Consolidated Communications Holdings, Inc Q2 2010 Earnings Call Transcript
In addition, during this call, we will discuss certain non-GAAP financial measures. Our earnings release for this quarter's results, which has been posted to the Investor Relations section of our website, contains reconciliations of these measures to their nearest GAAP equivalent.
I will now turn the call over to Bob, who will provide an overview of our financial and operating results. Steve Childers will then provide a more detailed review of the financials, Bob.
Thanks, Matt and good morning everyone. We appreciate you joining us today as we review our results for the quarter. As is our normal practice, I will start with a high level financial and operating high lights and then Steve will provide a detailed review of the financials.Second quarter of 2010 was another solid quarter for us revenue was 95.7 million and adjusted EBITDA 46 million. As we mentioned last quarter, the sale of our telemarketing business and the ongoing process to close our operator services unit will lower revenue, but be neutral to EBIDTA, when excluding the 1.8 million of the revenue reduction attributable to these businesses our overall revenue declined by less than 1% on a sequential basis. With respect to our dividend, we continue to deliver a solid and secure return to our share holders as demonstrated by our pay out ratio, 70.6 for this quarter and 67.2% year-to-date. Operationally, we continue to perform well despite the competitive and economic pressures, we increased our total connections for the third consecutive quarter and delivered growth of 4,150 connections year-over-year. This growth is lead by our broadband products, which fortify our competitive position in all three states. We increased our broadband connections by 2,500 in the quarter, in what has historically been our softest quarter. This brings our total broadband customers to a 130,000 which represents a year-over-year increase of 12%. Our industry leading DSL penetration which is currently at 43% provide peer pricing points at various speeds as high as 20 megabits.
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