Achieved Fourth Quarter and Full Year
Consumer Revenue Growth of 2.6% and 3.9%
Strong Hawaiian Telcom TV Subscriber
Growth of More Than 2,300 in Fourth Quarter
Expanded the Reach of Hawaiian Telcom TV
to 160,000 Households on Oahu
Delivered Fourth Quarter Data Center
Revenue Growth Over 60%
Hawaiian Telcom Holdco, Inc. (Nasdaq:HCOM) reported financial
results for the fourth quarter and full year 2014. The highlights
of 2014 and recent accomplishments in 2015 are as follows:
- Revenue was $99.6 million for the fourth quarter and $390.7
million for full year 2014:
- Consumer revenue increased 2.6 percent and 3.9 percent
year-over-year for the fourth quarter and full year 2014,
respectively, driven by growth in video revenue of $2.8 million and
$10.8 million, respectively.
- Added over 2,300 Hawaiian Telcom TV subscribers during the
fourth quarter, ending 2014 with approximately 28,100 subscribers
resulting in penetration of 17.6 percent of households
enabled.
- Enabled 8,000 households in the quarter, increasing enabled
households on Oahu to 160,000, 57.5 percent of which are
fiber-to-the-home.
- Revenue from SystemMetrics Corporation (SystemMetrics)
increased over 60 percent year-over-year for the fourth quarter,
driven by sales of security products and solutions.
- Fourth quarter 2014 Adjusted EBITDA(1) of $30.7 million was
consistent with the same period a year ago and full year 2014
Adjusted EBITDA of $117.8 million declined $2.1 million
year-over-year.
- Generated fourth quarter and full year 2014 net income of $2.0
million and $8.1 million, or $0.19 and $0.76 per diluted share,
respectively.
"We delivered a successful 2014. With a focus on broadband, TV
and data center and cloud services, Hawaiian Telcom's investment in
our next-generation fiber network and innovative new products
continue to transform our company and Hawaii's communities and
businesses," said Eric K. Yeaman, Hawaiian Telcom's president and
CEO. "We have invested and executed aggressively, creating new
growth channels and enabling our customers with next-generation
technologies to strengthen their businesses and improve their
quality of life.
"Our growing momentum in the consumer channel is powered by the
continued strength of Hawaiian Telcom TV and growth in high-speed
Internet (HSI), which drove an industry-leading 4 percent growth in
consumer revenues in 2014. Hawaii's superior entertainment
experience can now reach 160,000 households on Oahu, 57.5 percent
of which are fiber-to-the-home households.
"In the business channel, customers of all sizes—including 225
of Hawaii's top 250 companies—turn to Hawaiian Telcom for a full
array of communications services. Our ability to meet our
customers' need for integrated communications solutions is having a
pull-through effect for SystemMetrics' data center and cloud
services, which drove a more than 60 percent year-over-year
increase in fourth quarter revenue in that segment.
"In the wholesale channel, we now have 411 fiber-to-the-tower
(FTTT) cell sites completed and another 73 sites under contract to
build. Future-proofed with fiber, bandwidth to these cell sites are
easily increased to provide wireless carriers more capacity, which
can drive a meaningful increase in revenue over time.
"We begin 2015 with strong momentum. Demand for higher bandwidth
services and integrated communications solutions are dynamic and
growing, as consumers and businesses increasingly view them as
tools to improve their quality of life and strategic enablers of
growth. To address this demand, we will continue to leverage our
next-generation fiber network and data center capabilities to
launch new Unified Communications services and
Software-as-a-Service cloud services. We look forward to expanding
the availability of Hawaiian Telcom TV to more households on Oahu
in 2015, driving deeper penetration and increasing our share of the
consumer video and broadband market.
"We are confident in our strategies and our platform for growth
and are ready to lead Hawaii into the next generation of
communications, technology and entertainment," concluded
Yeaman.
Fourth Quarter 2014 Results
Fourth quarter revenue was $99.6 million, compared to $100.5
million in the fourth quarter of 2013, which benefitted from $1
million in government subsidies from the Universal Service Connect
America Fund program for the expansion of broadband. Revenue growth
in the quarter, driven by video, HSI, and $1.3 million of data
center colocation revenue from SystemMetrics, was offset by a $2.0
million decrease in equipment and managed services revenue, related
to lower customer premise equipment sales, and a 5.7 percent
decline in voice access lines. Adjusted EBITDA was $30.7 million,
consistent with the same period a year ago.
