Consolidated Announces Second Quarter Financials
Published on August 7 2012 9:44 am
Last Updated on August 7 2012 9:44 am
Written by Greg Sapp
Communications Holdings, Inc. (Nasdaq:CNSL) reported results for the second quarter 2012 and updated its guidance for the acquisition of SureWest Communications.
Second quarter financial summary:
-- Revenue was $93.0 million.
-- Net cash from operations was $28.7 million.
-- Adjusted EBITDA was $44.8 million.
-- Dividend payout ratio was 59.6%.
These results do not reflect the operations of SureWest since the acquisition closed after the end of the quarter.
"I am pleased with the financial results for the quarter and the continued improvement to our revenue trends," said Bob Currey, President and Chief Executive Officer. "Our broadband growth was solid in what is historically a very slow quarter, and we had another strong access line performance. During the quarter, we continued to expand our network capitalizing on the increasing demand in commercial and wholesale opportunities. We have assembled a strong portfolio of products and services that generate consistent cash flows to support our dividend."
"On July 2nd, we closed on the acquisition of SureWest. Together, we became a much stronger company with an improved balance sheet and expanded cash flows. The combined markets and services provide the company with diversified revenues and greater scale over one of the
highest quality networks in the industry. Integration efforts are off to a fast start and we are well on our way to meeting our synergy projections. At the close, we realized approximately $10.0 million in annualized operating synergies and we remain committed to the $25.0 million we previously guided," Currey concluded.