Delivers Fourth Quarter and Full Year
2011 Adjusted EBITDA Growth of 9% and 6%
Full Year Free Cash Flow Positive for
First Time
Hawaiian Telcom Holdco, Inc. (Nasdaq:HCOM) reported financial
results for the fourth quarter and full year of 2011. The
highlights of 2011 and recent developments in 2012 are as
follows:
- Revenue was $98.9 million for the fourth quarter and $395.2
million for the year:
- Business revenue increased 2% year-over-year as a result of
continued growth in IP-based voice, data and managed services as
well as increased equipment sales.
- Wholesale revenue increased 1.8% for the full year 2011 driven
by the fiber-to-the-tower initiative that supports wireless
carriers' need for greater bandwidth.
- Consumer revenue well-positioned to grow from the targeted
rollout of Hawaiian Telcom TV (HTTV) which has resulted in higher
sales penetration and high-speed internet pull-through rates than
the Company's expectations.
- Fourth quarter and full year 2011 Adjusted EBITDA(1) of $29.8
million and $121.1 million, grew 9 percent and 6 percent
year-over-year, respectively.
- Generated fourth quarter and full year 2011 net income of $6.5
million and $26.2 million, or $0.63 and $2.41 per diluted share,
respectively.
- On February 29, 2012, the Company successfully refinanced its
$300 million term loan, extending maturity, lowering borrowing
costs and providing added flexibility to execute its strategic plan
and enhance shareholder value.
"2011 was an important year in which we took key steps to
improve our growth profile and continue our transformation into a
next-generation communications company," said Eric K. Yeaman,
Hawaiian Telcom's president and CEO. "We delivered solid financial
results in the fourth quarter and full year 2011 by growing
business and wholesale revenues year-over-year, successfully
executing our initial rollout of HTTV in the consumer market,
improving Adjusted EBITDA margins over 200 basis points for the
year and delivering full year positive free cash flow for the first
time."
"We continued to see growth in our IP-based business services in
2011 driven by a 10 percent year-over-year increase in enterprise
data services revenue. Our business sales team is doing a great job
selling our next-generation services and we further enhanced our
business product suite with the recent launch of our cloud-based
data protection service, so we now have the ability to offer our
customers a secure storage, backup and recovery solution.
"Wholesale revenue growth is being driven by our
fiber-to-the-tower initiative to support the wireless carriers'
need for greater bandwidth. We completed an additional 43 fiber
builds in the fourth quarter increasing to 184 the total number of
sites we installed in 2011. We are currently billing for all
of those sites, which equates to annualized revenue of
approximately $2.7 million. We expect to build fiber to
another 62 towers in 2012 and are pursuing other possible
opportunities.
"2011 was the year we delivered real choice for home video
entertainment with our July 1st launch of HTTV. Customer
demand continued to be strong in the fourth quarter, and our
penetration and pull-through results are exceeding expectations and
giving us increased confidence we are well-positioned to drive
growth in consumer revenues. We ended the year with
approximately 1,600 subscribers, or nearly 6% subscriber
penetration of 27,400 households enabled. At year-end, taking
into account signed bulk multi-dwelling unit contracts and other
customer sales, HTTV sales penetration was 12.1%. We are
excited about expanding this service to other parts of Oahu in 2012
and increasing our share of the significant TV and entertainment
market opportunity.
"In 2012, we plan to continue investing in our next-generation
network to expand and enhance our broadband capabilities and
strengthen our competitive position. This should allow
Hawaiian Telcom to capitalize on the opportunities that exist in
our marketplace and continue to execute our strategic plan. I
am pleased with our performance, and excited about the prospects
and opportunities that lie ahead for us to drive long-term
shareholder value," concluded Yeaman.
Fourth Quarter 2011 Results
Fourth quarter revenue was $98.9 million, compared to $100.1
million in the fourth quarter of 2010. The $1.2 million
decrease was due primarily to the impact from access line loss,
largely offset by increased equipment sales and growth from
consumer high-speed Internet (HSI) and new IP-based business
services. Adjusted EBITDA was $29.8 million, an increase of 9
percent year-over-year, due primarily to lower operating expenses
as a result of various cost improvement initiatives. The
Company generated net income of $6.5 million, or $0.63 per diluted
share.
