Iowa Telecom Reports Results for Third Quarter Ended September 30, 2009
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NEWTON, Iowa--(BUSINESS WIRE)-- Iowa Telecommunications Services, Inc. (NYSE: IWA) today announced operating results for the third quarter ended September 30, 2009. Quarterly highlights for the Company include:
-- Operating revenues were $68.3 Million.
-- Operating income was $14.9 Million.
-- Net income was $4.6 Million or $0.13 per diluted share.
-- Adjusted EBITDA (as defined herein) was $33.4 Million.
"We are extremely pleased with our strong results for the quarter, which reflect the benefits of our strategy of growth through acquisition," said Alan L. Wells, Iowa Telecom Chairman and Chief Executive Officer. "During the quarter, we acquired substantially all of the assets of Sherburne Tele Systems, Inc. ("Sherburne"), making this the first quarter in which Sherburne is reflected in our results. Immediately after the closing, we began the process of integrating Sherburne's operations into our systems and business processes. Sherburne is located approximately 30 miles from the Minnesota operations we acquired last year from Bishop Communications, providing us an opportunity to achieve significant benefits from consolidating our Minnesota properties. The financial results for the quarter reflect some of the synergies we expect to achieve from integrating these operations.
"In addition, on September 24, 2009, we completed our acquisition of New Ulm Telecom, Inc.'s ownership interests in EN-TEL Communications, LLC, SHAL, LLC, and SHAL Networks, Inc.," Wells noted. "We now own all of the equity in the SHAL entities, and substantially all of En-Tel Communications, LLC. We are particularly excited about SHAL, which owns and leases a 2,500-mile fiber-optic network throughout Minnesota used to provide low cost, high quality transport facilities. We view SHAL as strategic to our Minnesota operations, and feel it offers us an opportunity to further expand in the wholesale and transport markets. We are confident that our newly acquired local exchange and fiber network operations, and the markets and customers they serve, will continue to have a positive impact on our future results as we realize the benefits associated with the integration and growth of our Minnesota operations.
"Adjusted EBITDA for the quarter was $33.4 million, compared with $31.6 million a year ago. Revenues for the quarter increased 8.5% to $68.3 million, primarily due to the acquisition of the Sherburne operation," added Wells. "During the quarter our customer counts also increased, as the acquisition of Sherburne added 14,300 ILEC lines, 9,600 CLEC lines, and 14,600 DSL subscribers as of the end of the period. Overall we had total access lines of 255,600 at the end of the quarter, which reflected net increases of 10,900 ILEC lines and 9,200 CLEC lines over the prior quarter. From a product standpoint, total long distance subscribers increased by 16,900, DSL subscribers increased by 15,400, dial-up Internet subscribers decreased by 1,900, and video subscribers increased by 3,900 during the quarter.
"We continue to expect capital expenditures for the year will be between $26.0 million and $28.0 million, but are confident that our results for the year will be on the lower end of the range," Wells added. "This includes capital expenditures for our newly acquired Sherburne operation. We also continue to believe cash interest expense will be between $29.0 million and $31.0 million, but expect that it will be toward the higher end of the range as a result of the interest costs on the additional debt we incurred for the acquisition of Sherburne. For the first nine months of this year capital expenditures were $16.3 million, and our cash interest expense was $22.8 million.
"We are very pleased with our overall performance through the first nine months of this year, particularly in light of the overall economic environment," Wells concluded. "We believe our telecommunications business has performed well during these trying times, in part due to both the rural nature and relative stability of our operations. Furthermore, we believe our results illustrate the benefit of our strategy of growth through acquisitions. Our Company is well capitalized, and most of our long-term debt is fixed at attractive interest rates. As of September 30, 2009, we have drawn only $41.0 million of our $100 million credit facility, providing us ample room to prudently expand our rural telecommunications business as attractive opportunities arise. We continue to remain focused on our free cash flow generation, and on returning cash to our shareholders in the form of our $1.62 annualized dividend."