Net income for the fourth quarter of 2014 was $2.0 million, or
$0.19 per diluted share, compared with the prior year net income
for the fourth quarter of 2013 of $2.6 million, or $0.23 per
diluted share. The decrease was primarily due to a $2.0 million
increase in depreciation and amortization as a result of
significant investments made to the Company's broadband
network.
Consumer Revenue
Fourth quarter consumer revenue totaled $37.4 million, up 2.6
percent year-over-year primarily driven by revenue growth from the
Company's Hawaiian Telcom TV and HSI services. The increased
reach of the Company's next-generation fiber network is the
catalyst that is driving revenue growth in video and HSI services,
which is more than offsetting declines from legacy services.
Video service revenue grew to $7.1 million for the quarter, up
from $4.2 million in the same period a year ago, driven by the
addition of approximately 9,700 subscribers in 2014, ending the
year with approximately 28,100 subscribers in
service. Hawaiian Telcom TV average revenue per user (ARPU)
was up approximately 5.8 percent year-over-year. During the
quarter, 8,000 additional households were enabled, increasing the
total number of households enabled to 160,000 with over 57.5
percent of those households capable of connecting directly to the
Company's next-generation fiber network. Hawaiian Telcom TV
penetration of households enabled was approximately 17.6 percent at
the end of 2014.
Consumer HSI revenue also was up from the same period a year ago
led by a 1.6 percent year-over-year increase in consumer HSI
subscribers to approximately 92,900 and a 9.3 percent increase in
consumer HSI ARPU due to increased adoption of higher speed
offerings. As of December 31, 2014, approximately 53 percent
of all video subscribers had triple-play bundles and approximately
92 percent had double- or triple-play bundles. Revenue
increases from video and HSI were partially offset by legacy
revenue declines related to consumer voice access and long distance
line losses of 9.1 percent and 8.5 percent, respectively.
Business Revenue
Fourth quarter business revenue was $42.7 million, compared to
$44.7 million in the fourth quarter of 2013. Revenue from
SystemMetrics increased over 60 percent year-over-year for the
fourth quarter, driven by sales of security products and solutions,
was more than offset by a $2.0 million decrease in equipment and
managed services revenue. Additionally, the year-over-year
decline in legacy business access and long distance revenues
contributed to the decline in business revenue.
Wholesale Revenue
Fourth quarter wholesale revenue totaled $16.0 million,
consistent with the same period a year ago. Wholesale carrier
data revenue increased $0.3 million year-over-year to $14.7
million, mainly due to special construction related to the
Company's FTTT projects. Switched carrier access revenue
declined year-over-year to $1.4 million, equally attributable to
the overall decline in voice 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,
non-cash stock compensation, SystemMetrics earn-out and other
one-time charges, decreased 1.2 percent to $68.9 million, primarily
due to decreased cost of goods related to lower levels of equipment
sales, as well as a decline in costs related to employee benefits,
partially offset by increased direct cost of services related to
video and higher advertising expense.
Full Year 2014 Results
Revenue was $390.7 million, compared to $391.2 million for the
prior year. After adjusting for $1 million in government
subsidies in the fourth quarter 2013, revenue for 2014 was
consistent with the same period a year ago. Adjusted EBITDA
was $117.8 million, compared to $119.9 million in 2013.
Net income for the full year 2014 was $8.1 million, or $0.76 per
diluted share, compared with the prior year net income for the full
year 2013 of $10.5 million, or $0.95 per diluted share. The
decrease was primarily due to one-time costs relating to Tropical
Storm Iselle of $1.1 million recorded in the third quarter 2014, as
well as a $6.5 million gain from the sale of property recorded in
the second quarter of 2013, partially offset by a $3.7 million loss
on early extinguishment of debt in the second quarter of 2013.
Capital expenditures totaled $96.7 million for the full year
2014, up from $86.3 million in 2013 primarily due to the
success-based spending to support the growth of Hawaiian Telcom TV
fiber-to-the-premise subscribers, success-based spending related to
the fiber-to-the-tower initiative and costs associated with
consolidating and virtualizing internal data centers.
At the end of 2014, the Company had $39.9 million in cash and
cash equivalents compared to $49.6 million at the end of
2013. The use of cash is primarily related to higher levels of
next-generation fiber network and success-based capital
expenditures. Net Debt(2) was $252.5 million, resulting in a
Net Debt to Adjusted EBITDA ratio as of December 31, 2014 of
2.14x.
Conference Call
The Company will host a conference call to discuss its fourth
quarter and full year 2014 results at 8:00 a.m. (Hawaii Time), or
2:00 p.m. (Eastern Time) on Thursday, March 12, 2015.
To access the call, participants should dial (866) 515-2915
(US/Canada), or (617) 399-5129 (International) ten minutes prior to
the start of the call and enter passcode 59723237.
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
three hours after the conclusion of the call until 11:59 p.m.
(Eastern Time) March 19, 2015. Access the replay by dialing
(888) 286-8010 and entering passcode 45668399. Alternatively,
the replay can be accessed by dialing (617) 801-6888 and entering
passcode 45668399.
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", "expected", 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, or expand
its market position in communications services, including voice,
video, Internet, data, wireless, and advanced communications and
network 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; 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
2014 Annual Report on Form 10-K. The information contained in this
release is as of March 12, 2015. It is anticipated that subsequent
events and developments may cause estimates to change, and the
Company undertakes no duty to update forward-looking
statements.
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-cash stock compensation, SystemMetrics earn-out and other
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 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 Adjusted
EBITDA and EBITDA to comparable GAAP financial measures has been
included in the tables distributed with this release.
(2) 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, |
|
2014 |
2013 |
2012 |
|
|
|
|
Operating revenues |
$ 390,739 |
$ 391,150 |
$ 385,498 |
|
|
|
|
Operating expenses: |
|
|
|
Cost of revenues (exclusive of
depreciation and amortization) |
166,280 |
163,749 |
160,226 |
Selling, general and administrative |
115,974 |
114,875 |
108,508 |
Gain on sale of property |
-- |
(6,546) |
-- |
Depreciation and amortization |
78,014 |
77,301 |
70,908 |
|
|
|
|
Total operating expenses |
360,268 |
349,379 |
339,642 |
|
|
|
|
Operating income |
30,471 |
41,771 |
45,856 |
|
|
|
|
Other income (expense): |
|
|
|
Interest expense, net |
(16,496) |
(18,875) |
(22,183) |
Loss on early extinguishment of debt |
-- |
(3,660) |
(5,112) |
Interest income and other |
34 |
34 |
59 |
|
|
|
|
Total other expense |
(16,462) |
(22,501) |
(27,236) |
|
|
|
|
Income before income tax provision
(benefit) |
14,009 |
19,270 |
18,620 |
|
|
|
|
Income tax provision (benefit) |
5,910 |
8,782 |
(91,362) |
|
|
|
|
Net income |
$ 8,099 |
$ 10,488 |
$ 109,982 |
|
|
|
|
|
|
|
|
Net income per common share - |
|
|
|
Basic |
$ 0.76 |
$ 1.01 |
$ 10.74 |
Diluted |
$ 0.72 |
$ 0.95 |
$ 10.32 |
|