Fourth quarter local services revenue was $35.9 million, down 4
percent from the same period a year ago, primarily due to the 5.6
percent year-over-year decline in access lines compared to a 6.1
percent decline in fourth quarter 2010. The continued
improvement in line loss was driven by successful retention and
acquisition programs like the Company's "Price for Life" consumer
bundle. With the addition of its next-generation IP-based
video service, Hawaiian Telcom TV, to its consumer bundle, the
competitive playing field is more level and better positions the
Company to further improve its retention efforts, as well as
address new customer acquisition and winback opportunities.
Fourth quarter network access services revenue was $33.3
million, down 1 percent from the same period a year ago, driven
principally by a decline in retail subscriber line and switched
access revenue largely due to the overall decline in access
lines. The decline was partially offset by growth in special
access revenue, which was driven by a 5 percent year-over-year
increase in enterprise data services revenue.
Revenue from long distance services was $7.5 million in the
fourth quarter, down 10 percent from the same period a year ago,
due to a 6.3 percent year-over-year decline in long distance lines
and a decline in average revenue per line as a result of lower
minutes of use due to wireless substitution and increased use of
VoIP based technologies for long distance calling.
Fourth quarter HSI revenue was $9.0 million, up 3 percent from
the same period a year ago, driven by a 3.5 percent year-over-year
increase in HSI subscribers. The Company added over 1,250
subscribers in the fourth quarter, increasing its total subscribers
to over 103,230. Fourth quarter other services and sales
revenue was $12.1 million, up $1.5 million from the same period a
year ago, driven primarily by higher levels of sales and
installations of customer premise equipment, which can vary
significantly from quarter to quarter due to timing.
Operating expenses, exclusive of depreciation and amortization
and one-time charges, decreased 4 percent to $69.8 million,
primarily due to lower costs related to various IT outsourcing
contracts and a decline in wages and employee benefit costs on
lower headcount and pension costs, partially offset by higher
energy costs and increased direct cost of goods related to higher
equipment sales.
Full Year 2011 Results
Revenues were $395.2 million, compared to $401.4 million for the
prior year(2), as revenue increases driven by growth from new
IP-based business services, higher demand for communications
systems and equipment, and higher demand for network capacity from
wireless carriers were more than offset by revenue declines as a
result of access line losses. Adjusted EBITDA was $121.1
million, up 6 percent compared to $114.5 million in 2010, due
primarily to cost saving initiatives implemented during the
year.
Operating expenses, exclusive of depreciation and amortization,
reorganization items and non-recurring costs, decreased 4 percent
from the prior year to $276.2 million, due primarily to lower costs
associated with various IT outsourcing contracts.
Capital expenditures totaled $78.0 million for the full year
2011, a decrease of 1 percent from $78.9 million in 2010. The
Company's capital program included significant investments to
enhance its broadband capabilities and for the deployment of fiber
to 184 wireless cell sites to support the increased demand for
network capacity from the wireless carriers.
At the end of 2011, the Company had $82.1 million in cash and
cash equivalents compared to $81.6 million at the end of 2010,
recording its first full year of positive free cash flow. Net
Debt(3) was $217.9 million, resulting in a Net Debt to Adjusted
EBITDA ratio as of December 31, 2011 of 1.80x.
"We recently announced the successful execution of a debt
refinancing, which extends our maturity profile with a new
five-year $300 million term loan, lowers our borrowing costs and
provides us with added flexibility to execute our strategic plan
and enhance shareholder value," said Robert F. Reich, Hawaiian
Telcom's Chief Financial Officer. "We were pleased with the
market's response to the offering and the confidence our lenders
displayed in Hawaiian Telcom. Pricing on the new term loan was
set at LIBOR plus 5.75 percent with a 1.25 percent LIBOR floor, and
sold at $98.5 per $100 of principal amount, which saves the Company
$6 million in interest costs per year," concluded Reich.
Conference Call
The Company will host a conference call to discuss its fourth
quarter and full year 2011 results at 8:00 a.m. (Hawaii Time), or
2:00 p.m. (Eastern Time) on Thursday, March 15th, 2012.
To access the call, participants should dial (877) 556-5921
(US/Canada), or (617) 597-5474 (International) ten minutes prior to
the start of the call and enter passcode 95504830.
A live webcast of the conference call, including a slide
presentation, will be available from the Investor Relations section
of the Company's website at http://hawaiiantel.com. The
webcast will be archived at the same location.
