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Press Release -- January 15th, 2014
Source: nTelos

NTELOS Holdings Corp. Provides Preliminary Fourth Quarter and Full Year Financial and Operating Results

–Reports Strong 4Q Gross Additions  –Provides Fiscal Year 2014 Adjusted EBITDA and Capital Expenditures Guidance  –Exploring Debt Refinancing Opportunities
Company Release – 01/14/2014 07:00

WAYNESBORO, Va., Jan. 14, 2014 /PRNewswire/ — NTELOS Holdings Corp. (NASDAQ: NTLS, the “Company”) announced today selected preliminary financial and operating results for the fourth quarter and year ended December 31, 2013 and provided fiscal year 2014 Adjusted EBITDA and Capital Expenditure guidance.  The Company also announced that it intends to explore the possibility of refinancing its outstanding Term Loan-A credit facility to take advantage of current favorable market conditions.  In connection with the potential refinancing, the Company has prepared a company overview presentation that it intends to share and discuss with prospective lenders.  A copy of the presentation has been filed with the Securities and Exchange Commission on a Current Report on Form 8-K and is available at and is also posted on the Company’s website at:

2013 Subscriber Activity
Quarter Ended Full Year Ended
December 31, 2013 December 31, 2013
Total gross additions 50,800 183,900
Total postpay gross additions 28,700 85,200
Total prepay gross additions 22,100 98,700
Total net additions 7,500 25,000
Total postpay net additions 8,900 12,800
Total prepay net additions (1,400) 12,200
Total subscribers 464,600
Total postpay subscribers 306,700
Total prepay subscribers 157,900
Churn 3.1% 2.9%
Postpay Churn 2.2% 2.0%
Prepay Churn 4.9% 4.7%

2013 Adjusted EBITDA and Capital Expenditures

For the fourth quarter, Adjusted EBITDA is expected to be approximately $26.7 million. Adjusted EBITDA for the quarter was impacted by seasonally higher subsidy costs associated with strong gross additions during the holiday sales season and increased retention costs associated with customers coming out of contract.  For fiscal year 2013, Adjusted EBITDA is expected to be approximately $150.9 million, including $9.6 million recognized during the third quarter related to the dispute settlement with Sprint.  Capital expenditures are expected to be approximately $15.5 and $80.7 million for the three and twelve months ended December 31, 2013, respectively.

The preliminary financial information is based on information available to the management team as of the date of this release and remains subject to the completion of the year-end closing process and has not been audited by the Company’s independent registered public accounting firm.  Actual financial results may differ from these estimates.

2014 Business Outlook

For the year ending December 31, 2014, the Company expects full year 2014 Adjusted EBITDA to be between $140.0 million and $150.0 million. In addition, the Company expects its full year 2014 capital expenditures to be between $85.0 million and $95.0 million.

4Q 2013 Earnings Announcement

The Company plans to release its complete fourth quarter 2013 results on or about February 28, 2014.

Non-GAAP Measures

Adjusted EBITDA is defined as net income attributable to NTELOS Holdings Corp. before interest, income taxes, depreciation and amortization, accretion of asset retirement obligations, gain/loss on derivatives, net income attributable to noncontrolling interests, other expenses/income, equity-based compensation charges, acquisition related charges, net income from discontinued operations, secondary offering costs and costs related to the separation of the wireless and wireline operations.

Adjusted EBITDA is a key metric used by investors to determine if the Company is generating sufficient cash flows to continue to create shareholder value, provide liquidity for future growth and continue to fund dividends.

Adjusted EBITDA is a non-GAAP financial performance measures.  It should not be considered in isolation or as an alternative to measures determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”).  Please refer to the exhibits and materials posted on the Company’s website for a reconciliation of any 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.


NTELOS Holdings Corp. (NASDAQ:NTLS, news, filings), operating through its subsidiaries as “nTelos Wireless,” is headquartered in Waynesboro, VA, and provides high-speed, dependable nationwide voice and data coverage for over 464,600 retail subscribers based in Virginia, West Virginia and portions of Maryland, North Carolina, Pennsylvania, Ohio and Kentucky. The Company’s licensed territories have a total population of approximately 8.1 million residents, of which its wireless network covers approximately 6.0 million residents. The Company is also the exclusive wholesale provider of network services to Sprint Nextel in the western Virginia and West Virginia portions of its territories for all Sprint CDMA wireless customers. Additional information about NTELOS is available at or and

Forward-Looking Statements

Any statements contained in this press release or in the materials referenced herein 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.  There are 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.  We advise the reader to review in detail the cautionary statements and risk factors included in our SEC filings, including our most recent Annual Report filed on Form 10-K and Quarterly Reports filed on Form 10-Q.


  • Key Metrics – Subscriber Activity
NTELOS Holdings Corp.
Key Metrics Twelve Months
Quarter Ended: 12/31/2012 3/31/2013 6/30/2013 9/30/2013 12/31/2013 12/31/2012 12/31/2013
Beginning Subscribers 430,300 439,600 451,000 454,800 457,100 414,500 439,600
Postpay 288,900 297,400 299,700 298,700 298,000 292,400 297,400
Prepay 141,400 142,200 151,300 156,100 159,100 122,100 142,200
Gross Additions 46,200 48,500 40,100 44,500 50,800 171,300 183,900
Postpay 25,100 20,200 16,300 20,000 28,700 80,900 85,200
Prepay 21,100 28,300 23,800 24,500 22,100 90,400 98,700
Disconnections 36,900 37,100 36,300 42,200 43,300 146,200 158,900
Postpay 15,900 16,900 16,100 19,600 19,800 70,900 72,400
Prepay 21,000 20,200 20,200 22,600 23,500 75,300 86,500
Net Additions (Losses) 9,300 11,400 3,800 2,300 7,500 25,100 25,000
Postpay 9,200 3,300 200 400 8,900 10,000 12,800
Prepay 100 8,100 3,600 1,900 (1,400) 15,100 12,200
Ending Subscribers 439,600 451,000 454,800 457,100 464,600 439,600 464,600
Postpay 297,400 299,700 298,700 298,000 306,700 297,400 306,700
Prepay 142,200 151,300 156,100 159,100 157,900 142,200 157,900
Churn, net 2.8% 2.8% 2.7% 3.1% 3.1% 2.9% 2.9%
Postpay 1.8% 1.9% 1.8% 2.2% 2.2% 2.0% 2.0%
Prepay 4.9% 4.6% 4.4% 4.8% 4.9% 4.6% 4.7%

Investor Relations Contacts: Jeffrey Goldberger / Rob Fink
KCSA Strategic Communications P: 212-896-1249 / 212-896-1206 Email: /


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