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Lumos Networks Corp. Reports Fourth Quarter 2013 Financial Results

Lumos Networks Corp. (“Lumos Networks” or “the Company”) (Nasdaq:LMOS), a fiber-based service provider of data, voice and IP-based telecommunication services in the Mid-Atlantic region, today announced financial results for its fourth quarter of 2013 and the full year 2013.

Total revenue in 2013 was $207.5 million compared to $206.9 million in 2012. Total Adjusted EBITDA in 2013 was $96.3 million versus $88.9 million in 2012. Total revenue for the fourth quarter of 2013 was $51.0 million, compared to $52.7 million for the fourth quarter of 2012 and $51.6 million in the third quarter of 2013. Total Adjusted EBITDA was $24.0 million for the fourth quarter of 2013, compared to $23.2 million in the fourth quarter of 2012 and $23.0 million in the third quarter of 2013.

“In 2013, Lumos Networks’ strategic data revenue grew by 11.3% year-over-year, which offset declines in our legacy voice revenue streams, and overall Adjusted EBITDA grew by 8.4% as a result of effective expense control. We had sequential strategic data revenue growth in each quarter of 2013 and for the total year strategic data revenue accounted for more than 50% of our total revenue,” said Mr. Biltz, President and CEO.

“For 2014, we have targeted year-over-year strategic data revenue growth in the 6% to 8% range and the same level of overall Adjusted EBITDA as generated in 2013. Total revenue in 2014 is likely to be marginally down when compared to 2013 as a result of our legacy voice revenue streams,” continued Mr. Biltz. “In 2014, we plan to continue to tightly control expenses while making major investments in our fiber optics network and expansion markets to enhance our capability to increase fiber bandwidth revenue from both carrier and enterprise customers. We believe that these investments will position the Company to increase total revenue and profitability on an annual run-rate basis as we exit 2014,” concluded Mr. Biltz.

Highlights

  • The Company ended the year with 608 connected fiber to the cell (“FTTC”) sites, up 68 sequentially, which represents a year-over-year increase in total FTTC sites of 64%. Lumos Networks reached its prior guidance to end 2013 with over 600 connected sites and maintains its target for 1,500 sites within the next few years.
  • The Company’s project to upgrade its internal systems continued to gain momentum and is expected to drive operating efficiencies, improve customer facing capabilities and streamline business processes as we progress through 2014.
  • Lumos Networks finalized plans to complete an 850-mile MEF certified Carrier Ethernet MPLS/IP network overlay designed primarily for FTTC traffic, which will allow up to 1 terabyte of total bandwidth traffic.
  • At the end of 2013, the Company’s 110-mile fiber “Edge-out” market in Richmond, Virginia had annualized sales bookings of $3.4 million.
  • On February 20, 2014, the Board of Directors of Lumos Networks declared a dividend on its common stock in the amount of $0.14 per share to be paid on April 10, 2014 to stockholders of record on March 13, 2014.

Business Outlook

For the first quarter of 2014, the Company expects revenue to be $50 to $51 million and Adjusted EBITDA $22.5 to $23 million. For the full year 2014, the Company is introducing guidance of $200 to $204 million for revenue and $94 to $96 million for Adjusted EBITDA.

Please see the schedules accompanying this release for additional financial guidance, including reconciliations of non-GAAP measures to GAAP results.

Statements made are based on management’s current expectations. These statements are forward-looking and actual results may differ materially. Please see “Special Note from the Company Regarding Forward-Looking Statements.”

Conference Call

A conference call and simultaneous webcast, hosted by Timothy G. Biltz, CEO, Harold L. Covert, CFO, and Will Davis, Director of Investor Relations, to review these financial and operational results and financial guidance will be held at 8:00 A.M. (ET) on February 25, 2014.

The webcast may be accessed via the Internet at http://ir.lumosnetworks.com/ and the live call (“Lumos Networks Fourth Quarter 2013 Earnings Conference Call”) may be accessed with the following numbers:

Domestic: 1-888-317-6016
International: 1-412-317-6016
Canada: 1-855-669-9657

The conference call will be archived and available for replay through March 7, 2014 before 5:00 P.M. (ET) and may be accessed with the following numbers:

Domestic: 1-877-344-7529
International: 1-412-317-0088
Replay pass codes: Conference ID: 10041144
The webcast will also be archived and the replay may be accessed at http://ir.lumosnetworks.com/.

