
| Excess tax benefits from share-based compensation | 622 | – | ||||||
| Other | (495 | ) | 5 | |||||
| Net Cash Provided by (Used in) Financing Activities | 47,567 | (21,229 | ) | |||||
| Increase (decrease) in cash | 58,070 | (10,545 | ) | |||||
| Cash: | ||||||||
| Beginning of Period | 2 | 10,547 | ||||||
| End of Period | $ | 58,072 | $ | 2 | ||||
| Lumos Networks Corp. | ||||||||||||||||
| Operating Results, Customer and Network Statistics | ||||||||||||||||
| (Dollars in thousands) | Three months ended: | Nine months ended: | ||||||||||||||
| September 30, 2013 | June 30, 2013 | March 31, 2013 | December 31, 2012 | September 30, 2012 | September 30, 2013 | September 30, 2012 | ||||||||||
| Revenue and Adjusted EBITDA | ||||||||||||||||
| Revenue | ||||||||||||||||
| Enterprise Data | 10,189 | 10,119 | 9,935 | 9,906 | 9,662 | 30,243 | 27,724 | |||||||||
| Carrier Data | 15,438 | 15,055 | 14,945 | 14,363 | 13,001 | 45,438 | 38,144 | |||||||||
| IP Services | 4,758 | 4,780 | 4,781 | 4,730 | 4,689 | 14,319 | 13,886 | |||||||||
| Total Strategic Data | 30,385 | 29,954 | 29,661 | 28,999 | 27,352 | 90,000 | 79,754 | |||||||||
| Legacy Voice | 14,063 | 14,329 | 14,884 | 15,399 | 16,074 | 43,276 | 49,004 | |||||||||
| Access | 7,179 | 8,028 | 7,989 | 8,281 | 8,551 | 23,196 | 25,434 | |||||||||
| Total Revenue | 51,627 | 52,311 | 52,534 | 52,679 | 51,977 | 156,472 | 154,192 | |||||||||
| Adjusted EBITDA1 | ||||||||||||||||
| Strategic Data | 12,563 | 13,331 | 13,723 | 13,629 | 12,581 | 39,617 | 37,008 | |||||||||
| Legacy Voice | 5,162 | 5,178 | 4,988 | 3,835 | 3,808 | 15,328 | 11,272 | |||||||||
| Access | 5,321 | 6,042 | 5,984 | 5,747 | 5,892 | 17,347 | 17,398 | |||||||||
| Total Adjusted EBITDA | 23,046 | 24,551 | 24,695 | 23,211 | 22,281 | 72,292 | 65,678 | |||||||||
| Adjusted EBITDA Margin1 | 44.6% | 46.9% | 47.0% | 44.1% | 42.9% | 46.2% | 42.6% | |||||||||
| Capital Expenditures | 18,997 | 11,692 | 15,032 | 15,956 | 14,937 | 45,721 | 43,925 | |||||||||
| Adjusted EBITDA less Capital Expenditures | 4,049 | 12,859 | 9,663 | 7,255 | 7,344 | 26,571 | 21,753 | |||||||||
| Customer and Network Statistics | ||||||||||||||||
| Customer Statistics | ||||||||||||||||
| Competitive voice connections2 | 98,296 | 102,189 | 105,695 | 110,261 | 112,709 | 98,296 | 112,709 | |||||||||
| Total Broadband Connections3 | 47,190 | 42,607 | 42,110 | 39,950 | 40,401 | 47,190 | 40,401 | |||||||||
| Video Subscribers | 5,078 | 4,767 | 4,666 | 4,549 | 4,390 | 5,078 | 4,390 | |||||||||
| Network Statistics | ||||||||||||||||
| On-Network Buildings 4 | 1,303 | 1,273 | 1,235 | 1,196 | 1,150 | 1,303 | 1,150 | |||||||||
| Fiber to the Cell Sites 4 | 540 | 465 | 405 | 370 | 261 | 540 | 261 | |||||||||
| RLEC Total Access Lines | 29,518 | 30,129 | 30,643 | 31,203 | 31,708 | 29,518 | 31,708 | |||||||||
| 1 | Adjusted EBITDA is a non-GAAP measure. See definition on page 2 of this earnings release. Adjusted EBITDA margin is calculated as the ratio of Adjusted EBITDA, as defined, to Total Revenue. | ||
| 2 | Includes customer Primary Rate Interface (PRI) line equivalents at 23 lines per PRI. Excludes intercompany PRI lines. | ||
| 3 | Includes customers or customer equivalents for DSL, dedicated Internet access, wireless portable broadband, broadband over fiber and metro Ethernet. All revenues from broadband products are recorded in the operating revenues of our strategic data segment. | ||
| 4 | Includes statistics for legacy markets only, excluding FiberNet, through September 30, 2013. | ||
| Note: Certain prior period revenue amounts have been reclassified to conform with the current year presentation. | |||
| Lumos Networks Corp. | ||||||||||||||||
| Reconciliation of Net Income Attributable to Lumos Networks Corp. to Operating Income | ||||||||||||||||
| (In thousands) | ||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||||||
| Net Income Attributable to Lumos Networks Corp. | $ | 2,537 | $ | 6,342 | $ | 13,708 | $ | 14,404 | ||||||||
