Consolidated Communications Holdings Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Year 2014
Oct 30 14
Consolidated Communications Holdings Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net revenues of $149,040,000 compared to $150,773,000 a year ago. Income from operations was $24,249,000 compared to $26,167,000 a year ago. Income from continuing operations before income taxes was $12,136,000 compared to $14,535,000 a year ago. Net income attributable to common shareholders was $7,642,000 or $0.19 per basic and diluted share compared to $11,694,000 or $0.29 per basic and diluted share a year ago. Net cash provided by operating activities was $46,319,000 compared to $56,392,000 a year ago. Purchase of property, plant and equipment, net was $25,592,000 compared to $27,961,000 a year ago. Adjusted EBITDA was $67,147,000 compared to $71,202,000 a year ago. Adjusted net income attributable to common stockholders was $8,862,000 or $0.22 per diluted share compared to $11,805,000 or $0.30 per diluted share a year ago.
For the nine months period, the company reported net revenues of $449,724,000 compared to $453,621,000 a year ago. Income from operations was $75,616,000 compared to $81,444,000 a year ago. The decrease was mostly driven by an increase in investment in commercial sales headcount, higher video programming costs and financing and transaction related expenses. Income from continuing operations before income taxes was $40,438,000 compared to $41,967,000 a year ago. Net income attributable to common shareholders was $25,773,000 or $0.63 per basic and diluted share compared to $27,671,000 or $0.68 per basic and diluted share a year ago. Net cash provided by operating activities was $133,364,000 compared to $120,641,000 a year ago. Purchase of property, plant and equipment, net was $76,038,000 compared to $80,584,000 a year ago. Adjusted EBITDA was $209,584,000 compared to $216,532,000 a year ago. Total net debt as of September 30, 2014 was $1,212,273,000. Adjusted net income attributable to common stockholders was $30,372,000 or $0.76 per diluted share compared to $30,554,000 or $0.77 per diluted share a year ago.
The company updated its full year 2014 earnings guidance. For the year 2014, the company expects cash interest expense of $78.0 million to $80.0 million cash income taxes of $12.0 million to $14.0 million and capital expenditures of $129.0 million to $133.0 million.
Consolidated Communications Holdings, Inc. Announces Executive Changes, Effective January 1, 2015
Oct 28 14
Consolidated Communications Holdings Inc. announced that its board of directors named Bob Udell as its President and Chief Executive Officer effective January 1, 2015. In November of 2013, he was appointed President and COO and became a director. The board of directors also named Bob Currey as its Executive Chairman effective January 1, 2015. Mr. Currey has been serving as the Chairman and CEO since 2013. Currey has demonstrated his ability to lead the Company and will continue to drive value for shareholders.
Consolidated Communications Holdings Inc. Announces Management Changes
Oct 22 14
Consolidated Communications Holdings Inc. announced that on October 16, 2014, the Company completed its acquisition of Enventis Corporation. On October 15, 2014, at the request of Enventis' board of directors, the Company's board of directors elected Dale E. Parker, age 62, as a Class II Director of the Company, with such election to become effective as of the effectiveness of the Merger and with a term to expire at the 2016 annual meeting of the Company's stockholders. As a result, on October 16, 2014, when the Merger became effective, Mr. Parker's election as a Class II Director of the Company became effective. Mr. Parker was a director on the Enventis board from 2006 until the consummation of the Merger on October 16, 2014, and served as Chair of the Hickory Tech Board from January 2011 to May 2013. On October 17, 2014, Christopher A. Young, Chief Information Officer of the Company, informed the Company of his decision to retire from the Company, effective March 31, 2015. Mr. Young plans to continue as an employee of the Company until March 31, 2015 in order to ensure a smooth transition of his duties. Stephen J. Shirar, a Senior Vice President and Secretary of the Company will become the Chief Information Officer of the Company, effective October 17, 2014, and will continue to serve as Secretary of the Company.