About Lumos Networks

Lumos Networks is a fiber-based service provider in the Mid-Atlantic region serving carrier, business and residential customers over a dense fiber network offering data, voice and IP services. With headquarters in Waynesboro, VA, Lumos Networks serves Virginia, West Virginia and portions of Pennsylvania, Kentucky, Ohio, and Maryland over a fiber network of 7,414 fiber route miles. Detailed information about Lumos Networks is available at www.lumosnetworks.com.

Non-GAAP Measures

Adjusted EBITDA is defined as net income attributable to Lumos Networks before interest, income taxes, depreciation and amortization, accretion of asset retirement obligations, net income or loss attributable to noncontrolling interests, other expenses/income, equity-based compensation charges, acquisition-related charges, amortization of actuarial losses on retirement plans, employee separation charges, restructuring-related charges, gain or loss on settlements and gain or loss on interest rate derivatives. Adjusted EBITDA margin is calculated as the ratio of Adjusted EBITDA, as defined, to operating revenues.

Adjusted EBITDA is a non-GAAP financial performance measure. It should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to the schedules herein and our SEC filings for a reconciliation of these non-GAAP financial performance measures to the most comparable measures reported in accordance with GAAP and for a discussion of the presentation, comparability and use of such financial performance measures.

SPECIAL NOTE FROM THE COMPANY REGARDING FORWARD-LOOKING STATEMENTS

Any statements contained in this presentation that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. The words “anticipates,” “believes,” “expects,” “intends,” “plans,” “estimates,” “targets,” “projects,” “should,” “may,” “will” and similar words and expressions are intended to identify forward-looking statements. Such forward-looking statements reflect, among other things, our current expectations, plans and strategies, and anticipated financial results, all of which are subject to known and unknown risks, uncertainties and factors that may cause our actual results to differ materially from those expressed or implied by these forward-looking statements. Many of these risks are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise. Important factors with respect to any such forward-looking statements, including certain risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, include, but are not limited to: rapid development and intense competition in the telecommunications and high speed data transport industry; our ability to offset expected revenue declines in legacy voice and access products related to the recent regulatory actions, wireless substitution, technology changes and other factors; our ability to effectively allocate capital and implement our “edge-out” expansion plans in a timely manner; our ability to complete customer installations in a timely manner; adverse economic conditions; operating and financial restrictions imposed by our senior credit facility; our cash and capital requirements; declining prices for our services; our ability to maintain and enhance our network; the potential to experience a high rate of customer turnover; federal and state regulatory fees, requirements and developments; our reliance on certain suppliers and vendors; and other unforeseen difficulties that may occur. These risks and uncertainties are not intended to represent a complete list of all risks and uncertainties inherent in our business, and should be read in conjunction with the more detailed cautionary statements and risk factors included in our SEC filings, including our Annual Reports filed on Forms 10-K and our Quarterly Reports filed on Forms 10-Q.

Exhibits:

  • Condensed Consolidated Balance Sheets
  • Condensed Consolidated Statements of Income
  • Condensed Consolidated Statements of Cash Flows
  • Summary of Operating Results, Customer and Network Statistics
  • Reconciliation of Net Income Attributable to Lumos Networks Corp. to Operating Income
  • Reconciliation of Operating Income to Adjusted EBITDA
  • Business Outlook
 
Lumos Networks Corp.
Condensed Consolidated Balance Sheets
    December 31, 2013   December 31, 2012
(In thousands)  
 
ASSETS
Current Assets
Cash and cash equivalents $ 14,114 $ 2
Marketable securities 38,480 -
Restricted cash 1 4,324 5,303
Accounts receivable, net 22,917 22,676
Other receivables 1,588 2,400
Income tax receivable 1,116 954
Prepaid expenses and other 3,960 5,136
Deferred income taxes     7,289   3,357
Total Current Assets     93,788   39,828
 
Securities and investments 699 462
 
Property, plant and equipment, net 378,723 336,589
 
Other Assets
Goodwill 100,297 100,297
Other intangibles, net 25,071 34,895
Deferred charges and other assets     7,722   4,448
Total Other Assets     133,090   139,640
 
