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NTELOS Holdings Corp. Reports Second Quarter 2012 Operating Results

NTELOS Holdings Corp. (the “Company,” NASDAQ: NTLS), a leading regional provider of nationwide wireless voice and data communications and home to the “best value in wireless,” announced today operating results for its second quarter ended June 30, 2012.

Second Quarter Highlights

  • Operating revenues for the second quarter 2012 increased 6.9% to $111.6 million, compared to $104.3 million for the same period in 2011;
  • Wholesale and Other revenues for the second quarter 2012 increased 21.7% to $41.9 million, compared to $34.5 million for the same period in 2011;
  • Net subscriber additions for the second quarter 2012 were 3,500, compared to a net loss of (4,700) for the same period in 2011; and
  • Blended subscriber churn for the second quarter 2012 improved to 2.6%, compared to 3.3% for the same period in 2011.

“We are encouraged by the continued strong momentum of our retail operations, which posted a sequential quarterly increase in revenues for the first time in two years. In fact, we achieved simultaneous positive pre- and postpay net additions for the first time in six quarters. This accomplishment is a result of continuing improvements in our distribution network as well as the recent addition of iPhone to our smartphone lineup,” noted James A. Hyde, CEO of NTELOS Holdings Corp. “At the same time, overall ARPU improved for the second straight quarter, with postpay ARPU growing for the first time in almost two years. These trends highlight the growing strength of the NTELOS value proposition; providing an equivalent customer experience in terms of quality of service and equipment choices, but at a better value than our competitors.”

Highlights from Operations

  • Operating revenues for the second quarter 2012 were $111.6 million, up 6.9% from the second quarter 2011. The increase in operating revenue was primarily due to an increase in wholesale revenue partially offset by a small decline in retail revenues;
  • Retail revenue, which include subscriber and equipment revenue, were $69.6 million for the second quarter 2012, compared to $69.9 million for the second quarter 2011;
  • Wholesale revenue under the Company’s Strategic Network Alliance with Sprint for the second quarter 2012 increased 23.7% to $40.4 million, compared to $32.7 million for the second quarter 2011;
  • Adjusted EBITDA was $34.0 million for the second quarter 2012, compared to $34.9 million for the second quarter 2011; and
  • Income from Continuing Operations, less Net Income Attributable to Noncontrolling Interests, was $5.6 million, or $0.26 per diluted share, for the second quarter 2012 compared to $5.9 million, or $0.28 per diluted share, in the same period in 2011.

Total Subscribers

  • Total subscribers were 424,800 as of June 30, 2012, compared from 421,300 as of March 31, 2012;
  • Total gross additions for the second quarter were 36,800, compared to 37,100 in the same period of 2011; and
  • Total net subscriber additions for the second quarter were 3,500, compared to a loss of (4,700) for the same period in 2011.

Postpay Subscribers

  • Postpay subscriber gross additions for the second quarter 2012 were 16,800, a 6% decrease from the second quarter 2011 and a 1% decrease from first quarter 2012;
  • Net postpay subscribers increased 700 for the second quarter 2012, up slightly compared to the second quarter 2011 and up significantly from a loss of (4,800) for the first quarter 2012; and
  • As of June 30, 2012, total postpay subscribers were 285,400.

Prepay Subscribers

  • Prepay subscriber gross additions for the second quarter 2012 were 20,000, compared to 19,200 for the second quarter 2011 and 28,900 for the first quarter 2012;
  • Net prepay subscriber additions were 2,800 for the second quarter 2012, compared to losses of (5,300) for the second quarter 2011 and additions of 11,600 for the first quarter 2012; and
  • As of June 30, 2012, total prepay subscribers were 139,400.

Mr. Hyde concluded, “For the remainder of 2012, we expect a continuation of the positive trends we experienced during the first half of the year. We anticipate that continued growth of our retail business, combined with our strong wholesale business, will result in positive returns for our shareholders.”

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