HONOLULU, Aug. 9, 2012 (GLOBE NEWSWIRE) -- Hawaiian Telcom Holdco, Inc. (Nasdaq:HCOM) reported financial results for its second quarter ended June 30, 2012. The highlights and other recent developments are as follows:
- Revenue totaled $94.7 million, resulting in Adjusted EBITDA (1) of $29.2 million.
- Generated net income of $5.5 million, or $0.51 per diluted share, down by $1.2 million, primarily attributable to an increase in depreciation and amortization due to significant investments in its broadband network.
- Business data revenue increased 5 percent year-over-year driven by growth in switched Ethernet, IP-VPN and dedicated Internet access revenues.
- Consumer revenues increased 1 percent sequentially, driven by video revenue more than doubling.
- Hawaiian Telcom TV subscriber penetration increased to over 12 percent of the approximately 50,000 households enabled, up from over 9 percent of the approximately 41,000 households enabled at the end of the first quarter.
- High-speed Internet ("HSI") subscribers increased 3.7 percent year-over-year to 105,000, driven by video bundle sales and enhancements to the broadband network.
- Recently awarded a contract for over 100 new fiber-to-the-tower sites to continue to support the 4G rollout of the large national wireless carriers.
- Announced the acquisition of Wavecom Solutions Corporation ("Wavecom"), in a move to enhance its network capabilities and strengthen its ability to deliver next generation, end-to-end solutions to customers.
"I am pleased with the momentum we are starting to build in key growth areas of our business," said Eric K. Yeaman, Hawaiian Telcom's president and CEO. "Most notable is our sequential growth in consumer revenues during the quarter driven primarily by the successful commercial launch of Hawaiian Telcom TV only one year ago. Our video subscribers increased to approximately 6,400, up 64 percent sequentially, driving subscriber penetration to over 12 percent of the approximately 50,000 household enabled footprint. After only a year in the market, we are already reaching subscriber penetration rates over 20 percent in certain neighborhoods. Our early success demonstrates the strong customer demand for our video product and positions us well to drive further growth in consumer revenues."
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