Total Assets   $ 606,300 $ 516,519
 
 
LIABILITIES AND EQUITY
Current Liabilities
Current portion of long-term debt $ 6,688 $ 7,900
Accounts payable 13,076 17,453
Dividends payable 3,091 3,013
Advance billings and customer deposits 13,502 13,527
Accrued compensation 2,185 1,742
Accrued operating taxes 4,375 3,838
Other accrued liabilities     3,992   6,284
Total Current Liabilities     46,909   53,757
 
Long-Term Liabilities
Long-term debt 373,290 304,325
Retirement benefits 16,848 30,413
Deferred income taxes 79,087 59,313
Other long-term liabilities 2,832 3,500
Income tax payable     328   609
Total Long-term Liabilities     472,385   398,160
 
Stockholders' Equity     86,333   64,050
Noncontrolling Interests     673   552
Total Equity     87,006   64,602
 
Total Liabilities and Equity   $ 606,300 $ 516,519
 
1   During 2010, the Company received a Federal stimulus award providing 50% funding to bring broadband services and infrastructure to Alleghany County, Virginia. The Company was required to deposit 100% of its grant ($8.1 million) into pledged accounts in advance of any reimbursements, to be drawn down ratably following reimbursement approvals.
 
 
Lumos Networks Corp.
Condensed Consolidated Statements of Income   Three months ended December 31,   Year ended December 31,
     
(In thousands, except per share amounts)   2013 2012 2013 2012
 
Operating Revenues $ 51,003 $ 52,679 $ 207,475 $ 206,871
 
Operating Expenses
Network access costs 10,420 11,374 42,417 46,845
Selling, general and administrative 1,2 18,102 19,835 76,749 79,176
Depreciation and amortization 10,792 11,211 42,320 38,884
Accretion of asset retirement obligations 9 31 104 124
Gain on settlements, net - - - (2,335 )
Restructuring charges     -     2,981     50     2,981  
Total Operating Expenses     39,323     45,432     161,640     165,675  
Operating Income 11,680 7,247 45,835 41,196
 
Other Income (Expenses)
Interest expense (3,816 ) (2,941 ) (14,191 ) (11,921 )
Loss on interest rate swap derivatives (34 ) (1,343 ) (144 ) (1,898 )
Other (expenses) income, net     (783 )   26     (1,587 )   81  
 
Income Before Income Tax Expense 7,047 2,989 29,913 27,458
 
Income Tax Expense     2,982     1,025     12,019     11,010  
Net Income 4,065 1,964 17,894 16,448
 
Net Income Attributable to Noncontrolling Interests - (28 ) (121 ) (108 )
           
Net Income Attributable to Lumos Networks Corp.   $ 4,065   $ 1,936   $ 17,773   $ 16,340  
 
 

Basic and Diluted Earnings per Common Share Attributable to
Lumos Networks Corp. Stockholders:

 
Earnings per share - basic $ 0.18 $ 0.09 $ 0.81 $ 0.78
Earnings per share - diluted $ 0.18 $ 0.09 $ 0.80 $ 0.76
 
Cash Dividends Declared per Share - Common Stock $ 0.14 $ 0.14 $ 0.56 $ 0.56
 
1   Includes equity-based compensation charges related to all of the Company’s share-based awards and the Company’s 401(k) matching contributions of $1.2 million and $1.0 million for three months ended December 31, 2013 and 2012, respectively, and $6.8 million and $3.9 million for the years ended December 31, 2013 and 2012, respectively.
2

For the year ended December 31, 2012, selling, general and administrative expenses include a $2.3 million charge related to the recognition of employee separation benefits which were provided for in the separation agreement of an executive officer who left the Company in April 2012.

