EDINBURG, Va., May 3, 2013 (GLOBE NEWSWIRE) -- Shenandoah Telecommunications Company (Shentel) (Nasdaq:SHEN) announces financial and operating results for the three months ended March 31, 2013.
First Quarter 2013 Highlights
Highlights for the quarter include:
- Revenue of $76.0 million, an increase of 10.4% from first quarter 2012
- Net income from continuing operations of $8.4 million, up 90.0% from $4.4 million in first quarter of 2012
- Net income of $8.4 million, up 87% from $4.5 million in the first quarter of 2012
- Adjusted operating income before depreciation and amortization (adjusted OIBDA) of $29.6 million, up 11% from the first quarter of 2012
- Net postpaid PCS customer additions of 1,065 and net prepaid customer additions of 6,227 in the first quarter
- At March 31, 2013, the Company had 263,957 postpaid PCS customers and 134,404 prepaid customers, up 5.3% and 17.5%, respectively, from March 31, 2012
- PCS Postpaid churn was 1.87% in the first quarter of 2013 compared to 1.86% in first quarter 2012. Prepaid churn was 3.87% in the first quarter of 2013 compared to 3.65% in first quarter 2012
- Cable segment revenue generating units totaled 116,576 at March 31, 2013, a 2.3% increase since March 31, 2012
- As of March 31, 2013, the Company had upgraded 232 of its 521 cell sites to 4G LTE, covering 70% of our covered PCS POPs
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