Achieved Fourth Quarter and Full Year
Revenue Growth of 4.1% and 1.5%
Added a Record 2,600 Hawaiian Telcom TV
Subscribers During Fourth Quarter
Expanded the Reach of Hawaiian Telcom TV
to 120,000 Households on Oahu
Delivered Fourth Quarter and Full Year
Business Revenue Growth of 10.6% and 4.0%
Hawaiian Telcom Holdco, Inc. (Nasdaq:HCOM) reported financial
results for the fourth quarter and full year 2013. The highlights
of 2013 and recent accomplishments in 2014 are as follows:
-- Fourth quarter and full year 2013 revenue of $100.5
million and $391.2 million, grew 4.1 percent and 1.5 percent
year-over-year, respectively. The Company's first full year of
total revenue growth since becoming a standalone company:
- Consumer revenue increased 4.2 percent and 2.5 percent
year-over-year for the fourth quarter and full year 2013,
respectively, driven by growth in video revenue of $2.4 million and
$8.1 million, respectively.
- Added nearly 2,600 Hawaiian Telcom TV subscribers during the
fourth quarter, the highest quarterly net additions to date, ending
2013 with approximately 18,400 subscribers.
- Enabled 9,000 households in the quarter, increasing its total
to 120,000 households enabled, or approximately 50 percent of the
marketable households on Oahu.
- Added over 1,300 high-speed Internet (HSI) subscribers during
the quarter, ending the year with approximately 111,700
subscribers, up 3.8 percent year-over-year.
- Fourth quarter and full year business revenue increased 10.6
percent and 4.0 percent year-over-year, respectively, driven by
growth in business data revenue, including revenue from Wavecom
Solutions Corporation (Wavecom), and revenue from SystemMetrics
Corporation (SystemMetrics).
-- Fourth quarter and full year 2013 Adjusted EBITDA(1) of
$30.7 million and $119.9 million, declined $2.5 million and $2.1
million year-over-year, respectively. The fourth quarter 2012
included a one-time net settlement gain of approximately $2.5
million associated with the acquisition of Wavecom.
-- Generated fourth quarter and full year 2013 net income
of $2.6 million and $10.5 million, or $0.23 and $0.95 per diluted
share, respectively.
-- On March 2, 2014, the Company launched new broadband
packages for consumers and businesses delivered over Hawaii's
fastest Internet service, featuring download speed tiers of 100,
300 and 500 Mbps.
"In 2013, we continued to meet our strategic objectives by
building further momentum in the key growth areas of our business,"
said Eric K. Yeaman, Hawaiian Telcom's president and CEO. "With the
investments we have made in our broadband network and
next-generation services, we have transformed our growth profile
and sharpened our competitive edge."
"We expanded the reach of Hawaiian Telcom TV to fifty percent of
the marketable households on Oahu, which positions us to capture a
greater share of the consumer video and broadband market in Hawaii.
We grew our Hawaiian Telcom TV subscriber base by 87 percent in
2013 and experienced a 91 percent attachment of broadband with
these customers, driving 2.5 percent growth in consumer
revenues.
"In the business channel, the increased demand for additional
bandwidth and our ability to offer customers next-generation
services and solutions that help solve business challenges are
helping to drive growth in our IP-based services. Business data
revenue was up 34 percent year-over-year in 2013, including revenue
from Wavecom. We also completed the acquisition of SystemMetrics,
which significantly enhances our capabilities and better positions
us to address the fast-growing market for data center and cloud
services in Hawaii.
"In the wholesale channel, we now have 289 fiber-to-the-tower
(FTTT) cell sites completed and another 141 sites under contract to
build. These FTTT projects provide attractive investment returns
and by strategically routing the fiber to these sites, we also
extend our broadband capabilities to additional potential retail
customers.
"We enter 2014 with strong momentum and remain excited about the
opportunities we have ahead. We plan to continue to invest in our
broadband network—extending our footprint, enhancing speeds and
adding advanced features and functionality across our product
portfolio. I am very pleased with the progress we are making in
executing our strategic plan, and confident about the Company's
growth prospects, and our ability to drive long-term value for our
shareholders," concluded Yeaman.