 
 
Lumos Networks Corp.
Condensed Consolidated Statements of Cash Flows   Year ended December 31,
   
(In thousands)   2013   2012
 
Cash Flows from Operating Activities:
Net income $ 17,894 $ 16,448
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 32,496 27,750
Amortization 9,824 11,134
Accretion of asset retirement obligations 104 124
Deferred income taxes 11,502 10,514
Loss on interest rate swap derivatives 144 1,898
Equity-based compensation expense 6,778 3,912
Amortization of debt issuance costs 1,280 812
Write off of unamortized debt issuance costs 890 -
Gain on settlement - (3,035 )
Retirement benefits, net of cash contributions and distributions (329 ) 665
Excess tax benefits from share-based compensation (1,060 ) (428 )
Other (163 ) -
Changes in operating assets and liabilities, net     (5,106 )     2,421  
Net Cash Provided by Operating Activities     74,254       72,215  
 
Cash Flows from Investing Activities:
Purchases of property, plant and equipment (68,334 ) (59,881 )
Broadband network expansion funded by stimulus grant (29 ) (1,351 )
Proceeds from disposal of managed services business - 750
Purchases of marketable securities (38,560 ) -
Change in restricted cash 979 2,251
Cash reimbursement received from broadband stimulus grant 979 2,251
Purchase of tradename asset - (333 )
Other     62       (26 )
Net Cash Used in Investing Activities     (104,903 )     (56,339 )
 
Cash Flows from Financing Activities:
Proceeds from issuance of long-term debt 375,000 -
Payment of debt issuance costs (4,872 ) -
Principal payments on senior secured term loans (308,876 ) (2,000 )
Borrowings from revolving credit facility 15,000 9,783
Principal payments on revolving credit facility (18,521 ) (21,261 )
Termination payments of interest rate swap derivatives (858 ) -
Cash dividends paid on common stock (12,213 ) (11,951 )
Principal payments under capital lease obligations (1,456 ) (1,542 )
Proceeds from stock option exercises and employee stock purchase plan 1,222 122
Excess tax benefits from share-based compensation 1,060 428
Other     (725 )     -  
Net Cash Provided by (Used in) Financing Activities     44,761       (26,421 )
Increase (decrease) in cash and cash equivalents 14,112 (10,545 )
Cash and cash equivalents:
Beginning of Year     2       10,547  
 
End of Year   $ 14,114     $ 2  
 
 
Lumos Networks Corp.
Operating Results, Customer and Network Statistics
(Dollars in thousands)   Three months ended:   Year ended:
  December 31, 2013   September 30, 2013   June 30, 2013   March 31, 2013   December 31, 2012 December 31, 2013   December 31, 2012
Revenue and Adjusted EBITDA
Revenue
Enterprise Data 10,126 10,133 10,043 10,075 9,877 40,377 37,416
Carrier Data 16,327 15,494 15,195 14,868 14,457 61,884 52,978
IP Services 4,753 4,758 4,780 4,781 4,730 19,072 18,616
Total Strategic Data 31,206 30,385 30,018 29,724 29,064 121,333 109,010
Legacy Voice 13,318 14,063 14,264 14,821 15,334 56,466 64,146
Access 6,479 7,179 8,029 7,989 8,281 29,676 33,715
Total Revenue 51,003 51,627 52,311 52,534 52,679 207,475 206,871
Adjusted EBITDA1
Strategic Data 13,983 12,563 13,395 13,788 13,693 53,729 50,892
Legacy Voice 5,053 5,162 5,114 4,923 3,771 20,252 14,850
Access 4,996 5,321 6,042 5,984 5,747 22,343 23,147
Total Adjusted EBITDA 24,032 23,046 24,551 24,695 23,211 96,324 88,889
Adjusted EBITDA Margin1 47.1% 44.6% 46.9% 47.0% 44.1% 46.4% 43.0%
Capital Expenditures 22,613 18,997 11,692 15,032 15,956 68,334 59,881
Adjusted EBITDA less Capital Expenditures 1,419 4,049 12,859 9,663 7,255 27,990 29,008
 
Customer and Network Statistics
Customer Statistics
Competitive voice connections 2 95,730 98,296 102,189 105,695 110,261 95,730 110,261
Total Broadband Connections 3 46,857 47,190 42,607 42,110 39,950 46,857 39,950
Video Subscribers 5,034 4,975 4,767 4,666 4,549 5,034 4,549
 
Network Statistics
On-Network Buildings 4 1,344 1,303 1,273 1,235 1,196 1,344 1,196
Fiber to the Cell Sites 4 608 540 465 405 370 608 370
 
RLEC Total Access Lines 28,886 29,518 30,129 30,643 31,203 28,886 31,203
 
1   Adjusted EBITDA is a non-GAAP measure. See definition on page 2 of this earnings release. Adjusted EBITDA margin is calculated as the ratio of Adjusted EBITDA, as defined, to Total Revenue.
 
