Strong Hawaiian Telcom TV Sales Drive Quarterly & Annual Consumer Revenue Growth
Third Consecutive Year of Profitability
HONOLULU, March 14, 2013 (GLOBE NEWSWIRE) -- Hawaiian Telcom Holdco, Inc. (Nasdaq:HCOM) reported financial results for the fourth quarter and full year of 2012. The highlights of 2012 are as follows:
- Revenue was $96.6 million for the fourth quarter and $385.5 million for the year:
- Consumer revenue increased quarter-over-quarter and for the full year 2012 driven by growth in video revenue of $1.6 million and $4.6 million, respectively.
- Hawaiian Telcom TV subscriber penetration increased to approximately 15 percent of the 65,000 households enabled at year-end, up from approximately 14 percent of the 59,400 households enabled at the end of the third quarter.
- Added approximately 1,800 high-speed Internet ("HSI") subscribers during the quarter, ending the year with approximately 107,600 subscribers, up 4.2 percent year-over-year.
- Business data revenue increased 6.4 percent and 4.5 percent year-over-year for the fourth quarter and full year, respectively, driven by growth in switched Ethernet, IP-VPN and dedicated Internet access revenue.
- Fourth quarter and full year 2012 Adjusted EBITDA (1) of $33.3 million and $122 million, grew $3.5 million and $0.9 million year-over-year, respectively. The fourth quarter 2012 included a $2.5 million net settlement gain associated with the acquisition of Wavecom Solutions Corporation ("Wavecom").
- Generated fourth quarter and full year 2012 net income of $98.6 million and $110.0 million, or $9.21 and $10.32 per diluted share, respectively. Both the fourth quarter and full year net income and earnings per share amounts were favorably impacted by a one-time, non-cash tax benefit of $90.8 million to reverse the Company's tax valuation allowance.
- Adjusting for the $90.8 million one-time, non-cash tax benefit related to the reversal of the tax valuation allowance, fourth quarter and full year 2012 Pro-forma Net Income (2) was $7.8 million and $19.2 million, or $0.73 and $1.80 per diluted share, respectively.
- On December 31, completed the acquisition of Wavecom for $8.3 million, net of cash acquired and final purchase price adjustments.
- Ratified a new five-year collective bargaining agreement with IBEW 1357 on December 28, 2012.