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|For Release: February 28, 2008||Contact:||Wesley B. Wampler|
|**Teleconference**||Director, Investor Relations|
|Friday, February 29, 2008 10:30 A.M. (ET)||Phone: 540-949-3447|
|Domestic Dial in number: firstname.lastname@example.org|
|International Dial in number: 719-325-4921|
|Confirmation Code: 7569843|
|Audio webcast: http://ir.ntelos.com/|
NTELOS Holdings Corp. Reports Fourth Quarter and the Year 2007
2007 Revenues Exceed Half-Billion, up 14% Over 2006
2007 Adjusted EBITDA of $203.0 million, up 18% Over 2006
2007 Wireless Adjusted EBITDA of $142.2 million, up 27% Over 2006
WAYNESBORO, VA February 28, 2008 NTELOS Holdings Corp. (NASDAQ: NTLS), a leading provider of wireless and wireline communications services (branded as NTELOS) in Virginia and West Virginia, today announced operating results for its fourth quarter and year 2007.
Operating revenues for fourth quarter 2007 were $127.9 million. Operating income for the quarter was $18.8 million and net income for the fourth quarter 2007 was $4.3 million, or $0.10 per share. Operating revenues for the year 2007 were $500.4 million. Operating income and net income for the year 2007 were $100.2 million and $32.5 million, respectively.
Operating highlights for the year include:
Operating revenues for the year up 14% from 2006
Adjusted EBITDA (a non-GAAP measure) for the year up 18% from 2006
2007 operating income of $100.2 million, up 65% from 2006
Net income of $32.5 million for 2007 compared to a loss of $(7.2) million for 2006
Wireless net subscriber additions for the year 2007 up 28% over 2006
2007 Wireless adjusted EBITDA of $142.2 million, up 27% over 2006
New wholesale agreement with Sprint extended contract to July 2015; NTELOS launched EV-DO network upgrade
Our results for the fourth quarter of 2007 provided a strong finish to a great year, said James S. Quarforth, the Companys Chief Executive Officer. Net wireless subscriber additions for the fourth quarter were ahead of expectations giving us a good start into 2008 as we realize the full impact of these revenues. Adjusted EBITDA for the year finished up 18% from 2006, strengthening our cash position as we execute our aggressive EV-DO upgrade and network expansion plans for 2008.
Cash Dividends: Today, the Board of Directors of NTELOS Holdings Corp. declared a quarterly cash dividend on its common stock in the amount of $0.21 per share to be paid on April 11, 2008 to stockholders of record on March 20, 2008. The current dividend rate of $0.84 annually represents a 40% increase over the initial dividend declared in March 2007.
EV-DO Upgrade Progress: To date, new switches required for the EV-DO upgrade have been installed, as has equipment at approximately 180 cell sites. Testing continues and the company is on schedule to have approximately 140 of these sites, covering four markets, completely upgraded and operational early in the second quarter of 2008. Incremental capital expenditures for the EV-DO upgrade were approximately $25 million for the year 2007 with $35 million projected for the year 2008. Total incremental capital expenditures for the EV-DO upgrade are estimated at approximately $65 million, as previously disclosed.
Operating revenues for the fourth quarter 2007 were $127.9 million, a 12% increase over fourth quarter 2006 operating revenues of $113.8 million. Operating revenues for the year 2007 were $500.4 million, 14% over operating revenues for last year of $440.1 million.
The following information was filed by Ntelos Holdings Corp. (NTLS) on Thursday, February 28, 2008 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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