Fourth Quarter 2013 Results
Fourth quarter revenue was $100.5 million, a 4.1 percent
increase compared with $96.6 million in the fourth quarter of 2012.
Revenue growth in the quarter, driven by video and HSI and revenue
related to the SystemMetrics and Wavecom acquisitions, more than
offset the impact from a decrease in equipment and managed services
revenue and a 2.4 percent decline in access lines, inclusive of
Wavecom lines. Adjusted EBITDA was $30.7 million, compared to $33.3
million in the fourth quarter of 2012. After adjusting for a
$2.5 million one-time net settlement gain in the fourth quarter
2012 associated with the acquisition of Wavecom, Adjusted EBITDA
was consistent with the same period a year ago.
Net income for the fourth quarter of 2013 was $2.6 million, or
$0.23 per diluted share, compared to net income for the fourth
quarter of 2012 of $98.6 million, or $9.21 per diluted
share. Included in the 2012 amount are one-time, non-cash tax
benefits of $94.1 million relating to the reduction of certain
valuation allowances previously established with respect to
deferred tax assets. Excluding the one-time, non-cash tax
benefits recorded in the fourth quarter of 2012, Pro Forma Net
Income(2) was $4.5 million, or $0.42 per diluted share. The
year-over-year decrease was primarily due to the $2.5 million
one-time net settlement gain recorded in the fourth quarter
2012.
Consumer Revenue
Fourth quarter consumer revenue totaled $36.4 million, up 4.2
percent year-over-year primarily driven by revenue growth from the
Company's Hawaiian Telcom TV and HSI services. The Company has
brought a new level of competition and choice to the people of
Hawaii with its next-generation video service, which has driven the
transformation of its consumer channel.
Video service revenue grew to $4.2 million for the quarter, up
from $1.8 million in the same period a year ago, driven by the
addition of approximately 8,600 subscribers in 2013, ending the
year with approximately 18,400 subscribers in service. For the
quarter, approximately 9,000 additional homes were enabled,
increasing the number of homes enabled to 120,000 at year-end, and
subscriber penetration increased to approximately 15 percent, from
approximately 14 percent at the end of the third quarter.
Consumer HSI revenue also was up from the same period a year
ago, led by a 3.9 percent year-over-year increase in consumer HSI
subscribers to approximately 91,400, which was primarily driven by
high HSI pull-through rates for new video subscribers and
standalone HSI additions. As of December 31, 2013,
approximately 55 percent of total video subscribers had a
triple-play and approximately 91 percent had double- or triple-play
bundles. Increases driven by next-generation consumer video
and HSI services were partially offset by the decline in legacy
consumer access and long distance lines of 8.3 percent and 7.3
percent, respectively.
Business Revenue
Fourth quarter business revenue totaled $44.7 million, up 10.6
percent from the same period a year ago, primarily due to revenue
added as a result of the SystemMetrics and Wavecom
acquisitions. Business data revenue, excluding revenue related
to Wavecom, was up 10.3 percent year-over-year driven by higher
demand for IP-based data services. Also contributing to the
increase was higher business HSI revenue as a result of a 4.0
percent year-over-year increase in business HSI subscribers to
approximately 19,300. These increases were partially offset by
a $0.5 million decrease in equipment and managed services revenue
and the year-over-year decline in legacy business access and long
distance revenues.
Wholesale Revenue
Fourth quarter wholesale revenue totaled $16.0 million, down
$1.8 million from the same period a year ago. Wholesale
carrier data revenue declined $1.5 million year-over-year to $14.4
million, mainly due to the elimination of previously recognized
revenue that related to services provided to
Wavecom. Wholesale switched carrier access revenue declined
$0.3 million year-over-year to $1.6 million, equally attributable
to the overall declines in access lines and minutes of use, and the
impact of intercarrier compensation reform.
Operating Expenses, Capital Expenditures and
Liquidity
Operating expenses, exclusive of depreciation and amortization,
one-time charges and non-cash stock compensation, increased $6.5
million to $69.8 million, primarily due to a one-time net
settlement gain of $2.5 million associated with the acquisition of
Wavecom in the fourth quarter of 2012, as well as increased direct
cost of goods related to video and higher wages, partially offset
by lower costs related to various vendor contracts and decreased
cost of goods related to lower levels of equipment sales.
