Also, in an effort to provide useful information to investors, we note on Slide 3 that our comments today include non-GAAP financial measures. Details on these measures, including why we use them and reconciliations to the most comparable GAAP measures are included in our SEC filings.
I’ll turn the call over to Chris now.
Christopher E. French
Thank you, Adele. We appreciate everyone joining us today. I’m pleased to report that we started the year with a great first quarter. We had significant improvement in our financial results led by customer and revenue growth in our Wireless and Cable segments. Installation and construction is now underway with our wireless network upgrade as we prepared to transition to 4G LTE as part of Sprint Nextel Network Vision project.Financial highlights are shown on slide 5. Net income was $4.5 million for the quarter, up 50% from the first quarter of 2011. Net income from continuing operations was up 42% to $4.4 million for the quarter. The earnings improvement was driven by an $8.4 million increase in revenues and was achieved in spite of recording $2 million of accelerated appreciation associated with the wireless network upgrades. Adjusted OIBDA was up $3.6 million over the first quarter of 2011, an increase of 17%.Moving to Slide 6, revenues reached $68.8 million, an increase of almost 14% over the first quarter of 2011. Wireless customer growth and RGU growth in our cable segment drove the revenue increase. We continued our streak of quarterly positive net-adds in wireless, ending the quarter with just over 365,000 postpaid and prepaid subscribers.Our Cable segment continued to add RGUs reaching almost to 139,600 at quarter end. Growth in average billings per customer particularly in the wireless segment also contributed significantly to the revenue growth.Specific Wireless segment highlights are shown on Slide 7. We again had positive net wireless additions in both our postpaid and prepaid services with the number of total customers up nearly 2.6% over the year-end 2011 number, and 14.8% higher than first quarter 2011.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV