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Lumos Networks Corp. Reports First Quarter 2012 Financial Results

Stocks in this article: LMOS

Lumos Networks Corp. (“Lumos Networks” or “the Company”) (Nasdaq: LMOS), a fiber-based service provider of voice, data and IP-based telecommunication services in the Mid-Atlantic region, today announced financial results for its first quarter 2012.

Total revenue for the first quarter 2012 was $51.4 million, compared to $52.6 million for first quarter 2011 and to $51.1 million in fourth quarter 2011. Total adjusted EBITDA was $22.3 million for the first quarter 2012, compared to $24.3 million in first quarter 2011 and to $23.0 million in fourth quarter 2011.

On April 26, 2012, the Board of Directors of Lumos Networks Corp. appointed Timothy G. Biltz as Chief Executive Officer. Mr. Biltz served as Chairman of the Board of Directors of iPCS, Inc. from November 2006 through December 2009. From 1999 to 2005, Mr. Biltz was the Chief Operating Officer of SpectraSite, Inc., a publicly-traded wireless and broadcast signal tower company. From 1989 to 1999, Mr. Biltz was employed by Vanguard Cellular Systems, Inc. in a number of posts of increasing responsibility, ultimately serving as the Executive Vice President and Chief Operating Officer. Mr. Biltz has served on the Board of Directors of NTELOS Holdings Corp. since December 2006.

“I am delighted to join Lumos Networks during this exciting time of the Company’s evolution from a regional rural local exchange carrier into a fiber-based network service provider of high speed data products and services,” said Biltz. “Our Enterprise Data and Wholesale product lines remain the catalysts for revenue growth, particularly in the second half of 2012, and as we pursue annual year over year revenue growth in 2013. We are focused on providing the highest level of quality customer service and targeting capital to projects with near-term revenue generation and expect cash flows generated from operations to fund our business model.”

Highlights

  • Revenues from Lumos Networks’ data and wholesale products in the Competitive segment continued to show strong growth trends, up 16% over first quarter last year. This growth offset losses in the legacy voice products, resulting in the Company slightly exceeding the high ends of its revenue and adjusted EBITDA guidance ranges for first quarter.
  • As of December 31, 2011, the Company had 148 fiber connections to cell sites and it expects to more than double such connections by the end of 2012. Fiber connections to cell sites are a key driver of Wholesale Data revenue, and Wholesale Data revenue for the quarter was up 29% over first quarter 2011.
  • The Company continued to support Enterprise Data sales in existing and expansion markets, increasing on-net buildings to 1,066 as of March 31, 2012 as compared to 1,051 as of December 31, 2011.
  • The transition of revenue composition to data products continues. The Competitive segment, comprised of approximately two-thirds data revenue, accounted for 76% of consolidated revenue in the first quarter of 2012 compared to 73% in the first quarter of 2011.

Business Outlook

The Company reaffirms its annual 2012 guidance, with total revenue expected to be between $200 million and $205 million, adjusted EBITDA expected to be between $85 million and $90 million and capital expenditures expected to be between $52 million and $60 million.

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