FINANCIAL DISCUSSION FOR THIRD QUARTER 2009:
-- Revenues and Sales were $68.3 million in the third quarter compared to
$62.9 million in the third quarter of 2008. Local services revenue
increased $1.6 million, or 8.9%, as compared to the same period in 2008
due to a higher number of access lines resulting from the acquisition of
Sherburne, and from higher vertical services revenue as a result of
bundled offerings. Network access services revenues increased $454,000,
or 2.0%, for the third quarter. The increase was primarily due to the
Sherburne acquisition partially offset by a decrease in switched access
rates for both the CLEC operation in Iowa and Montezuma Telephone. Data
and internet services revenue increased $2.5 million, or 27.7%,
primarily due to $648,000 of growth in revenue from our existing DSL
Internet access service, growth of our advanced data products of
$543,000, and from the acquisition of Sherburne. This increase was
partially offset by a $324,000 decrease in dial-up Internet revenue.
Other services and sales revenue increased by $972,000, or 13.7%, for
the third quarter due to the Sherburne acquisition and increased revenue
from video services.
-- Operating Costs and Expensesincreased $7.2 million, or 15.7%, in the
third quarter of 2009 as compared to the third quarter of 2008. Cost of
service and sales increased $2.2 million, or 10.9%, and selling, general
and administrative costs increased $2.3 million, or 19.6%, compared to
the year-ago period. The increase was principally due to the operating
costs of the Sherburne acquisition and $766,000 of acquisition related
costs that were charged to expense in the period in accordance with the
new accounting guidance adopted on January 1, 2009. Depreciation and
amortization increased $2.7 million, or 19.5%, during the third quarter
compared to 2008, primarily due to $1.7 million of depreciation and
amortization expense related to the Sherburne acquisition, and higher
plant balances on the previously owned operations.
-- Operating Income was $14.9 million in the third quarter of 2009 as
compared to $16.8 million in the same period in 2008. The decrease was
primarily the result of higher operating expenses, and higher
depreciation and amortization associated with the Sherburne acquisition.
-- Interest Expense for the third quarter increased $300,000, or 3.7%, to
$8.3 million compared to $8.0 million in the same period in 2008. This
resulted from a combination of a higher average balance on the revolving
line of credit in the quarter, and the additional $75.0 million of Term
Loan B debt that was issued for the Sherburne acquisition, partially
offset by lower variable interest rates.
-- Other, Netfor the third quarter of 2009 was income of $845,000. This
included a non-cash gain of $1.0 million on the previously owned one
third interest in SHAL, LLC, SHAL Networks, Inc., and Direct
Communications, LLC, partially offset by non-cash charges on an interest
rate swap agreement.
-- Earnings Before Income Taxesfor the third quarter of 2009 were $7.9
million, compared to $10.0 million in the third quarter of 2008.
-- Income Tax Expensefor the third quarter was $3.3 million, compared to
$4.3 million in the third quarter of 2008. The recorded book tax expense
did not impact the cash taxes paid during the quarter. Cash income taxes
reflect the continued utilization of net operating loss carry forwards
and continued goodwill amortization for tax purposes. The Company paid
no actual cash income taxes during the quarter.
-- Net Incomewas $4.6 million for the quarter, compared to net income of
$5.7 million in the third quarter of 2008.
-- Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
(Adjusted EBITDA as defined herein) was $33.4 million for the third
quarter of 2009, as compared with $31.6 million in the same period in
2008.
-- Total Access Lines increased by 20,100 during the third quarter of 2009
as compared to the second quarter in 2009, as ILEC access lines
increased by 10,900 lines and CLEC lines increased by 9,200 lines. The
total access line increase of 20,100, or 8.5%, was due to the addition
of access lines related to the acquisition of Sherburne during the third
quarter of 2009. Excluding the Sherburne acquisition, total access lines
decreased by 3,800 lines, as ILEC lines decreased by 3,400 lines and
CLEC lines decreased by 400 lines. The Sherburne acquisition also
favorably impacted internet customer counts, as DSL subscribers
increased by 15,400, long distance subscribers increased by 16,900, and
video subscribers increased 3,900. Dial-up Internet subscribers
decreased by 1,900.
