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Grew pro forma revenue by 1.8% for the fourth quarter year-over-year
Managed integration and synergies to plan and budget
Refinanced $515 million of debt at attractive rates extending maturities four years
Delivered strong broadband growth for the year with 16,463 net adds
Provided another strong dividend payout ratio
MATTOON, Ill., March 7, 2013 (GLOBE NEWSWIRE) -- Consolidated Communications Holdings, Inc. (Nasdaq:CNSL) reported results for the fourth quarter and full year 2012.
Fourth quarter financial summary:
Revenue was $160.1 million, a 1.8% increase year-over-year on a pro forma basis.
Net cash from operations was $51.3 million, a 41.8% increase year-over-year on a GAAP basis.
Adjusted EBITDA was $74.2 million, a 5.8% increase year-over-year on a pro forma basis.
"We delivered another strong quarter of results reflecting our continued focus on profitable growth and increasing cash flow," said Bob Currey, President and Chief Executive Officer. "With 1.8% growth in revenue and 5.8% growth in adjusted EBITDA, the results show we are delivering on the diversification benefits and synergy savings of the SureWest transaction as outlined when we announced the deal.
"We continued to diversify our revenues with 74% now coming from the business and broadband growth areas. Total revenue was $160.1 million and adjusted EBITDA was $74.2 million for the quarter. These financials resulted in a very strong dividend payout ratio of 58.2%."
"The integration of SureWest is on plan and going well. We have successfully completed the first phase of billing integration and all of the corporate ERP systems, which include finance, human resources, payroll and supply chain management. We achieved an additional $3.0 million in annualized synergies throughout the fourth quarter giving us a total of $15.0 million. We are at 75% of our first year post-close target of $20.0 million," Currey concluded.