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Lumos Networks Corp. Reports Second Quarter 2013 Financial Results

Lumos Networks Corp. (“Lumos Networks” or “the Company”) (Nasdaq: LMOS), a fiber-based service provider of data, voice and IP-based telecommunication services in the Mid-Atlantic region, today announced financial results for its second quarter of 2013.

Total revenue for the second quarter of 2013 was $52.3 million, compared to $50.8 million for the second quarter of 2012 and $52.5 million in the first quarter of 2013. Total Adjusted EBITDA was $24.6 million for the second quarter of 2013, compared to $21.1 million in the second quarter of 2012 and to $24.7 million in the first quarter of 2013.

“In the second quarter of 2013, Lumos Networks delivered overall year-over-year revenue growth of 3% and adjusted EBITDA growth of 16%,” commented CEO Tim Biltz. “Our Strategic Data revenue grew 13% year-over-year to nearly $30 million and represented 57% of total revenue. EBITDA generated from Strategic Data revenue for the second quarter equated to 45% of revenue.”

“I continue to expect that Lumos Networks will deliver solid results in 2013 including year-over-year revenue growth and near double-digit EBITDA growth,” Mr. Biltz continued.

“We now expect that our Strategic Data revenue growth will be in the range of 12% in 2013 as opposed to our initial target of 15% due to the lumpy nature of our Carrier business and a slower than planned growth ramp in our edge-out markets,” said Mr. Biltz. “However, we expect to accelerate growth in our Strategic Data product segment as we continue to pursue edge-out marketplace opportunities for both Enterprise Data and Fiber to the Cell products,” concluded Biltz.

Highlights

  • The Company ended the quarter with 465 fiber to the cell (“FTTC”) installations, up 60 sequentially, which represents a year-over-year increase in total FTTC sites of over 160%. Additionally, the Company increased its FTTC installation target in 2013 from 550-600 to at least 600 and increased its long-term FTTC target from 1,000 to 1,500.
  • In the second quarter of 2013, the Company allocated 75% of its total capital expenditures for success-based strategic data revenue projects and maintains its target of 75% for 2013.
  • Lumos Networks continues to plan to “go live” with its Richmond, Virginia network in the third quarter of 2013 and has pre-sold approximately $1 million in annualized revenue in that market, mostly strategic data.
  • On July 31, 2013, the Board of Directors of Lumos Networks declared a dividend on its common stock in the amount of $0.14 per share to be paid on October 10, 2013 to stockholders of record on September 12, 2013.

Business Outlook

In the third quarter of 2013, the Company expects revenue to be approximately $52 million and adjusted EBITDA approximately $24 million. For the full year 2013, the Company now expects its revenue to be approximately $208 million versus its prior guidance of $208 to $212 million and adjusted EBITDA to be approximately $97 million versus prior guidance for a range of $94 to $97 million.

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