A telephonic replay of the conference call will be available one
hour after the conclusion of the call until 11:59 p.m. (Eastern
Time) March 22nd, 2012. Access the replay by dialing (888)
286-8010 and entering passcode 51656214. Alternatively, the
replay can be accessed by dialing (617) 801-6888 and entering
passcode 51656214.
Use of Non-GAAP Financial Measures
This press release contains information about adjusted earnings
before interest, taxes, depreciation and amortization (Adjusted
EBITDA) and Net Debt. These are non-GAAP financial measures used by
Hawaiian Telcom management when evaluating results of operations.
Management believes these measures also provide users of the
financial statements with additional and useful comparisons of
current results of operations with past and future periods.
Non-GAAP financial measures should not be construed as being more
important than comparable GAAP measures. Detailed reconciliations
of Adjusted EBITDA and Net Debt to comparable GAAP financial
measures have been included in the tables distributed with this
release and are available in the Investor Relations section of
www.hawaiiantel.com.
Forward-Looking Statements
In addition to historical information, this release includes
certain statements and predictions that constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. In particular, any statement, projection
or estimate that includes or references the words "believes",
"anticipates", "intends", "expects", or any similar expression
falls within the safe harbor of forward-looking statements
contained in the Reform Act. Actual results or outcomes may
differ materially from those indicated or suggested by any such
forward-looking statement for a variety of reasons, including, but
not limited to, Hawaiian Telcom's ability to maintain its market
position in communications services, including wireless, wireline
and Internet services; general economic trends affecting the
purchase or supply of communication services; world and national
events that may affect the ability to provide services; changes in
the regulatory environment; any rulings, orders or decrees that may
be issued by any court or arbitrator; restrictions imposed under
various credit facilities and debt instruments; work stoppages
caused by labor disputes; adjustments resulting from year-end audit
procedures; and Hawaiian Telcom's ability to develop and launch new
products and services. More information on potential risks and
uncertainties is available in recent filings with the Securities
and Exchange Commission, including Hawaiian Telcom's 2011 Annual
Report on Form 10-K. The information contained in this release is
as of March 15, 2012. It is anticipated that subsequent events and
developments may cause estimates to change.
About Hawaiian Telcom
Hawaiian Telcom Holdco, Inc., headquartered in Honolulu, is
Hawaii's leading provider of integrated communications solutions
for business and residential customers. With roots in Hawaii
beginning in 1883, the Company offers a full range of services
including voice, video, Internet, data, wireless, and advanced
communication and network services supported by the reach and
reliability of its network and Hawaii's only 24/7 state-of-the-art
network operations center. With employees statewide sharing a
commitment to innovation and a passion for delivering superior
service, Hawaiian Telcom provides an Always OnSM customer
experience. For more information, visit
www.hawaiiantel.com.
The Hawaiian Telcom Holdco, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10087
(1) Adjusted EBITDA is EBITDA plus
non-recurring costs not expected to occur regularly in the ordinary
course of business. EBITDA is defined as net income plus
interest expense (net of interest income and other), income taxes,
depreciation and amortization, and non-cash stock
compensation. The Company believes both of these non-GAAP
measures, Adjusted EBITDA and EBITDA, are meaningful performance
measures for investors because they are used by our Board and
management to evaluate performance, enhance comparability between
periods and make operating decisions. Our use of Adjusted
EBITDA and EBITDA may not be comparable to similarly titled
measures used by other companies in the telecommunications
industry. A detailed reconciliation of adjusted earnings
before interest, taxes, depreciation and amortization (Adjusted
EBITDA) to comparable GAAP financial measures has been included in
the tables distributed with this release.
(2) The Company emerged from Chapter 11 as
of October 28, 2010 and adopted fresh-start reporting as of October
31, 2010. References to "Predecessor" refer to the Company
prior to and on October 31, 2010. References to "Successor" refer
to the Company after October 31, 2010 after giving effect to the
plan of reorganization and application of fresh-start reporting. As
a result of the application of fresh-start reporting, the
Successor's financial statements are not comparable with the
Predecessor's financial statements. However, for purposes of
the discussion of the results of operations, the Successor results
for the three-month and twelve-month periods ended December 31,
2011 have been compared to the Predecessor results for the
three-month and twelve-month periods ended December 31, 2010. In
this press release, we will disclose the fresh-start and other
impacts on our results of operations that vary from historical
Predecessor periods to aid in the understanding of our
performance.
