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|For Release: February 25, 2010||Contact:||Wesley B. Wampler|
|**Teleconference**||Director, Investor Relations|
|February 26, 2010 10:00 A.M. (ET)||Phone: 540-949-3447|
|Domestic Dial in number: email@example.com|
|International Dial in number: 201-689-8031|
|Replay number: 877-660-6853|
|Confirmation Codes: Account #286; Conference ID: 344451|
|Audio webcast: http://ir.ntelos.com/|
NTELOS Holdings Corp. Reports Operating Results for the Fourth Quarter and Year 2009
2009 NTELOS Net Income of $63.3 million, or $1.50 per share, up 41% from 2008
Company Declares Quarterly Dividend
WAYNESBORO, VA February 25, 2010 NTELOS Holdings Corp. (NASDAQ: NTLS), a leading provider of wireless and wireline communications services (branded as NTELOS) in Virginia, West Virginia and Pennsylvania, today announced operating results for its fourth quarter and year 2009.
Operating highlights include:
Operating revenues for 2009 of $549.7 million, up 3% over 2008
Adjusted EBITDA (a non-GAAP measure) for 2009 of $227.1 million, representing a 41% margin
2009 adjusted EBITDA less capital expenditures of $119.2 million, up 31% over 2008
Wireless postpay subscriber churn improved to 2.2% for fourth quarter 2009, down from 2.4% in third quarter 2009
Wireless postpay data ARPU for fourth quarter 2009 up 5% from last quarter; up 27% from fourth quarter 2008
Wireline adjusted EBITDA for 2009 of $71.6 million, up 4% from 2008 and a record-high year
Our fourth quarter results reflect improvements in several key areas, and are a direct result of measures taken by the Company, said James A. Hyde, CEO of NTELOS Holdings Corp. Our wireless subscriber growth was positive as a relatively good December of nearly 2,900 net additions offset losses from October and November. Wireless subscriber churn improved nicely from the previous quarter, counter to typically flat third to fourth quarter seasonal trends, and our postpay data ARPU continued to grow through the quarters, exceeding eleven dollars in December. While macro-economic factors continue to impact our business, these results are quite encouraging.
Declaration of Dividend: Today, the Board of Directors of NTELOS Holdings Corp. declared a quarterly cash dividend on its common stock in the amount of $0.28 per share to be paid on April 12, 2010 to stockholders of record on March 12, 2010.
Share Repurchase Program: On August 24, 2009, the Company announced that its Board of Directors had approved a share repurchase program authorizing management to repurchase up to $40 million of NTELOS common stock. To date, 1,046,467 shares have been repurchased for $16.9 million.
Closing of Fiber Optic Asset Acquisition: On December 31, 2009, the Company closed on its acquisition of certain fiber optic and network assets and related transport and data service contracts from Allegheny Energy, Inc. for approximately $27 million. The purchase included approximately 2,200 route-miles of fiber located primarily in central and western Pennsylvania and West Virginia, with portions also in Maryland, Kentucky and Ohio.
Hyde Named CEO: In connection with the Companys previously announced succession planning process, James A. Hyde was named chief executive officer and president of NTELOS Holdings Corp. in December, replacing James S. Quarforth, who retired. Mr. Hyde had served as President and Chief Operating Officer of the Company since March 30, 2009. Michael Huber was appointed as the non-executive Chairman of the Board of Directors to replace Mr. Quarforth. Mr. Huber has been a director of the Company since 2005 and previously was serving as the Companys Lead Director. The Company also announced the election of Robert E. Guth as a director of the Company.
The following information was filed by Ntelos Holdings Corp. (NTLS) on Thursday, February 25, 2010 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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