Full Year 2013 Results
Revenue was $391.2 million, a 1.5 percent increase compared with
$385.5 million for the prior year, as increases driven by growth
from video, HSI and new IP-based business services, and revenue
related to the SystemMetrics and Wavecom acquisitions, more than
offset revenue declines as a result of access line losses and lower
level of sales of customer premise equipment. Adjusted EBITDA
was $119.9 million, compared to $122.0 million in 2012. After
adjusting for a $2.5 million net settlement gain in the fourth
quarter 2012 associated with the acquisition of Wavecom, Adjusted
EBITDA was up approximately $0.4 million from a year ago.
Net income for the full year 2013 was $10.5 million, or $0.95
per diluted share, compared to net income for the full year 2012,
which included the one-time, non-cash tax benefit previously
discussed, of $110.0 million, or $10.32 per diluted
share. Excluding the one-time, non-cash tax benefit recorded
in the full year 2012, Pro Forma Net Income was $11.5 million, or
$1.08 per diluted share.
Capital expenditures totaled $86.3 million for the full year
2013, up from $77.7 million in 2012 primarily due to greater
investment in broadband network infrastructure, increased
success-based spending to support the subscriber growth of Hawaiian
Telcom TV and FTTT builds, as well as several large long-term,
success-based projects won in the second half of the year
At the end of 2013, the Company had $49.6 million in cash and
cash equivalents compared to $67.0 million at the end of
2012. The reduction is primarily related to $11.9 million of
cash used for the acquisition of SystemMetrics, $7.9 million of
costs (including prepayment premium, original issue discount, and
fees and expenses) associated with the refinancing of its $300
million term loan, higher capital expenditures, and temporary uses
of working capital, partially offset by $13.1 million of net
proceeds received from the sale of a parcel of land. Net
Debt(3) was $242.1 million, resulting in a Net Debt to Adjusted
EBITDA ratio as of December 31, 2013 of 2.04x.
Conference Call
The Company will host a conference call to discuss its fourth
quarter and full year 2013 results at 8:00 a.m. (Hawaii Time), or
2:00 p.m. (Eastern Time) on Thursday, March 13, 2014.
To access the call, participants should dial (866) 515-2909
(US/Canada), or (617) 399-5123 (International) ten minutes prior to
the start of the call and enter passcode 97005799.
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 20, 2014. Access the replay by dialing (888)
286-8010 and entering passcode 13951337. Alternatively, the
replay can be accessed by dialing (617) 801-6888 and entering
passcode 13951337.
Use of Non-GAAP Financial Measures
This press release contains information about adjusted earnings
before interest, taxes, depreciation and amortization (Adjusted
EBITDA), Pro Forma Net Income 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 2013 Annual
Report on Form 10-K. The information contained in this release is
as of March 13, 2014. It is anticipated that subsequent events and
developments may cause estimates to change. Except as
otherwise required by law, we undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events, changed circumstances or
any other reason after the date of this release.
About Hawaiian Telcom
Hawaiian Telcom Holdco, Inc., headquartered in Honolulu, is
Hawaii's leading provider of integrated communications, data center
and entertainment 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, non-cash stock compensation and gain
on sale of property. 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) Pro Forma Net Income is defined as net
income adjusted for the one-time, non-cash item related to the tax
benefit to reverse the tax valuation allowance. The Company
believes this non-GAAP measure, Pro Forma Net Income, is a
meaningful performance measure for investors because it is used by
our Board and management to evaluate performance, enhance
comparability between periods and make operating
decisions. Our use of Pro Forma Net Income may not be
comparable to similarly titled measures used by other companies in
the telecommunications industry. A detailed reconciliation of
Pro Forma Net Income to comparable GAAP financial measures has been
included in the tables distributed with this release.