(3) Net Debt provides a useful measure of
liquidity and financial health. The Company defines Net Debt as the
sum of the face amount of short-term and long-term debt and
unamortized premium and/or discount, offset by cash and cash
equivalents. A detailed reconciliation of Net Debt has been
included in the tables distributed with this release.
|
|
Hawaiian Telcom Holdco,
Inc. |
Consolidated Statements
of Operations |
(Dollars in thousands,
except per share amounts) |
|
|
|
|
|
|
Successor |
Predecessor |
|
For the |
Period from |
Period from |
For the |
|
Year Ended |
November 1 to |
January 1 to |
Year Ended |
|
December 31, |
December 31, |
October 31, |
December 31, |
|
2011 |
2010 |
2010 |
2009 |
|
|
|
|
|
Operating revenues |
$ 395,156 |
$ 66,759 |
$ 334,686 |
$ 408,595 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Cost of revenues (exclusive |
|
|
|
|
of depreciation and amortization) |
159,822 |
27,117 |
135,114 |
158,196 |
Selling, general and
administrative |
120,390 |
21,938 |
105,813 |
142,817 |
Depreciation and amortization |
63,806 |
9,723 |
136,661 |
164,376 |
|
|
|
|
|
Total operating expenses |
344,018 |
58,778 |
377,588 |
465,389 |
|
|
|
|
|
Operating income (loss) |
51,138 |
7,981 |
(42,902) |
(56,794) |
|
|
|
|
|
Other income (expense): |
|
|
|
|
Interest expense (contractual interest
was |
|
|
|
|
$62,642 for the period from January
1 |
|
|
|
|
to October 31, 2010 and $79,667 |
|
|
|
|
for the year ended December 31,
2009) |
(25,339) |
(4,329) |
(23,398) |
(30,089) |
Loss on interest rate swaps |
-- |
-- |
-- |
(3,967) |
Interest income and other |
65 |
16 |
74 |
136 |
|
|
|
|
|
Total other expense |
(25,274) |
(4,313) |
(23,324) |
(33,920) |
|
|
|
|
|
Income (loss) before reorganization items
and |
|
|
|
|
income tax benefit |
25,864 |
3,668 |
(66,226) |
(90,714) |
|
|
|
|
|
Reorganization items - (income)
expense |
1,050 |
539 |
(251,674) |
43,005 |
|
|
|
|
|
Income (loss) before income tax
benefit |
24,814 |
3,129 |
185,448 |
(133,719) |
|
|
|
|
|
Income tax benefit |
(1,341) |
-- |
(346) |
(2,985) |
|
|
|
|
|
Net income (loss) |
$ 26,155 |
$ 3,129 |
$ 185,794 |
$ (130,734) |
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share
- |
|
|
|
|
Basic |
$ 2.58 |
$ 0.31 |
$ 434.10 |
$ (305.45) |
Diluted |
$ 2.41 |
$ 0.30 |
$ 434.10 |
$ (305.45) |
|
|
|
|
|
Weighted average shares used to
compute |
|
|
|
|
net income (loss) per common share - |
|
|
|
|
Basic |
10,147,561 |
10,135,063 |
428,000 |
428,000 |
Diluted |
10,843,542 |
10,302,542 |
428,000 |
428,000 |
|
Hawaiian Telcom Holdco,
Inc. |
Consolidated Balance
Sheets |
(Dollars in thousands,
except per share amounts) |
|
|
|
|
December 31, |
December 31, |
|
2011 |
2010 |
|
|
|
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
$ 82,063 |
$ 81,647 |
Receivables, net |
37,712 |
39,222 |
Material and supplies |
8,190 |
8,431 |
Prepaid expenses |
4,107 |
5,707 |
Other current assets |
2,127 |
4,566 |
Total current assets |
134,199 |
139,573 |
Property, plant and equipment, net |
482,371 |
459,781 |
Intangible assets, net |
40,745 |
43,315 |
Other assets |
4,457 |
3,367 |
|
|
|
