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Shenandoah Telecommunications Company Reports 22% Increase In Net Income For Fourth Quarter 2012

EDINBURG, Va., Feb. 28, 2013 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (Shentel) (Nasdaq:SHEN) announces financial and operating results for the three months ended December 31, 2012.

Fourth Quarter 2012 Highlights

Highlights for the quarter include:
  • Revenue of $75.0 million, an increase of 12.8% from fourth quarter 2011
  • Net income of $4.9 million and net income from continuing operations of $5.1 million, up from $4.0 million and $3.8 million, respectively, in fourth quarter 2011
  • Adjusted operating income before depreciation and amortization (adjusted OIBDA) of $26.0 million, compared to $23.1 million for the fourth quarter of 2011
  • Net postpaid PCS customer additions of 4,025 and net prepaid customer additions of 5,723 in the fourth quarter
  • At December 31, 2012, the Company had 262,892 postpaid PCS customers and 128,177 prepaid customers, up 5.7% and 19.7%, respectively, from December 31, 2011
  • PCS Postpaid churn was 1.87% in the fourth quarter of 2012 compared to 1.89% in fourth quarter 2011. Prepaid churn improved to 3.71% from 3.90% in fourth quarter 2011
  • Cable segment revenue generating units totaled 114,891 at December 31, 2012, a 2.7% increase since year end 2011
  • As of December 31, 2012, the Company had upgraded 200 of its 516 cell sites to 4G LTE, covering 55% of our covered PCS POPs

President and CEO Christopher E. French commented, "Our fourth quarter results provided a strong finish to our financial and operational achievements for the year. Financial performance for both the fourth quarter and the year was much improved over prior period results. At the same time, we made great strides with our deployment of 4G LTE service as part of Sprint Nextel's Network Vision project."

Consolidated Fourth Quarter Results

For the quarter ended December 31, 2012, net income from continuing operations was $5.1 million compared to $3.8 million in the fourth quarter of 2011. Operating income for the fourth quarter of 2012 was $9.3 million, up $1.3 million or 16% from the fourth quarter of 2011. Adjusted OIBDA (as defined below) increased to $26.0 million in the fourth quarter of 2012 from $23.1 million in the fourth quarter of 2011.

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