(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 Income |
(Dollars in thousands,
except per share amounts) |
|
|
|
|
|
For the Year
Ended |
|
December
31, |
|
2013 |
2012 |
2011 |
|
|
|
|
Operating revenues |
$ 391,150 |
$ 385,498 |
$ 395,156 |
|
|
|
|
Operating expenses: |
|
|
|
Cost of revenues (exclusive of
depreciation and amortization) |
163,749 |
160,226 |
159,822 |
Selling, general and
administrative |
114,875 |
108,508 |
120,390 |
Gain on sale of property |
(6,546) |
-- |
-- |
Depreciation and amortization |
77,301 |
70,908 |
63,806 |
|
|
|
|
Total operating expenses |
349,379 |
339,642 |
344,018 |
|
|
|
|
Operating income |
41,771 |
45,856 |
51,138 |
|
|
|
|
Other income (expense): |
|
|
|
Interest expense, net |
(18,875) |
(22,183) |
(25,339) |
Loss on early extinguishment of
debt |
(3,660) |
(5,112) |
-- |
Interest income and other |
34 |
59 |
65 |
|
|
|
|
Total other expense |
(22,501) |
(27,236) |
(25,274) |
|
|
|
|
Income before reorganization items and income
tax provision (benefit) |
19,270 |
18,620 |
25,864 |
|
|
|
|
Reorganization items - expense |
-- |
-- |
1,050 |
|
|
|
|
Income before income tax provision
(benefit) |
19,270 |
18,620 |
24,814 |
|
|
|
|
Income tax provision (benefit) |
8,782 |
(91,362) |
(1,341) |
|
|
|
|
Net income |
$ 10,488 |
$ 109,982 |
$ 26,155 |
|
|
|
|
|
|
|
|
Net income per common share -- |
|
|
|
Basic |
$ 1.01 |
$ 10.74 |
$ 2.58 |
Diluted |
$ 0.95 |
$ 10.32 |
$ 2.41 |
|
|
|
|
Weighted average shares used to compute net
income per common share -- |
|
|
|
Basic |
10,337,339 |
10,242,573 |
10,147,561 |
Diluted |
11,093,931 |
10,660,647 |
10,843,542 |
|
Hawaiian Telcom
Holdco, Inc. |
Consolidated Balance
Sheets |
(Dollars in thousands,
except per share amounts) |
|
|
|
|
December
31, |
|
2013 |
2012 |
|
|
|
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
$ 49,551 |
$ 66,993 |
Receivables, net |
34,521 |
34,082 |
Material and supplies |
15,939 |
11,352 |
Prepaid expenses |
3,724 |
5,161 |
Deferred income taxes |
8,146 |
5,727 |
Other current assets |
2,851 |
2,181 |
Total current assets |
114,732 |
125,496 |
Property, plant and equipment, net |
524,375 |
507,197 |
Intangible assets, net |
40,225 |
39,075 |
Goodwill |
12,104 |
1,569 |
Deferred income taxes |
75,274 |
102,680 |
Other assets |
11,305 |
9,075 |
|
|
|
Total assets |
$ 778,015 |
$ 785,092 |
|
|
|
Liabilities and Stockholders'
Equity |
|
|
Current liabilities |
|
|
Current portion of long-term debt |
$ 3,000 |
$ 3,000 |
Accounts payable |
40,228 |
36,351 |
Accrued expenses |
18,787 |
20,537 |
Advance billings and customer
deposits |
16,122 |
15,185 |
Other current liabilities |
6,412 |
3,961 |
Total current liabilities |
84,549 |
79,034 |
Long-term debt |
291,679 |
292,410 |
Employee benefit obligations |
80,321 |
132,004 |
Other liabilities |
8,454 |
4,784 |
Total liabilities |
465,003 |
508,232 |
|
|
|
Commitments and contingencies (Note 15) |
|
|
|
|
|
Stockholders' equity |
|
|
Common stock, par value of $0.01 per
share, 245,000,000 shares authorized and 10,495,856 and 10,291,897