Total assets |
$ 661,772 |
$ 646,036 |
|
|
|
Liabilities and Stockholders'
Equity |
|
|
Current liabilities |
|
|
Current portion of long-term
debt |
$ 2,600 |
$ -- |
Accounts payable |
24,785 |
24,162 |
Accrued expenses |
23,811 |
28,752 |
Advance billings and customer
deposits |
14,672 |
14,948 |
Other current liabilities |
3,649 |
2,810 |
Total current liabilities |
69,517 |
70,672 |
Long-term debt |
297,400 |
300,000 |
Employee benefit obligations |
155,428 |
94,453 |
Other liabilities |
3,231 |
2,119 |
Total liabilities |
525,576 |
467,244 |
|
|
|
Commitments and contingencies |
|
|
|
|
|
Stockholders' equity |
|
|
Common stock, par value of $0.01 per
share, 245,000,000 |
|
|
shares authorized and 10,190,526 and
10,135,063 shares issued and |
|
|
outstanding at December 31, 2011 and
2010, respectively |
102 |
101 |
Additional paid-in capital |
164,328 |
162,169 |
Accumulated other comprehensive income
(loss) |
(57,518) |
13,393 |
Retained earnings |
29,284 |
3,129 |
Total stockholders' equity |
136,196 |
178,792 |
|
|
|
Total liabilities and stockholders'
equity |
$ 661,772 |
$ 646,036 |
|
Hawaiian Telcom Holdco,
Inc. |
Consolidated Statements
of Cash Flows |
(Dollars in
thousands) |
|
|
|
|
|
|
Successor |
Predecessor |
|
For the |
Period from |
Period from |
For the |
|
Year Ended |
November 1 to |
January 1 to |
Year Ended |
|
December 31, |
December 31, |
October 31, |
December 31, |
|
2011 |
2010 |
2010 |
2009 |
|
|
|
|
|
Cash flows from operating
activities: |
|
|
|
|
Net income (loss) |
$ 26,155 |
$ 3,129 |
$ 185,794 |
$ (130,734) |
Adjustments to reconcile net income (loss) to
net cash |
|
|
|
|
provided by operating
activities |
|
|
|
|
Depreciation and amortization |
63,806 |
9,723 |
136,661 |
164,376 |
Employee retirement benefits |
(9,920) |
1,463 |
(13,366) |
11,244 |
Stock based compensation |
2,135 |
109 |
65 |
80 |
Provision for uncollectibles |
2,940 |
674 |
4,851 |
8,898 |
Loss on interest rate swaps |
-- |
-- |
-- |
3,967 |
Interest cost added to loan
principal |
-- |
-- |
11,573 |
11,297 |
Reorganization items |
1,050 |
539 |
(251,674) |
43,005 |
Changes in operating assets and
liabilities: |
|
|
|
|
Receivables |
(2,930) |
840 |
(2,961) |
2,244 |
Material and supplies |
240 |
(2,936) |
(1,624) |
2,391 |
Prepaid expenses and other current
assets |
4,039 |
4,626 |
(4,925) |
(3,462) |
Accounts payable and accrued
expenses |
(6,058) |
(1,615) |
(1,158) |
5,964 |
Advance billings and customer
deposits |
(276) |
(714) |
1,708 |
(1,363) |
Other current liabilities |
1,421 |
174 |
413 |
72 |
Other, net |
(990) |
(26) |
1,410 |
2,494 |
Net cash provided by operating
activities |
|
|
|
|
before reorganization items |
81,612 |
15,986 |
66,767 |
120,473 |
Operating cash flows used by reorganization
items |
(2,393) |
(3,065) |
(17,858) |
(25,361) |
Net cash provided by operating
activities |
79,219 |
12,921 |
48,909 |
95,112 |
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
Capital expenditures |
(77,992) |
(21,235) |
(57,659) |
(87,537) |
Net cash used in investing
activities |
(77,992) |
(21,235) |
(57,659) |
(87,537) |