|
|
|
Weighted average shares used to compute net
income per common share - |
|
|
|
Basic |
10,591,351 |
10,337,339 |
10,242,573 |
Diluted |
11,308,051 |
11,093,931 |
10,660,647 |
|
|
|
|
Hawaiian Telcom Holdco,
Inc. |
Consolidated Balance
Sheets |
(Dollars in thousands,
except per share amounts) |
|
|
December 31, |
|
2014 |
2013 |
|
|
|
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
$ 39,885 |
$ 49,551 |
Receivables, net |
32,662 |
34,521 |
Material and supplies |
9,337 |
15,939 |
Prepaid expenses |
3,598 |
3,724 |
Deferred income taxes |
6,840 |
8,146 |
Other current assets |
3,481 |
2,851 |
Total current assets |
95,803 |
114,732 |
Property, plant and equipment, net |
565,956 |
524,375 |
Intangible assets, net |
37,328 |
40,225 |
Goodwill |
12,104 |
12,104 |
Deferred income taxes |
81,626 |
75,274 |
Other assets |
9,151 |
11,305 |
|
|
|
Total assets |
$ 801,968 |
$ 778,015 |
|
|
|
Liabilities and Stockholders'
Equity |
|
|
Current liabilities |
|
|
Current portion of long-term debt |
$ 3,000 |
$ 3,000 |
Accounts payable |
50,499 |
40,228 |
Accrued expenses |
19,399 |
18,787 |
Advance billings and customer
deposits |
14,686 |
16,122 |
Other current liabilities |
6,790 |
6,412 |
Total current liabilities |
94,374 |
84,549 |
Long-term debt |
289,423 |
291,679 |
Employee benefit obligations |
99,366 |
80,321 |
Other liabilities |
14,271 |
8,454 |
Total liabilities |
497,434 |
465,003 |
|
|
|
|
|
|
Stockholders' equity |
|
|
Common stock, par value of $0.01 per
share, 245,000,000 shares authorized and 10,673,292 and 10,495,856
shares issued and outstanding at December 31, 2014 and 2013,
respectively |
107 |
105 |
Additional paid-in capital |
170,521 |
167,869 |
Accumulated other comprehensive loss |
(23,947) |
(4,716) |
Retained earnings |
157,853 |
149,754 |
Total stockholders' equity |
304,534 |
313,012 |
|
|
|
Total liabilities and stockholders'
equity |
$ 801,968 |
$ 778,015 |
|
|
|
Hawaiian Telcom Holdco,
Inc. |
Consolidated Statements
of Cash Flows |
(Dollars in
thousands) |
|
|
For the Year Ended |
|
December 31, |
|
2014 |
2013 |
2012 |
|
|
|
|
Cash flows from operating activities: |
|
|
|
Net income |
$ 8,099 |
$ 10,488 |
$ 109,982 |
Adjustments to reconcile net income to net
cash provided by operating activities |
|
|
|
Depreciation and amortization |
78,014 |
77,301 |
70,908 |
Loss on early extinguishment of debt |
-- |
3,660 |
5,112 |
Gain on sale of property |
-- |
(6,546) |
-- |
Employee retirement benefits |
(12,078) |
(13,224) |
(11,933) |
Provision for uncollectibles |
3,590 |
3,455 |
716 |
Stock based compensation |
4,174 |
2,736 |
1,872 |
Deferred income taxes |
6,851 |
9,617 |
(90,827) |
Changes in operating assets and
liabilities: |
|
|
|
Receivables |
(1,731) |
(3,409) |
(724) |
Material and supplies |
(386) |
(4,587) |
(3,161) |
Prepaid expenses and other current
assets |
(504) |
456 |
(1,109) |
Accounts payable and accrued
expenses |
3,882 |
(6,518) |
3,255 |
Advance billings and customer
deposits |
(1,436) |
138 |
424 |
Other current liabilities |
(296) |
812 |
269 |
Other, net |
2,224 |
2,582 |
1,676 |
Net cash provided by operating
activities |
90,403 |
76,961 |
86,460 |
|
|
|
|
Cash flows from investing activities: |
|
|
|
Capital expenditures |