shares issued and outstanding at December 31, 2013 and 2012,
respectively |
105 |
103 |
Additional paid-in capital |
167,869 |
165,941 |
Accumulated other comprehensive loss |
(4,716) |
(28,450) |
Retained earnings |
149,754 |
139,266 |
Total stockholders' equity |
313,012 |
276,860 |
|
|
|
Total liabilities and stockholders'
equity |
$ 778,015 |
$ 785,092 |
|
Hawaiian Telcom Holdco,
Inc. |
Consolidated Statements
of Cash Flows |
(Dollars in
thousands) |
|
|
|
|
|
For the Year
Ended |
|
December
31, |
|
2013 |
2012 |
2011 |
|
|
|
|
Cash flows from operating activities: |
|
|
|
Net income |
$ 10,488 |
$ 109,982 |
$ 26,155 |
Adjustments to reconcile net income to net
cash provided by operating activities |
|
|
|
Depreciation and amortization |
77,301 |
70,908 |
63,806 |
Loss on early extinguishment of debt |
3,660 |
5,112 |
-- |
Gain on sale of property |
(6,546) |
-- |
-- |
Employee retirement benefits |
(13,224) |
(11,933) |
(9,920) |
Provision for uncollectibles |
3,455 |
716 |
2,940 |
Stock based compensation |
2,736 |
1,872 |
2,135 |
Deferred income taxes |
9,617 |
(90,827) |
-- |
Reorganization items |
-- |
-- |
1,050 |
Changes in operating assets and
liabilities: |
|
|
|
Receivables |
(3,409) |
(724) |
(2,930) |
Material and supplies |
(4,587) |
(3,161) |
240 |
Prepaid expenses and other current
assets |
456 |
(1,109) |
4,039 |
Accounts payable and accrued
expenses |
(6,518) |
3,255 |
(6,058) |
Advance billings and customer
deposits |
138 |
424 |
(276) |
Other current liabilities |
812 |
269 |
1,421 |
Other, net |
2,582 |
1,676 |
(990) |
Net cash provided by operating activities
before reorganization items |
76,961 |
86,460 |
81,612 |
Operating cash flows used by reorganization
items |
-- |
-- |
(2,393) |
Net cash provided by operating
activities |
76,961 |
86,460 |
79,219 |
|
|
|
|
Cash flows from investing activities: |
|
|
|
Capital expenditures |
(86,290) |
(77,713) |
(77,992) |
Acquisitions, net of cash acquired |
(11,858) |
(8,343) |
-- |
Proceeds on sale of property |
13,118 |
-- |
-- |
Proceeds on sale of investments |
-- |
746 |
-- |
Net cash used in investing activities |
(85,030) |
(85,310) |
(77,992) |
|
|
|
|
Cash flows from financing activities: |
|
|
|
Repayment of debt including premium |
(303,083) |
(306,750) |
-- |
Proceeds from borrowing |
298,500 |
295,500 |
-- |
Loan refinancing costs |
(3,442) |
(4,130) |
-- |
Proceeds from stock issuance |
-- |
-- |
49 |
Repayments of capital lease |
(542) |
(582) |
(582) |
Revolving loan refinancing costs |
-- |
-- |
(253) |
Taxes paid related to net share settlement on
equity awards |
(806) |
(258) |
(25) |
Net cash used in financing activities |
(9,373) |
(16,220) |
(811) |
|
|
|
|
Net change in cash and cash equivalents |
(17,442) |
(15,070) |
416 |
Cash and cash equivalents, beginning of
year |
66,993 |
82,063 |
81,647 |
|
|
|
|
Cash and cash equivalents, end of year |
$ 49,551 |
$ 66,993 |
$ 82,063 |
|
Hawaiian Telcom Holdco,
Inc. |
Revenue by Category and
Channel |
(Unaudited, dollars in
thousands) |
|
