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NTELOS Holdings Corp. Reports Fourth Quarter and Year-End 2014 Results
-FY 2014 Adjusted EBITDA of $132 Million
-Fourth Quarter Revenues Up 5% over Prior Year; Western Markets up 9%
-Launched Apple iPad in January
WAYNESBORO, Va. - February 26, 2015 - NTELOS Holdings Corp. (NASDAQ: NTLS) (the “Company”) announced today operating and financial results for its fourth quarter and year ended December 31, 2014. These results supplement the preliminary information released on January 20, 2015.
On December 2, 2014, nTelos announced a strategic refocus of its business operations on its Western Markets (West Virginia and western Virginia), where it has experienced strong operating performance, has a favorable competitive position for its branded retail offering and benefits operationally and financially from its Strategic Network Alliance ("SNA") with Sprint. nTelos is currently in the process of winding down its operations in its Eastern Markets, which it expects to complete by November 15, 2015.
“During the fourth quarter, nTelos simultaneously took actions to enhance our competitive position in the Western Markets and to begin an orderly wind down of operations in our Eastern Markets,” said Michael A. Huber, Chairman of the Board of NTELOS Holdings Corp. “The successful closing of the first installment of our towers sale demonstrates that we are executing on our strategic objectives and adding liquidity to our already solid balance sheet. The Board is confident that nTelos can thrive in its Western Markets and in the process enhance value for shareholders.”
Rod Dir, Chief Executive Officer, added: “nTelos continues to demonstrate why we remain ‘the best value in wireless’ by offering more options for our customers and a more rewarding network experience. Our expanded 4G LTE coverage is providing subscribers with faster speeds across our comprehensive device lineup, which now includes the Apple iPad. We continue to work diligently to attract new customers looking for exceptional savings, simplicity and service.”
Recent Financial and Operational Highlights
Revenues were $128.3 million for the fourth quarter 2014, a 5% increase compared to $121.8 million for the fourth quarter 2013. Revenues for the year 2014 were $487.8 million, compared to $491.9 million for the year 2013;
Adjusted EBITDA was $31.4 million for the fourth quarter 2014, compared to $26.7 million for the fourth quarter 2013. Consolidated Adjusted EBITDA for the year 2014 was $132.4 million, compared to $150.9 million for the year 2013; and
Closed on first installment of previously announced towers sale, divesting 85 towers for gross proceeds of approximately $35.0 million.
Western Markets Proforma Fourth Quarter and Full Year 2014 Financial Highlights
Western Markets Proforma revenues increased to $96.7 million for the fourth quarter 2014, a 9% increase compared to $88.6 million for the fourth quarter 2013. Western Markets Proforma revenues for the year 2014 were $360.1 million, compared to $359.8 million for the year 2013; and
The following information was filed by Ntelos Holdings Corp. (NTLS) on Thursday, February 26, 2015 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.