(96,706) |
(86,290) |
(77,713) |
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 |
(96,706) |
(85,030) |
(85,310) |
|
|
|
|
Cash flows from financing activities: |
|
|
|
Repayment of debt including premium |
(3,000) |
(303,083) |
(306,750) |
Proceeds from borrowing |
-- |
298,500 |
295,500 |
Loan refinancing costs |
-- |
(3,442) |
(4,130) |
Proceeds from installment financing |
4,336 |
-- |
-- |
Repayments of capital lease and installment
financing |
(3,179) |
(542) |
(582) |
Taxes paid related to net share settlement on
equity awards |
(1,520) |
(806) |
(258) |
Net cash used in financing activities |
(3,363) |
(9,373) |
(16,220) |
|
|
|
|
Net change in cash and cash equivalents |
(9,666) |
(17,442) |
(15,070) |
Cash and cash equivalents, beginning of
year |
49,551 |
66,993 |
82,063 |
|
|
|
|
Cash and cash equivalents, end of year |
$ 39,885 |
$ 49,551 |
$ 66,993 |
|
|
|
|
Hawaiian Telcom Holdco,
Inc. |
Revenue by Category and
Channel |
(Unaudited, dollars in
thousands) |
|
For Three
Months |
|
For Three Months Ended |
|
|
|
December 31, |
Change |
|
2014 |
2013 |
Amount |
Percentage |
|
|
|
|
|
Telecommunications |
|
|
|
|
Local voice services |
$ 32,606 |
$ 33,867 |
$ (1,261) |
(3.7)% |
Network access services |
|
|
|
|
Business data |
6,404 |
6,507 |
(103) |
(1.6)% |
Wholesale carrier data |
14,689 |
14,406 |
283 |
2.0% |
Subscriber line access charge |
8,669 |
9,232 |
(563) |
(6.1)% |
Switched carrier access |
1,350 |
2,573 |
(1,223) |
(47.5)% |
|
31,112 |
32,718 |
(1,606) |
(4.9)% |
Long distance services |
5,478 |
5,929 |
(451) |
(7.6)% |
High-Speed Internet |
11,213 |
10,305 |
908 |
8.8% |
Video |
7,051 |
4,228 |
2,823 |
66.8% |
Equipment and managed services |
5,294 |
7,270 |
(1,976) |
(27.2)% |
Wireless |
482 |
629 |
(147) |
(23.4)% |
Other |
2,870 |
3,373 |
(503) |
(14.9)% |
|
96,106 |
98,319 |
(2,213) |
(2.3)% |
Data center colocation |
3,524 |
2,188 |
1,336 |
61.1% |
|
$ 99,630 |
$ 100,507 |
$ (877) |
(0.9)% |
|
|
|
|
|
Channel |
|
|
|
|
Business |
$ 42,734 |
$ 44,724 |
$ (1,990) |
(4.4)% |
Consumer |
37,402 |
36,440 |
962 |
2.6% |
Wholesale |
16,038 |
15,958 |
80 |
0.5% |
Other |
3,456 |
3,385 |
71 |
2.1% |
|
$ 99,630 |
$ 100,507 |
$ (877) |
(0.9)% |
|
|
|
|
|
|
|
|
|
|
For Twelve
Months |
|
For the Year Ended |
|
|
|
December 31, |
Change |
|
2014 |
2013 |
Amount |
Percentage |
|
|
|
|
|
Telecommunications |
|
|
|
|
Local voice services |
$ 131,412 |
$ 138,763 |
$ (7,351) |
(5.3)% |
Network access services |
|
|
|
|
Business data |
26,210 |
25,392 |
818 |
3.2% |
Wholesale carrier data |
57,771 |
59,529 |
(1,758) |
(3.0)% |
Subscriber line access charge |
35,654 |
37,739 |
(2,085) |
(5.5)% |
Switched carrier access |
5,790 |
7,698 |
(1,908) |
(24.8)% |
|
125,425 |
130,358 |
(4,933) |
(3.8)% |
Long distance services |
22,654 |
24,733 |
(2,079) |
(8.4)% |
High-Speed Internet |
43,419 |
39,800 |
3,619 |
9.1% |
Video |
23,810 |
13,012 |
10,798 |
83.0% |
Equipment and managed services |
19,324 |
26,994 |
(7,670) |
(28.4)% |
Wireless |
2,128 |
2,713 |
(585) |
(21.6)% |
Other |
11,830 |
12,589 |
(759) |
(6.0)% |
|
380,002 |
388,962 |
(8,960) |
(2.3)% |
Data center colocation |
10,737 |
2,188 |
8,549 |
NA |
|
$ 390,739 |
$ 391,150 |
$ (411) |
(0.1)% |
|