|
|
|
|
For Three Months |
|
|
|
|
|
|
|
|
|
|
For Three Months
Ended |
|
|
|
December
31, |
Change |
|
2013 |
2012 |
Amount |
Percentage |
|
|
|
|
|
Telecommunications |
|
|
|
|
Local voice services |
$ 33,307 |
$ 34,668 |
$ (1,361) |
(3.9)% |
Network access services |
|
|
|
|
Business data |
6,507 |
4,794 |
1,713 |
35.7% |
Wholesale carrier data |
14,406 |
15,882 |
(1,476) |
(9.3)% |
Subscriber line access charge |
9,232 |
9,674 |
(442) |
(4.6)% |
Switched carrier access |
2,573 |
2,022 |
551 |
27.3% |
|
32,718 |
32,372 |
346 |
1.1% |
Long distance services |
5,929 |
6,617 |
(688) |
(10.4)% |
High-Speed Internet |
10,305 |
9,375 |
930 |
9.9% |
Video |
4,228 |
1,823 |
2,405 |
131.9% |
Equipment and managed services |
7,270 |
7,814 |
(544) |
(7.0)% |
Wireless |
629 |
766 |
(137) |
(17.9)% |
Other |
3,933 |
3,153 |
780 |
24.7% |
|
98,319 |
96,588 |
1,731 |
1.8% |
Data center colocation |
2,188 |
-- |
2,188 |
NA |
|
$ 100,507 |
$ 96,588 |
$ 3,919 |
4.1% |
|
|
|
|
|
Channel |
|
|
|
|
Business |
$ 44,724 |
$ 40,442 |
$ 4,282 |
10.6% |
Consumer |
36,440 |
34,987 |
1,453 |
4.2% |
Wholesale |
15,958 |
17,770 |
(1,812) |
(10.2)% |
Other |
3,385 |
3,389 |
(4) |
(0.1)% |
|
$ 100,507 |
$ 96,588 |
$ 3,919 |
4.1% |
|
|
|
|
|
For Twelve Months |
|
|
|
|
|
|
|
|
|
|
For the Year
Ended |
|
|
|
December
31, |
Change |
|
2013 |
2012 |
Amount |
Percentage |
|
|
|
|
|
Telecommunications |
|
|
|
|
Local voice services |
$ 137,166 |
$ 141,352 |
$ (4,186) |
(3.0)% |
Network access services |
|
|
|
|
Business data |
25,392 |
18,946 |
6,446 |
34.0% |
Wholesale carrier data |
59,529 |
63,192 |
(3,663) |
(5.8)% |
Subscriber line access charge |
37,739 |
38,885 |
(1,146) |
(2.9)% |
Switched carrier access |
7,698 |
8,883 |
(1,185) |
(13.3)% |
|
130,358 |
129,906 |
452 |
0.3% |
Long distance services |
24,733 |
27,959 |
(3,226) |
(11.5)% |
High-Speed Internet |
39,800 |
36,323 |
3,477 |
9.6% |
Video |
13,012 |
4,883 |
8,129 |
166.5% |
Equipment and managed services |
26,994 |
31,418 |
(4,424) |
(14.1)% |
Wireless |
2,713 |
3,336 |
(623) |
(18.7)% |
Other |
14,186 |
10,321 |
3,865 |
37.4% |
|
388,962 |
385,498 |
3,464 |
0.9% |
Data center colocation |
2,188 |
-- |
2,188 |
NA |
|
$ 391,150 |
$ 385,498 |
$ 5,652 |
1.5% |
|
|
|
|
|
Channel |
|
|
|
|
Business |
$ 170,544 |
$ 163,923 |
$ 6,621 |
4.0% |
Consumer |
141,234 |
137,765 |
3,469 |
2.5% |
Wholesale |
66,206 |
71,673 |
(5,467) |
(7.6)% |
Other |
13,166 |
12,137 |
1,029 |
8.5% |
|
$ 391,150 |
$ 385,498 |
$ 5,652 |
1.5% |
|
Hawaiian Telcom Holdco,
Inc. |
Schedule of Adjusted
EBITDA Calculation |
(Unaudited, dollars in
thousands) |
|
|
|
|
|
|
For Three Months
Ended |
For the Year
Ended |
|
December
31, |
December
31, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Net income |
$ 2,629 |
$ 98,639 |
$ 10,488 |
$ 109,982 |
Income tax provision (benefit) |
3,261 |
(91,016) |
8,782 |
(91,362) |
Interest expense and other income and
expense, net |
4,157 |
5,262 |
22,501 |
27,236 |
Depreciation and amortization |
18,769 |
18,943 |
77,301 |
70,908 |
Non-cash stock compensation |
