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Consolidated Communications Reports First Quarter 2013 Results

Stocks in this article: CNSL

  • Achieved first year annualized synergy target of $20 million a full quarter ahead of plan
  • Increased broadband (video and data) subscribers by 4,055
  • Delivered strong financial results with a 13% increase in pro forma adjusted EBITDA on a year-over-year basis
  • Provided another solid dividend payout ratio

MATTOON, Ill., May 9, 2013 (GLOBE NEWSWIRE) -- Consolidated Communications Holdings, Inc. (Nasdaq:CNSL) reported results for the first quarter 2013.

First quarter financial summary:

  • Revenue was $156.3 million.
  • Net cash from operations was $36.2 million.
  • Adjusted EBITDA was $74.1 million.
  • Dividend payout ratio was 62.4%.

"We had an outstanding quarter with strong financial results and continued operating and integration success," said Bob Currey, President and Chief Executive Officer. "Our strategy is working. The business is achieving solid growth with more diversified revenues and cash flows. We are delivering cash flow supporting the dividend and making success-based capital investments to sustain future growth."

"Since we closed on the acquisition of SureWest in July of last year, we have accomplished a tremendous amount. We reached our first milestone target of $20 million in annual run-rate synergies a full quarter ahead of schedule. We are in great shape to exceed our targeted $25 million in annual run-rate synergies by June of next year," Currey concluded.

Operating Statistics at March 31, 2013, Compared to pro forma March 31, 2012.

  Period Ended March 31,    
  2013 2012 Increase/(decrease) %
         
Data connections 250,350 238,581 11,769 4.9%
Video connections 107,475 102,006  5,469 5.4%
ILEC access lines 265,855 277,051 (11,196) (4.0%)
Voice connections (non-ILEC)  127,866  35,082  (7,216) (5.3%)
Total connections 751,546 752,720 (1,174) (0.2%)

Cash Available to Pay Dividends

For the quarter, cash available to pay dividends, or CAPD, was $24.7 million, and the dividend payout ratio was 62.4%. At March 31, 2013, cash and cash equivalents were $8.6 million. The Company made capital expenditures of $27.5 million.  

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