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
Proceeds from stock issuance |
49 |
-- |
2,161 |
-- |
Repayments of capital lease |
(582) |
-- |
-- |
-- |
Revolving loan refinancing costs |
(253) |
-- |
-- |
-- |
Taxes paid related to net share
settlement |
|
|
|
|
on equity awards |
(25) |
-- |
-- |
-- |
Net cash provided by (used in) financing
activities |
(811) |
-- |
2,161 |
-- |
|
|
|
|
|
Net change in cash and cash
equivalents |
416 |
(8,314) |
(6,589) |
7,575 |
Cash and cash equivalents, beginning of
period |
81,647 |
89,961 |
96,550 |
88,975 |
|
|
|
|
|
Cash and cash equivalents, end of
period |
$ 82,063 |
$ 81,647 |
$ 89,961 |
$ 96,550 |
|
Hawaiian Telcom Holdco,
Inc. |
Annual Revenue by
Category |
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
Successor |
Combined |
Successor |
Predecessor |
|
|
|
For the |
For the |
|
|
|
|
|
Year |
Year |
Period from |
Period from |
|
|
|
Ended |
Ended |
November 1 |
January 1 |
|
|
|
December |
December |
to December |
to October |
Year-over-Year
Change |
|
31, 2011 |
31, 2010 |
31, 2010 |
31, 2010 |
Amount |
Percentage |
|
|
|
|
|
|
|
Wireline Services |
|
|
|
|
|
|
Local services |
$ 146,921 |
$ 155,982 |
$ 25,004 |
$ 130,978 |
$ (9,061) |
-5.8% |
Network access services |
133,748 |
132,771 |
22,764 |
110,007 |
977 |
0.7% |
Long distance services |
31,945 |
34,694 |
5,539 |
29,155 |
(2,749) |
-7.9% |
High-Speed Internet |
35,426 |
34,302 |
5,949 |
28,353 |
1,124 |
3.3% |
Other services and sales |
42,845 |
38,961 |
6,732 |
32,229 |
3,884 |
10.0% |
|
390,885 |
396,710 |
65,988 |
330,722 |
(5,825) |
-1.5% |
Other |
4,271 |
4,735 |
771 |
3,964 |
(464) |
-9.8% |
|
|
|
|
|
|
|
|
$ 395,156 |
$ 401,445 |
$ 66,759 |
$ 334,686 |
$ (6,289) |
-1.6% |
|
Hawaiian Telcom Holdco,
Inc. |
Quarterly Revenue by
Category |
(Dollars in
thousands) |
|
|
|
|
|
|
Successor |
Predecessor |
|
|
|
For the |
For the |
|
|
|
Quarter |
Quarter |
|
|
|
Ended |
Ended |
|
|
|
December |
December |
Quarter-over-Quarter Change |
|
31,
2011 |
31,
2010 |
Amount |
Percentage |
|
|
|
|
|
Wireline Services |
|
|
|
|
Local services |
$ 35,941 |
$ 37,505 |
$ (1,564) |
-4.2% |
Network access services |
33,311 |
33,787 |
(476) |
-1.4% |
Long distance services |
7,517 |
8,354 |
(837) |
-10.0% |
High-Speed Internet |
8,960 |
8,685 |
275 |
3.2% |
Other services and sales |
12,142 |
10,634 |
1,508 |
14.2% |
|
97,871 |
98,965 |
(1,094) |
-1.1% |
Other |
995 |
1,151 |
(156) |
-13.6% |
|
|
|
|
|
|
$ 98,866 |
$ 100,116 |
$ (1,250) |
-1.2% |
|
Hawaiian Telcom Holdco,
Inc. |
Schedule of Annual
Adjusted EBITDA Calculation |
(Unaudited, dollars in
thousands) |
|
|
|
|
|
Successor |
Predecessor |
|
For the |
Period from |
Period from |
|
Year Ended |
November 1 to |
January 1 to |
|
December 31, |
December 31, |
October 31, |
|
2011 |
2010 |
2010 |
|
|
|
|
Net income (loss) |
$ 26,155 |
$ 3,129 |
$ 185,794 |
Income tax benefit |
(1,341) |
-- |
(346) |
Interest expense and other income and
expense, net |
25,274 |
4,313 |
23,324 |
Reorganization items |
1,050 |
539 |
(251,674) |
Depreciation and amortization |
63,806 |
9,723 |
136,661 |
Non-cash stock compensation |
2,135 |
