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Thursday, April 30, 2009 at 5:36AM Source: HickoryTech Press Release
HickoryTech Corporation (Nasdaq:HTCO) announced that its Board of Directors has declared a quarterly dividend of 13 cents per share of HickoryTech common stock, payable June 5, 2009 to shareholders of record as of May 15, 2009. HickoryTech has a long tradition of paying a cash dividend that spans more than 60 years.
Wednesday, April 29, 2009 at 5:59PM Source: CenturyLink Press Release
CenturyLink, Inc. (NYSE:CTL) and EMBARQ (NYSE:EQ) have announced that CenturyTel's pending acquisition of EMBARQ has received approval from the Public Utilities Commission of Nevada and the Tennessee Regulatory Authority. Only five of the 33 states in which the two companies operate are still in the process of approving the merger.
"We are pleased to have received state approvals for our merger from Nevada and Tennessee, and are looking forward to securing the remaining approvals needed to close the transaction," said Glen F. Post III, CenturyTel's chairman and ceo. "This merger will benefit customers and promote investment, and we appreciate the support of the commissions who have granted their approval."
"These state regulatory approvals are important milestones toward a successful closing, and we remain on track to close the merger in the second quarter of 2009," said Tom Gerke, EMBARQ's chief executive officer. "These approvals move us closer to providing the many customer benefits this transaction presents. We look forward to serving our customers and communities as a combined company."
In addition to the state regulatory approvals, CenturyTel and EMBARQ have already received the approvals of their respective shareholders, who overwhelmingly approved all proposals related to the merger on Jan. 27, 2009. On Nov. 24, 2008, the companies received early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Combined, CenturyTel and EMBARQ will have approximately 7.7 million access lines, more than two million broadband customers and more than 400,000 video subscribers, based on data as of Dec. 31, 2008.
Monday, April 27, 2009 at 1:39PM Source: Consolidated Communications Press Release
Consolidated Communications (Nasdaq:CNSL) is now offering its Digital Phone Service to residential customers in Allegheny, Armstrong, Butler and Westmoreland counties in Pennsylvania.
Digital Phone service is a voice service that includes features and functionality that are not available over traditional phone lines. Digital Phone service uses Voice over Internet Protocol (VoIP) to transmit voice signals using IP or Internet Protocol over broadband connectivity. Consolidated Communications provides a superior Digital Phone product because the service is carried over its proprietary network instead of the public Internet.
Digital Phone service from Consolidated Communications features unlimited local and long distance calling, voicemail, 19 popular calling features plus a Web Portal that takes call management to the next level by giving customers the ability to manage their calls from any computer.
"We're excited to bring this innovative technology to our residential customers, and feel they will benefit from the new features and savings just as our business customers have," said Mark Swift, product manager.
Consolidated has several packages featuring Digital Phone service available. In fact, Digital Phone service can be bundled with the company's other popular products and services, like Digital TV and High-Speed Internet service.
Tuesday, April 21, 2009 at 7:18PM Source: Alaska Communications Press Release
Alaska Communications Systems Group (NASDAQ:ALSK, "ACS") announced certain first quarter ended March 31, 2009 wireless subscriber information and expectations for first quarter revenue and EBITDA.
First quarter 2009 wireless segment metrics will be adversely impacted by certain database clean-up activities that will reduce reported subscribers by approximately 1,7001; and from accelerated churn in its prepaid subscriber base of approximately 500 following a change in the expiration period of unused prepaid minutes to match the policies adopted by national providers. In total, these items will reduce reported subscribers at the end of the first quarter by approximately 2,200. The database clean-up activity will also result in a $0.2 million charge for the reversal of revenue recorded in prior periods.
ACS also expects to record a net wireless loss of an additional 4,000 subscribers in the first quarter with a slowing economy contributing to weak quarterly gross additions which declined 3,400, or 37%, annually and 2,100, or 27%, sequentially. ACS also experienced higher sequential churn of approximately 500 subscribers with the single largest cause being ACS initiated disconnects for non-payment. In summary, ACS expects to record a decline of 6,200 retail wireless subscribers in the first quarter 2009 from the 149,500 originally reported at year end 2008.
For first quarter 2009 financial performance, ACS expects revenue to be approximately $96 million and EBITDA to exceed $31 million.
The information provided above is based on preliminary quarter-end results and will be reviewed through normal quarterly assurance processes in the coming weeks. As separately announced, ACS plans to release detailed first quarter financial operating results and host an investor conference call on April 30, 2009.