850 |
529 |
2,736 |
1,872 |
Gain on sale of property |
-- |
-- |
(6,546) |
-- |
EBITDA |
29,666 |
32,357 |
115,262 |
118,636 |
Non-recurring costs |
695 |
910 |
2,553 |
2,565 |
Severance costs |
-- |
-- |
712 |
752 |
Wavecom integration costs |
374 |
-- |
1,343 |
-- |
|
|
|
|
|
Adjusted EBITDA |
$ 30,735 |
$ 33,267 |
$ 119,870 |
$ 121,953 |
|
Hawaiian Telcom Holdco,
Inc. |
Schedule of Pro Forma
Net Income Calculation |
(Unaudited, dollars in
thousands) |
|
|
|
|
For Three Months Ended |
For the Year Ended |
|
December 31, 2012 |
December 31, 2012 |
|
|
|
Net income |
$ 98,639 |
$ 109,982 |
Impact of one-time adjustment to deferred tax
asset valuation allowance |
(94,140) |
(98,433) |
|
|
|
Pro forma net income |
$ 4,499 |
$ 11,549 |
|
|
|
Pro forma net income per common share -- |
|
|
Basic |
$ 0.44 |
$ 1.13 |
Diluted |
$ 0.42 |
$ 1.08 |
|
Hawaiian Telcom Holdco,
Inc. |
Net Debt to LTM
Adjusted EBITDA Ratio |
(Unaudited, dollars in
thousands) |
|
|
Long-term debt as of December 31, 2013 |
$ 294,679 |
Less cash on hand |
(49,551) |
Total Net Debt as of December 31, 2013 |
$ 245,128 |
|
|
LTM Adjusted EBITDA as of December 31,
2013 |
$ 119,870 |
|
|
Total Net Debt to Adjusted EBITDA |
2.04x |
|
Hawaiian Telcom Holdco,
Inc. |
Volume
Information |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
2013 vs. 2012 |
2012 vs. 2011 |
|
December
31, |
Change |
Change |
|
2013 |
2012 |
2011 |
Number |
Percentage |
Number |
Percentage |
|
|
|
|
|
|
|
|
Voice access lines |
|
|
|
|
|
|
|
Residential |
186,415 |
203,330 |
223,009 |
(16,915) |
(8.3)% |
(19,679) |
(8.8)% |
Business * |
193,027 |
185,142 |
189,035 |
7,885 |
4.3% |
(3,893) |
(2.1)% |
Public |
4,155 |
4,405 |
4,623 |
(250) |
(5.7)% |
(218) |
(4.7)% |
|
383,597 |
392,877 |
416,667 |
(9,280) |
(2.4)% |
(23,790) |
(5.7)% |
|
|
|
|
|
|
|
|
High-Speed Internet lines |
|
|
|
|
|
|
|
Residential |
91,437 |
88,016 |
84,634 |
3,421 |
3.9% |
3,382 |
4.0% |
Business |
19,320 |
18,575 |
17,442 |
745 |
4.0% |
1,133 |
6.5% |
Wholesale |
963 |
1,020 |
1,156 |
(57) |
(5.6)% |
(136) |
(11.8)% |
|
111,720 |
107,611 |
103,232 |
4,109 |
3.8% |
4,379 |
4.2% |
|
|
|
|
|
|
|
|
Long distance lines |
|
|
|
|
|
|
|
Residential |
117,282 |
126,551 |
136,921 |
(9,269) |
(7.3)% |
(10,370) |
(7.6)% |
Business * |
79,496 |
74,781 |
76,160 |
4,715 |
6.3% |
(1,379) |
(1.8)% |
|
196,778 |
201,332 |
213,081 |
(4,554) |
(2.3)% |
(11,749) |
(5.5)% |
|
|
|
|
|
|
|
|
Video |
|
|
|
|
|
|
|
Subscribers |
18,393 |
9,829 |
1,620 |
8,564 |
87.1% |
8,209 |
506.7% |
Homes Enabled |
120,000 |
65,000 |
27,400 |
55,000 |
84.6% |
37,600 |
137.2% |
|
|
|
|
|
|
|
|
* Business voice access
lines and business long distance lines included approximately 9,400
and 5,500 lines, respectively as of December 31, 2013 related to
the acquisition of Wavecom. |
CONTACT: Investor Relations Contact:
Brian Tanner, Hawaiian Telcom
(808) 546-3442
brian.tanner@hawaiiantel.com
Media Contact:
Su Shin, Hawaiian Telcom
(808) 546-2344
su.shin@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