|
|
|
|
Channel |
|
|
|
|
Business |
$ 169,042 |
$ 170,882 |
$ (1,840) |
(1.1)% |
Consumer |
146,714 |
141,234 |
5,480 |
3.9% |
Wholesale |
63,561 |
66,206 |
(2,645) |
(4.0)% |
Other |
11,422 |
12,828 |
(1,406) |
(11.0)% |
|
$ 390,739 |
$ 391,150 |
$ (411) |
(0.1)% |
|
|
|
|
|
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, |
|
2014 |
2013 |
2014 |
2013 |
|
|
|
|
|
Net income |
$ 1,976 |
$ 2,629 |
$ 8,099 |
$ 10,488 |
Income tax provision |
1,755 |
3,261 |
5,910 |
8,782 |
Interest expense and other income and
expense, net |
4,088 |
4,157 |
16,462 |
22,501 |
Depreciation and amortization |
20,693 |
18,769 |
78,014 |
77,301 |
Gain on sale of property |
-- |
-- |
-- |
(6,546) |
EBITDA |
28,512 |
28,816 |
108,485 |
112,526 |
Non-cash stock compensation |
1,108 |
850 |
4,174 |
2,736 |
SystemMetrics earn-out |
272 |
-- |
1,087 |
-- |
Non-recurring costs |
402 |
695 |
2,448 |
2,553 |
Severance costs |
197 |
-- |
197 |
712 |
Wavecom integration costs |
87 |
374 |
339 |
1,343 |
Storm Iselle costs |
134 |
-- |
1,077 |
-- |
|
|
|
|
|
Adjusted EBITDA |
$ 30,712 |
$ 30,735 |
$ 117,807 |
$ 119,870 |
|
|
|
|
|
Hawaiian Telcom Holdco,
Inc. |
Net Debt to LTM
Adjusted EBITDA Ratio |
(Unaudited, dollars in
thousands) |
|
Long-term debt as of December 31, 2014 |
$ 292,423 |
Less cash on hand |
(39,885) |
Total Net Debt as of December 31, 2014 |
$ 252,538 |
|
|
LTM Adjusted EBITDA as of December 31,
2014 |
$ 117,807 |
|
|
Total Net Debt to Adjusted EBITDA |
2.14x |
|
|
Hawaiian Telcom Holdco,
Inc. |
Volume
Information |
(Unaudited) |
|
|
|
|
|
2014 vs. 2013 |
2013 vs. 2012 |
|
December 31, |
Change |
Change |
|
2014 |
2013 |
2012 |
Number |
Percentage |
Number |
Percentage |
|
|
|
|
|
|
|
|
Voice access lines |
|
|
|
|
|
|
|
Residential |
169,488 |
186,415 |
203,330 |
(16,927) |
(9.1)% |
(16,915) |
(8.3)% |
Business (1) |
188,534 |
193,027 |
185,142 |
(4,493) |
(2.3)% |
7,885 |
4.3% |
Public |
3,830 |
4,155 |
4,405 |
(325) |
(7.8)% |
(250) |
(5.7)% |
|
361,852 |
383,597 |
392,877 |
(21,745) |
(5.7)% |
(9,280) |
(2.4)% |
|
|
|
|
|
|
|
|
High-Speed Internet lines |
|
|
|
|
|
|
|
Residential |
92,875 |
91,437 |
88,016 |
1,438 |
1.6% |
3,421 |
3.9% |
Business |
19,589 |
19,320 |
18,575 |
269 |
1.4% |
745 |
4.0% |
Wholesale |
814 |
963 |
1,020 |
(149) |
(15.5)% |
(57) |
(5.6)% |
|
113,278 |
111,720 |
107,611 |
1,558 |
1.4% |
4,109 |
3.8% |
|
|
|
|
|
|
|
|
Long distance lines |
|
|
|
|
|
|
|
Residential |
107,342 |
117,282 |
126,551 |
(9,940) |
(8.5)% |
(9,269) |
(7.3)% |
Business (1) |
77,899 |
79,496 |
74,781 |
(1,597) |
(2.0)% |
4,715 |
6.3% |
|
185,241 |
196,778 |
201,332 |
(11,537) |
(5.9)% |
(4,554) |
(2.3)% |
|
|
|
|
|
|
|
|
Video |
|
|
|
|
|
|
|
Subscribers |
28,124 |
18,393 |
9,829 |
9,731 |
52.9% |
8,564 |
87.1% |
Homes Enabled |
160,000 |
120,000 |
65,000 |
40,000 |
33.3% |
55,000 |
84.6% |
|
|
|
|
|
|
|
|
(1) Beginning in 2013, the
business voice access lines and business long distance lines
include the acquired Wavecom lines. There were 9,400 business
voice access line and 5,500 business long distance lines for
Wavecom as of December 31, 2013. |
CONTACT: Investor Relations Contact:
Brian Tanner, Hawaiian Telcom
(201) 706-8965
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