HONOLULU, May 6, 2013 (GLOBE NEWSWIRE) -- Hawaiian Telcom Holdco, Inc. (Nasdaq:HCOM) reported financial results for its first quarter ended March 31. The highlights are as follows:
- Revenue totaled $96.0 million, resulting in Adjusted EBITDA (1) of $29.2 million, up 2.0 percent from the same period a year ago.
- Generated net income of $1.8 million, or $0.17 per diluted share for the quarter, its tenth consecutive quarter of profitability.
- Consumer revenue increased 2.1 percent year-over-year to $34.6 million, driven by growth in video and high-speed Internet ("HSI") revenue of $1.7 million and $0.6 million, respectively.
- Enabled a record 18,000 households in the quarter increasing its total to 83,000 households enabled.
- Hawaiian Telcom TV subscribers more than tripled over the past year to approximately 11,700 resulting in penetration of approximately 14 percent of households enabled.
- Added approximately 1,700 HSI consumer and business subscribers, ending the quarter with approximately 109,300 subscribers, up 4.7 percent year-over-year.
"Our execution in the first quarter demonstrates a solid start to the year, highlighted by significant expansion of our enhanced broadband network and strong growth in Hawaiian Telcom TV and HSI subscribers," said Eric K. Yeaman, Hawaiian Telcom's president and CEO. "The reach of our enhanced broadband network footprint expanded 28 percent to 83,000 households in the quarter, allowing more Oahu consumers the opportunity to experience the future of home entertainment. Hawaiian Telcom TV continues to transform our consumer channel, driving our third consecutive quarter of year-over-year growth in consumer revenue.
"In the business channel, we continue to see growth in our IP-based services, driven by a 30 percent year-over-year increase in business data revenue, including revenue from Wavecom Solutions Corporation. The Wavecom integration efforts are on track and we remain excited by the synergies and value this transaction creates for us. In our wholesale channel, we expanded our product portfolio with the launch of additional Ethernet-based service offerings, providing our wholesale customers with cost-effective, viable options to existing legacy service offerings.
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