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Lumos Networks Corp. (LMOS) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Lumos Networks Corp.

CIK: 1520744 Ticker: LMOS

Exhibit 99.1

 

Contact:    Will Davis
   SVP of Marketing and Investor Relations
   Chief of Staff
   Phone: 917-519-6994
   Email: davisw@lumosnet.com

CORRECTING AND REPLACING Lumos Networks Corp. Reports Full Year 2016 Results

Please replace the release with the following corrected version to update the Cash Flows from Financing Activities for 2015 section of the Condensed Consolidated Statement of Cash Flows table.

The corrected release should read:

On a YoY Basis, Total Revenue up over 1%, Data Revenue up over 8%,

FTTC Revenue up nearly 29% and Enterprise Revenue up over 14%

Full Year 2016 Highlights:

 

    Year-over-year growth in consolidated revenues and Adjusted EBITDA

 

    $206.9 million total revenue, up over 1%

 

    $29.6 million in operating income, down nearly 19%, and net loss of $0.5 million, or $0.02 per diluted share

 

    $95.1 million in Adjusted EBITDA, up over 3%

 

    Total 2016 Data revenue of $123.6 million, up over 8% year-over-year

 

    Total combined Fiber to the Cell (“FTTC”) and Enterprise revenue of nearly $89 million, up nearly 20% year-over-year

 

    Combined FTTC/Enterprise constituted 72% of total Data revenue versus 65% in 2015, of which approximately 95% tied to Ethernet and other advanced fiber technologies

Fourth Quarter 2016 Highlights:

 

    Year-over-year growth in consolidated revenues and Adjusted EBITDA

 

    $51.9 million total revenue, up less than 1%

 

    $7.5 million in operating income, down approximately 25%, and net income of $0.1 million, or $0.00 per diluted share

 

    $23.9 million in Adjusted EBITDA, down over 2%

 

    Total 4Q16 Data revenue of over $31.6 million, up over 6% year-over-year

 

    Total combined FTTC and Enterprise revenue over $23.5 million, up nearly 19% year-over-year

 

    Combined FTTC/Enterprise constituted over 74% of total Data revenue versus 66% in the prior year, of which approximately 95% tied to Ethernet and other advanced fiber technologies

 

    Fiber Infrastructure Growth

 

    Reached 1,304 unique FTTC sites, up nearly 19% year-over-year; and 1,659 total FTTC connections, up over 15% year-over-year

 

    Added 47 lit Enterprise buildings in 4Q16 to reach 2,031, up over 17% year-over-year

 

    In 2016, added 1,505 fiber route miles with an average strand count of 71

 

    Average fiber strand count of 49 across Lumos footprint, up nearly 9% year over year

WAYNESBORO, VA – March 7, 2017

– Lumos Networks Corp. (“Lumos Networks”, “Lumos” or the “Company”) (Nasdaq: LMOS), a leading fiber-based service provider in the Mid-Atlantic region, today announced its results for the fourth quarter and full year 2016.

Total revenue for the full year 2016 was $206.9 million, up over 1% from the prior year. The Company generated operating income of $29.6 million in 2016, down nearly 19% compared to 2015. Net loss attributable to Lumos Networks Corp. in 2016 was $0.5 million, or $0.02 per diluted share, compared to net income of $10 million, or $0.43 per diluted share, in 2015. Total Adjusted EBITDA was $95.1 million in 2016, up over 3% from the prior year period.