109 |
65 |
EBITDA |
117,079 |
17,813 |
93,824 |
Non-recurring costs |
1,890 |
499 |
2,391 |
Severance and lease termination
costs |
2,102 |
-- |
-- |
|
|
|
|
Adjusted EBITDA |
$ 121,071 |
$ 18,312 |
$ 96,215 |
|
|
|
|
Combined adjusted EBITDA for 2010 |
$ 114,527 |
|
|
|
Hawaiian Telcom Holdco,
Inc. |
Schedule of Quarterly
Adjusted EBITDA Calculation |
(Unaudited, dollars in
thousands) |
|
|
|
|
|
Successor |
Predecessor |
|
For the |
Period from |
Period from |
|
Quarter Ended |
November 1 to |
October 1 to |
|
December 31, |
December 31, |
October 31, |
|
2011 |
2010 |
2010 |
|
|
|
|
Net income (loss) |
$ 6,511 |
$ 3,129 |
$ 254,897 |
Income tax benefit |
(528) |
-- |
-- |
Interest expense and other income and
expense, net |
6,467 |
4,313 |
2,335 |
Reorganization items |
170 |
539 |
(258,975) |
Depreciation and amortization |
16,203 |
9,723 |
10,387 |
Non-cash stock compensation |
646 |
109 |
6 |
EBITDA |
29,469 |
17,813 |
8,650 |
Non-recurring costs |
386 |
499 |
286 |
Severance and lease termination
costs |
(98) |
-- |
-- |
|
|
|
|
Adjusted EBITDA |
$ 29,757 |
$ 18,312 |
$ 8,936 |
|
|
|
|
Combined adjusted EBITDA for Q4
2010 |
$ 27,248 |
|
|
|
Hawaiian Telcom Holdco,
Inc. |
Total Net Debt to LTM
Adjusted EBITDA Ratio |
(Unaudited, dollars in
thousands) |
|
|
Long-term debt as of December 31,
2011 |
$ 300,000 |
Less cash on hand |
(82,063) |
Total Net Debt as of December 31,
2011 |
$ 217,937 |
|
|
LTM Adjusted EBITDA as of December 31,
2011 |
$ 121,071 |
|
|
Total Net Debt to Adjusted EBITDA |
1.80x |
|
Hawaiian Telcom Holdco,
Inc. |
Volume
Information |
|
|
|
|
|
|
|
|
|
Successor |
Predecessor |
2011 vs. 2010 |
2010 vs. 2009 |
|
December
31, |
December
31, |
December
31, |
Change |
Change |
|
2011 |
2010 |
2009 |
Number |
Percentage |
Number |
Percentage |
|
|
|
|
|
|
|
|
Voice access lines |
|
|
|
|
|
|
|
Residential |
223,009 |
241,506 |
262,428 |
(18,497) |
-7.7% |
(20,922) |
-8.0% |
Business |
189,035 |
194,890 |
202,649 |
(5,855) |
-3.0% |
(7,759) |
-3.8% |
Public |
4,623 |
4,791 |
4,947 |
(168) |
-3.5% |
(156) |
-3.2% |
|
416,667 |
441,187 |
470,024 |
(24,520) |
-5.6% |
(28,837) |
-6.1% |
|
|
|
|
|
|
|
|
High-Speed Internet
lines |
|
|
|
|
|
|
|
Residential |
84,634 |
81,770 |
79,256 |
2,864 |
3.5% |
2,514 |
3.2% |
Business |
17,442 |
16,728 |
15,530 |
714 |
4.3% |
1,198 |
7.7% |
Wholesale |
1,156 |
1,206 |
1,242 |
(50) |
-4.1% |
(36) |
-2.9% |
|
103,232 |
99,704 |
96,028 |
3,528 |
3.5% |
3,676 |
3.8% |
|
|
|
|
|
|
|
|
Long distance lines |
|
|
|
|
|
|
|
Residential |
136,921 |
147,983 |
158,354 |
(11,062) |
-7.5% |
(10,371) |
-6.5% |
Business |
76,160 |
79,323 |
81,669 |
(3,163) |
-4.0% |
(2,346) |
-2.9% |
|
213,081 |
227,306 |
240,023 |
(14,225) |
-6.3% |
(12,717) |
-5.3% |
|
|
|
|
|
|
|
|
CONTACT: Investor Relations Contact:
Brian Tanner, Hawaiian Telcom
(808) 546-3442
brian.tanner@hawaiiantel.com
Media Contact:
Scott Simon, Hawaiian Telcom
(808) 546-5466
scott.simon@hawaiiantel.com
Hawaiian Telcom Holdco, Inc. (delisted) (NASDAQ:HCOM)
過去 株価チャート
から 6 2024 まで 7 2024
Hawaiian Telcom Holdco, Inc. (delisted) (NASDAQ:HCOM)
過去 株価チャート
から 7 2023 まで 7 2024