2 Includes customer Primary Rate Interface (PRI) line equivalents at 23 lines per PRI. Excludes intercompany PRI lines.
 
3 Includes customers or customer equivalents for DSL, dedicated Internet access, wireless portable broadband, broadband over fiber and metro Ethernet. All revenues from broadband products are recorded in the operating revenues of our strategic data segment.
 
4 Includes statistics for legacy markets only, excluding FiberNet, through December 31, 2013.
 
Note: Certain prior period revenue amounts have been reclassified to conform with the current year presentation.
 
       
Lumos Networks Corp.
Reconciliation of Net Income Attributable to Lumos Networks Corp. to Operating Income
(In thousands)
Three months ended December 31, Year ended December 31,
    2013 2012 2013 2012
Net Income Attributable to Lumos Networks Corp. $ 4,065 $ 1,936 $ 17,773 $ 16,340
Net Income Attributable to Noncontrolling Interests     -   28     121   108  
Net Income 4,065 1,964 17,894 16,448
 
Interest expense 3,816 2,941 14,191 11,921
Loss on interest rate swap derivatives 34 1,343 144 1,898
Income tax expense 2,982 1,025 12,019 11,010
Other expenses (income), net     783   (26 )   1,587   (81 )
Operating Income   $ 11,680 $ 7,247   $ 45,835 $ 41,196  
 
   
Lumos Networks Corp.
Reconciliation of Operating Income to Adjusted EBITDA
(Dollars in thousands)  

2013

2012
 
For The Three Months Ended December 31,
Operating Income $ 11,680 $ 7,247
Depreciation and amortization and accretion of asset retirement obligations     10,801     11,242  
Sub-total:     22,481     18,489  
Amortization of actuarial losses 309 445
Equity based compensation 1,242 1,025
Restructuring charges - 2,981
Employee separation charges - 271
Gain on settlements, net     -     -  
Adjusted EBITDA   $ 24,032   $ 23,211  
Adjusted EBITDA Margin 47.1 % 44.1 %
 
For The Year Ended December 31,
Operating Income $ 45,835 $ 41,196
Depreciation and amortization and accretion of asset retirement obligations     42,424     39,008  
Sub-total:     88,259     80,204  
Amortization of actuarial losses 1,237 1,781
Equity based compensation 6,778 3,912
Restructuring charges 50 2,981
Employee separation charges1 - 2,346
Gain on settlements, net2     -     (2,335 )
Adjusted EBITDA   $ 96,324   $ 88,889  
Adjusted EBITDA Margin 46.4 % 43.0 %
 
1   For the year ended December 31, 2012, selling, general and administrative expenses include a $2.3 million charge related to the recognition of employee separation benefits which were provided for in the separation agreement of an executive officer who left the Company in April 2012.
2 The Company recognized a net pre-tax gain of approximately $2.3 million in 2012 in connection with the settlement of outstanding matters related to a prior acquisition and the settlement of an outstanding lawsuit.
 
 
Lumos Networks Corp.
Business Outlook 1 (as of February 25, 2014)
(In millions)   2014 Guidance 1
First Quarter 2014   2014 Annual
Operating Revenues $ 50   to   $ 51 $ 200   to   $ 204
 
Adjusted EBITDA $ 22.5 to $ 23 $ 94 to $ 96
 
Capital Expenditures $ 18 to $ 20 $ 70 to $ 75
 
Cash, Cash Equivalents and Marketable Securities (at end of period) $ 47 to $ 49 $ 28 to $ 33
 
Reconciliation of Operating Income to Adjusted EBITDA
Operating Income approximately $10 $ 41 to $ 43
Depreciation and amortization approximately $12 approximately $48
Equity based compensation charges approximately $1 approximately $4
Amortization of actuarial losses < $1 approximately $1
Adjusted EBITDA $ 22.5   to   $ 23 $ 94   to   $ 96
 
1   These estimates are based on management’s current expectations. These estimates are forward-looking and actual results may differ materially. Please see “Special Note from the Company Regarding Forward-Looking Statements" in the Lumos Networks Corp. fourth quarter 2013 earnings release dated February 25, 2014.
 

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