The following information was filed by Lumos Networks Corp. (LMOS) on Wednesday, March 8, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Equity (parenthetical)
Consolidated Statements Of Operations
Cash Equivalents And Marketable Securities
Cash Equivalents And Marketable Securities (narrative) (details)
Cash Equivalents And Marketable Securities (schedule Of Cash Equivalents And Available-for-sale Marketable Securities Reported At Fair Value) (details)
Cash Equivalents And Marketable Securities (schedule Of Contractual Maturities Of Available-for-sale Debt Securities) (details)
Cash Equivalents And Marketable Securities (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Disclosures About Segments Of An Enterprise And Related Information
Disclosures About Segments Of An Enterprise And Related Information (narrative) (details)
Disclosures About Segments Of An Enterprise And Related Information (reconciliation Of Reportable Segments Measure Of Profit To Consolidated Income Before Income Taxes) (details)
Disclosures About Segments Of An Enterprise And Related Information (summarized Financial Information Of Reportable Segments) (details)
Disclosures About Segments Of An Enterprise And Related Information (tables)
Earnings (loss) Per Share
Earnings (loss) Per Share (narrative) (details)
Earnings (loss) Per Share (schedule Of Computation Of Basic And Diluted (loss) Earnings Per Share) (details)
Earnings (loss) Per Share (tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (narrative) (details)
Fair Value Of Financial Instruments (schedule Of Carrying Amounts And Estimated Fair Values Of Long-term Debt) (details)
Fair Value Of Financial Instruments (summary Of Financial Assets Measured At Fair Value) (details)
Fair Value Of Financial Instruments (tables)
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (reconciliation Of Change In Unrecognized Income Tax Benefits) (details)
Income Taxes (schedule Of Components Of Income Tax Expense (benefit)) (details)
Income Taxes (schedule Of Effective Income Tax Rate Reconciliation) (details)
Income Taxes (schedule Of Net Deferred Tax Assets And Liabilities) (details)
Income Taxes (tables)
Long-term Debt
Long-term Debt (narrative) (details)
Long-term Debt (schedule Of Capitalized Lease Assets) (details)
Long-term Debt (schedule Of Long-term Debt) (details)
Long-term Debt (tables)
Organization
Organization (details)
Pension Plans And Other Postretirement Benefits
Pension Plans And Other Postretirement Benefits (narrative) (details)
Pension Plans And Other Postretirement Benefits (schedule Of Assumptions Used) (details)
Pension Plans And Other Postretirement Benefits (schedule Of Defined Benefit Plan Disclosures) (details)
Pension Plans And Other Postretirement Benefits (schedule Of Expected Future Pension Benefit Payments) (details)
Pension Plans And Other Postretirement Benefits (schedule Of Net Periodic (benefit) Expense) (details)
Pension Plans And Other Postretirement Benefits (schedule Of Plan Asset Allocation) (details)
Pension Plans And Other Postretirement Benefits (tables)
Related Party Transactions
Related Party Transactions (narrative) (details)
Restructuring Charges
Restructuring Charges (schedule Of Restructuring Costs By Business Segments) (details)
Restructuring Charges (summary Of Restructuring Liability Balance) (details)
Restructuring Charges (tables)
Stock Options, Restricted Stock And Stock Warrants
Stock Options, Restricted Stock And Stock Warrants (grant Date Fair Value Of Warrants Estimated Using Black-scholes Option Pricing Model And Assumptions) (details)
Stock Options, Restricted Stock And Stock Warrants (narrative) (details)
Stock Options, Restricted Stock And Stock Warrants (schedule Of Valuation Assumptions) (details)
Stock Options, Restricted Stock And Stock Warrants (summary Of Restricted Stock Awards Activity) (details)
Stock Options, Restricted Stock And Stock Warrants (summary Of Stock Options Activity) (details)
Stock Options, Restricted Stock And Stock Warrants (summary Of Stock Warrant Activity) (details)
Stock Options, Restricted Stock And Stock Warrants (tables)
Subsequent Event
Subsequent Event (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (estimated Useful Lives) (details)
Summary Of Significant Accounting Policies (finite-lived Intangibles Assets) (details)
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (schedule Of Allowance For Doubtful Accounts) (details)
Summary Of Significant Accounting Policies (schedule Of Changes In Asset Retirement Obligations) (details)
Summary Of Significant Accounting Policies (schedule Of Future Amortization Expense) (details)
Summary Of Significant Accounting Policies (schedule Of Goodwill Attributed To Segments) (details)
Summary Of Significant Accounting Policies (tables)
Supplementary Disclosures Of Cash Flow Information
Supplementary Disclosures Of Cash Flow Information (details)
Supplementary Disclosures Of Cash Flow Information (tables)
Ticker: LMOS
CIK: 1520744
Form Type: 10-K Annual Report
Accession Number: 0001520744-17-000004
Submitted to the SEC: Tue Mar 28 2017 4:27:36 PM EST
Accepted by the SEC: Tue Mar 28 2017
Period: Saturday, December 31, 2016
Industry: Telephone Communications No Radiotelephone

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