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Entries in Atlantic Broadband (6)

Wednesday
Jun102015
DateWednesday, June 10, 2015 at 4:44PM

Atlantic Broadband to Acquire MetroCast Connecticut

On Monday, June 8th, Cogeco Cable Inc. (TSX: CCA) announced that its subsidiary Atlantic Broadband had acquired substantially all of the assets of MetroCast Connecticut for $200.0 million.  MetroCast Connecticut is a subsidiary of MetroCast Communications of Connecticut, LLC, in which Harron Communications, L.P. is the parent company. 

Valuation Analysis and Deal Metrics

 
Transaction Facts

  • Excluding the tax benefit, the value of the assets is approximately $165.9 million.
  • The transaction will be funded primarily through non-recourse debt issued by Atlantic Broadband.
  • Deal expected to close by Q3 2015.
  • Expected 2015 revenue for MetroCast is approximately $45.0 million.
  • 2015 adjusted EBITDA is projected to be approximately $21.0 million.
  • MetroCast Connecticut customers will be offered TiVo, as one of the results of the deal.

Strategic Considerations

  • MetroCast Connecticut has approximately 70,000 residential and commercial passings in the Connecticut area.
  • MetroCast Connecticut brings its connections of approximately 23,000 television, 22,000 internet, and 8,000 phone customers.
  • Transaction will further Cogeco Cable’s efforts for geographic expansion in the U.S. market.
  • Louis Audet, President and CEO of Cogeco Cable said “This transaction enhances our growth profile through the planned launch of new residential services such as TiVo and Metro Ethernet for businesses.”

 JSICA’s Take

  • Marks another acquisition in the cable industry by a non-U.S. company within the last month.   
  • Deal continues the streak of an active M&A market in the cable industry.
  • Acquisition should allow Cogeco and Atlantic Broadband to expand the geographic area that the companies serve. 
AuthorJared Taylor | Comments Off | | | Print ArticlePrint Article
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Monday
Mar192012
DateMonday, March 19, 2012 at 2:08PM

ACA Adds Three New Board Members

Source: ACA Press Release

The American Cable Association announced the addition of three new board members. Joining the ACA Board are Kate Adams, CEO of James Cable in Braintree, Mass.; John Conrad, Legal Affairs Director of Liberty Cablevision in Luquillo, Puerto Rico; and Dave Keefe, CEO of Atlantic Broadband in Quincy, Mass. These new leaders provide the ACA Board with 20 voting members.

Adams and Conrad, each appointed to three-year terms by the ACA Board, were assigned to fill new Board seats.  Keefe is filling the recently vacated seat of Scott Widham, CEO and Founder of CoBridge Communications. The ACA Board, which convenes quarterly, most recently met March 13 in Washington, D.C., at the start of the 19th annual ACA Summit, the cable industry's marquee event for independent cable operators.

AuthorDeborah Rand | Comments Off | | | Print ArticlePrint Article
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Sunday
May152011
DateSunday, May 15, 2011 at 8:15AM

Atlantic Broadband Reports First Quarter 2011 Results

Source: Atlantic Broadband Press Release

Atlantic Broadband Finance, LLC reported financial results for the period ended March 31, 2011. Revenue for the three months ended March 31, 2011 was $81.1 million as compared to $77.6 million for the three months ended March 31, 2010, an increase of $3.5 million or 4.5%. Operating expenses for the three months ended March 31, 2011 were $36.2 million as compared to $35.8 million for the same period in 2010. Income from operations was $21.9 million, compared to $21.3 million reported in the first quarter of 2010.

AuthorDeborah Rand | CommentPost a Comment | | | Print ArticlePrint Article
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Tuesday
Mar292011
DateTuesday, March 29, 2011 at 2:17PM

Atlantic Broadband Reports Fourth Quarter and 2010 Results

Source: Atlantic Broadband Press Release

Atlantic Broadband Finance, LLC reported financial results for the period ended December 31, 2010. Atlantic Broadband's total revenue for the year ended December 31, 2010 was $317.0 million as compared to $301.7 million for the year ended December 31, 2009, an increase of $15.3 million or 5.1%. Operating expenses for the year ended December 31, 2010 were $141.3 million as compared to $135.5 million for the same period in 2009, an increase of $5.8 million or 4.3%. This increase was mainly the result of increased programming costs in conjunction with annual contractual increases, coupled with the incurrence of higher levels of direct costs associated with our continued expansion of high speed data and cable telephony services totaling $4.7 million, coupled with a $0.5 million increase in salaries and related costs associated with higher staffing levels required to service our expanding residential and commercial customer base.

AuthorDeborah Rand | CommentPost a Comment | | | Print ArticlePrint Article
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Tuesday
Nov092010
DateTuesday, November 9, 2010 at 12:16PM

3Q10 Earnings: Atlantic Broadband

Source: Atlantic Broadband Press Release 

Atlantic Broadband reported financial results for 3Q10 on November 8, 2010.

3Q10 Highlights:

Revenue for 3Q10 was $79.2m as compared to $75.6m for 3Q09, an increase of $3.6m or 4.8%. This increase was mainly the result of an increase in high-speed data (“HSD”) revenue of $1.9m or 13.9% from continued marketing focus for this service offering driving HSD subscriber growth; a $0.8m increase in telephone revenue generated by increases in subscriber levels, and a $1.0m increase in commercial revenue as we continue to expand our non-residential customer base through targeted marketing efforts.

  • Operating expenses for 3Q10 were $34.8m as compared to $33.3m for the same period in 2009. The $1.5m increase was mainly the result of increased programming costs in conjunction with annual contractual increases, coupled with increased HSD and telephone direct costs.
  • Selling, general and administrative expenses for 3Q10 were $9.7m as compared to $10.2m for 3Q09, a decrease of $0.5m or 5.2%. This decrease is the result of the reduction in general and administrative expenses of $0.5m resulting from the management fee charged to Grande during the quarter, a $0.3m decrease in bad debt expense due to the implementation of customer credit scoring in mid-2009, partially offset by overall compensation and related benefit increases of $0.4m.
  • Revenue for the nine months ended September 30, 2010 was $236.3m as compared to $224.6m for the same period in 2009, an increase of $11.7m or 5.2%. This increase was mainly the result of a $5.5m or 13.9% increase in high-speed data revenue; a $2.7m increase in telephone revenue generated by this service offering through subscriber growth and a $3.0m increase in commercial revenue as we continue to expand our non-residential customer base through targeted marketing efforts.
  • Operating expenses for the nine months ended September 30, 2010 were $106.2m as compared to $101.1m for the same period in 2009. The $5.1m or 5.0% increase was mainly the result of increased programming costs in conjunction with annual contractual increases, coupled with the incurrence of higher levels of direct costs associated with our continued expansion of high speed data and cable telephony services.
  • Total debt outstanding at September 30, 2010 was $586.5m and cash balances were $37.1m at quarter end. 

Connections as of September 30, 2010:

  • Digital subscribers totaled 89,767 at the end of 3Q10, up from 86,745 at year-end 2009.
  • Residential HSD subscribers reached 140,362 during 3Q10, up from 132,234 YoY.
  • Telephone subscribers increased to 67,463 from 59,983 in 3Q09.
  • At the end of 3Q10, homes passed totaled 509,159.
  • At the end of 3Q10, basic subscribers decreased to 268,762 from 279,379 in 3Q09.
AuthorMatt Lydon | CommentPost a Comment | | | Print ArticlePrint Article
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