Monday, April 20, 2009 at 12:23AM Source: Ntelos Press Release
NTELOS Holdings Corp. (NASDAQ:NTLS), a leading provider of wireless and wireline communications services (branded as NTELOS) in Virginia and West Virginia, announced revised 2009 financial guidance.
The revised guidance reflects the recent correction by NTELOS of billing information used by the Company related to its Strategic Network Alliance agreement with Sprint Nextel (“Sprint”), recent trends in the business, and management's expectations for the remainder of 2009 in light of the current economic conditions. The company has taken initiatives to offset the impact of these elements, and the revised guidance reflects these initiatives as well.
Changes to Sprint-related revenue include the discovery that portions of usage by Sprint customers had been incorrectly classified in the Company’s billing process, for Sprint billing only. Wireless wholesale revenue was overstated by approximately $3.9 million, or 0.7% of previously reported consolidated revenue, in 2008, which is not considered material. In addition, guidance for the first six months of 2009 reflected this overstated trend, which has now been adjusted in the updated guidance. As previously reported, Sprint-related revenues for the second half of 2009 are expected to be at the $9 million monthly minimum due to the July 1, 2009 travel data rate reset provided for in the Sprint agreement.
“For 2009, the Sprint adjustment has a one-time, first-half revenue impact. As illustrated by our guidance, we do not expect this change to prevent NTELOS from achieving solid growth this year,” said James S. Quarforth, ceo of NTELOS. “Robust growth in data revenue from our core retail customers is driving continued overall growth in the wireless division. Additionally, our wireline division had a strong first quarter and is on track for a record year of profitability.”
"Nevertheless, the economic conditions are having an impact on certain metrics, in particular prepaid wireless ARPU and overall wireless churn, similar to what we experienced in the second half of 2008," continued Quarforth. "We are taking appropriate steps operationally, and we have implemented a number of cost saving initiatives Company-wide. As a result, we expect to achieve our previous guidance of free cash flow growth of 25% to 35% over 2008.”
NTELOS now expects 2009 consolidated operating revenues to be between $562 million and $571 million. Wireless operating revenues are expected to be between $438 million and $444 million, with total wireless wholesale and roaming revenues of $116 million to $118 million. Total wireline operating revenues are expected to be between $124 million and $127 million. Operating income is expected to be between $123 million and $134 million and net income is expected to be between $59 million and $67 million. Consolidated adjusted EBITDA is now expected to be between $230 million and $236 million. Wireless adjusted EBITDA is now expected to be between $167 million and $171 million and wireline adjusted EBITDA is now expected to be between $69 million and $71 million.
Consolidated capital expenditures for 2009 are expected to be between $109 million and $115 million. Wireless capital expenditures are expected to be between $58 million and $62 million; Wireline between $32 million and $34 million; and Other to be approximately $19 million.
Using the midpoints of these new guidance ranges, 2009 operating income is projected to be 11% over 2008; Net income to be 40% over 2008; and free cash flow to be more than 33% over 2008 free cash flow.
The company currently estimates that the impact of the Sprint correction for 2008 financial results will be a reduction of wireless wholesale revenues and adjusted EBITDA of $3.9 million ($2.4 million after tax, or $0.06 per share). Quarterly for 2008, this amount is estimated to be $0.2 million, $0.9 million and $2.8 million in second, third and fourth quarters 2008, respectively. Revised 2008 consolidated operating revenues are estimated to be $535.9 million, operating income to be $115.6 million, net income to be $44.8 million, and basic and diluted earnings per share to be $1.07 and $1.06, respectively. Revised 2008 consolidated adjusted EBITDA is estimated to be $223.2 million. The final impact for 2008 will be reflected for comparative purposes through revisions to 2008 results in subsequent quarterly releases and filings.
“2008 was a successful year across our business lines,” said Quarforth. “The Sprint adjustment does not affect the many areas that experienced growth in 2008 and continue to grow in 2009. As noted previously, we experienced a 49% year-over-year increase in postpay data ARPU in fourth quarter 2008, even though almost 40% of our EV-DO sites were in service for only part of the quarter. Similarly in wireline, revenue and customer growth related to fiber capital investments in 2008 will be fully realized in 2009 and beyond, as the majority of these projects were in service for less than half of 2008.”
The company’s compliance with its financial covenants or its ability to continue the payment of dividends is not affected by these matters.
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