| Net Income Attributable to Noncontrolling Interests | 16 | 115 | 121 | 80 | ||||||||||||
| Net Income | 2,553 | 6,457 | 13,829 | 14,484 | ||||||||||||
| Interest expense | 3,841 | 3,064 | 10,375 | 8,980 | ||||||||||||
| Loss on interest rate derivatives | 564 | 263 | 110 | 555 | ||||||||||||
| Income tax expense | 1,464 | 3,589 | 9,037 | 9,985 | ||||||||||||
| Other (income) expense, net | (78 | ) | (24 | ) | 804 | (55 | ) | |||||||||
| Operating Income | $ | 8,344 | $ | 13,349 | $ | 34,155 | $ | 33,949 | ||||||||
| Lumos Networks Corp. | ||||||||||
| Reconciliation of Operating Income to Adjusted EBITDA | ||||||||||
| (Dollars in thousands) | 2013 | 2012 | ||||||||
| For The Three Months Ended September 30 | ||||||||||
| Operating Income | $ | 8,344 | $ | 13,349 | ||||||
| Depreciation and amortization and accretion of asset retirement obligations | 11,200 | 9,682 | ||||||||
| Sub-total: | 19,544 | 23,031 | ||||||||
| Amortization of actuarial losses | 309 | 446 | ||||||||
| Equity based compensation | 3,183 | 1,099 | ||||||||
| Restructuring charges | 10 | – | ||||||||
| Employee separation charges1 | – | 40 | ||||||||
| Gain on settlements, net2 | – | (2,335 | ) | |||||||
| Adjusted EBITDA | $ | 23,046 | $ | 22,281 | ||||||
| Adjusted EBITDA Margin | 44.6 | % | 42.9 | % | ||||||
| For The Nine Months Ended September 30 | ||||||||||
| Operating Income | $ | 34,155 | $ | 33,949 | ||||||
| Depreciation and amortization and accretion of asset retirement obligations | 31,623 | 27,766 | ||||||||
| Sub-total: | 65,778 | 61,715 | ||||||||
| Amortization of actuarial losses | 928 | 1,336 | ||||||||
| Equity based compensation | 5,536 | 2,887 | ||||||||
| Restructuring charges | 50 | – | ||||||||
| Employee separation charges1 | – | 2,075 | ||||||||
| Gain on settlements, net2 | – | (2,335 | ) | |||||||
| Adjusted EBITDA | $ | 72,292 | $ | 65,678 | ||||||
| Adjusted EBITDA Margin | 46.2 | % | 42.6 | % | ||||||
| 1 | For the nine months ended September 30, 2012, selling, general and administrative expenses include a $2.0 million charge related to the recognition of employee separation benefits which were provided for in the separation agreement of an executive officer who left the Company in April 2012. | |
| 2 | The Company recognized a net pre-tax gain of approximately $2.3 million in the third quarter of 2012 in connection with the settlement of outstanding matters related to a prior acquisition and the settlement of an outstanding lawsuit. |
| Lumos Networks Corp. | ||||||||||||||
| Business Outlook 1 (as of October 31, 2013) | ||||||||||||||
| (In millions) | 2013 Guidance 1 | |||||||||||||
| Fourth Quarter 2013 | 2013 Annual | |||||||||||||
| Operating Revenues | $ 51 | to | $ 52 | approximately $208 | ||||||||||
| Adjusted EBITDA | $ 24 | to | $ 25 | approximately $97 | ||||||||||
| Capital Expenditures | $ 20 | to | $ 24 | $ 65 | to | $ 70 | ||||||||
| Cash and Cash Equivalents (at end of period) | $ 48 | to | $ 50 | $ 48 | to | $ 50 | ||||||||
| Reconciliation of Operating Income to Adjusted EBITDA | ||||||||||||||
| Operating Income | $ 12 | to | $ 13 | approximately $46 | ||||||||||
| Depreciation and amortization | approximately $11 | approximately $43 | ||||||||||||
| Equity based compensation charges | approximately $1 | approximately $7 | ||||||||||||
| Amortization of actuarial losses | approximately $1 | |||||||||||||
| Adjusted EBITDA | $ 24 | to | $ 25 | approximately $97 | ||||||||||
| 1 | These estimates are based on management’s current expectations. These estimates are forward-looking and actual results may differ materially. Please see “Special Note from the Company Regarding Forward-Looking Statements” in the Lumos Networks Corp. third quarter 2013 earnings release dated October 31, 2013. |
Will Davis
Director of Investor Relations
(o) 540-946-6930; (c) 917-519-6994
davisw@lumosnet.com
PR Archives: Latest, By Company, By Date