Third Quarter 2009 Financial Summary
(Unaudited)
(dollars in thousands, except per share amounts)
3rdQuarter 3rdQuarter Change
2009 2008 Amount Percent
Revenue $ 68,296 $ 62,923 $ 5,373 8.5 %
Operating Income $ 14,922 $ 16,798 $ (1,876 ) -11.2 %
Interest Expense $ 8,333 $ 8,033 $ 300 3.7 %
Earnings Before Income Taxes $ 7,914 $ 10,024 $ (2,110 ) -21.0 %
Income Tax Expense $ 3,341 $ 4,301 $ (960 ) -22.3 %
Net Income $ 4,573 $ 5,723 $ (1,150 ) -20.1 %
Basic Earnings Per Share $ 0.13 $ 0.18 $ (0.05 ) -27.8 %
Diluted Earnings Per Share $ 0.13 $ 0.17 $ (0.04 ) -23.5 %
Adjusted EBITDA (1) $ 33,419 $ 31,610 $ 1,809 5.7 %
Capital Expenditures $ 5,911 $ 7,129 $ (1,218 ) -17.1 %
Dividends Paid $ 13,247 $ 12,953 $ 294 2.3 %
(1) See the definition of Adjusted EBITDA under Explanation and Reconciliation
to Non-GAAP Concepts at the end of the financial statements.
Key Operating Statistics 3rdQuarter 3rdQuarter Change
2009(3) 2008 Amount Percent
Telephone Access Lines
ILEC Lines (1) 214,100 213,700 400 0.2%
CLEC Lines (2) 41,500 32,100 9,400 29.3%
Total Telephone Access Lines 255,600 245,800 9,800 4.0%
Long Distance Subscribers 160,100 147,600 12,500 8.5%
Dial-up Internet Subscribers 11,800 18,500 (6,700) -36.2%
DSL Subscribers 94,500 74,500 20,000 26.8%
Video Subscribers 26,400 18,500 7,900 42.7%
3rdQuarter 2ndQuarter Change
2009(3) 2009 Amount Percent
Telephone Access Lines
ILEC Lines (1) 214,100 203,200 10,900 5.4%
CLEC Lines (2) 41,500 32,300 9,200 28.5%
Total Telephone Access Lines 255,600 235,500 20,100 8.5%
Long Distance Subscribers 160,100 143,200 16,900 11.8%
Dial-up Internet Subscribers 11,800 13,700 (1,900) -13.9%
DSL Subscribers 94,500 79,100 15,400 19.5%
Video Subscribers 26,400 22,500 3,900 17.3%
Includes lines subscribed by our incumbent local exchange carrier retail
customers and lines subscribed by our "wholesale" customers who are
competing local exchange carriers. Wholesale access lines include: lines
subscribed by our local exchange carrier competitors pursuant to
interconnection agreements on an unbundled network element basis, for which
the competitive local exchange carrier pays us a monthly fee; lines that we
(1) provide to competitive local exchange carriers for resale to their
subscribers, for which the competitive local exchange carrier pays us a
monthly fee equal to what we would charge our customers for local service
less an agreed discount; and shared lines, for which a competitive local
exchange carrier pays us a monthly fee to provide DSL service to its
customers. We had 2,400 wholesale lines subscribed at September 30, 2008;
2,000 at June 30, 2009; and 1,900 at September 30, 2009.
Access lines subscribed by customers of our competitive local exchange
(2) carrier subsidiaries, Iowa Telecom Communications, Inc., IT Communications,
LLC, En-Tel Communications, LLC, Lakedale Link, Inc. and Lakedale Link,
LLC.
(3) Includes the following units as of September 30, 2009 which were acquired
from Sherburne Tele Systems.
Sherburne Tele Systems, Inc. Telephone Access Lines ILEC Lines 14,300 CLEC Lines 9,600 Total Telephone Access Lines 23,900 Long Distance Subscribers 18,600 Dial-up Internet Subscribers 500 DSL Subscribers 14,600 Video Subscribers 3,600
Investor Call
As previously announced, Iowa Telecom's management will hold a conference call to discuss the third quarter 2009 results on Thursday, October 29, 2009, at 9:00 a.m. (Eastern Time). To listen to the call, participants should dial (785) 830-1916 approximately 10 minutes prior to the start of the call. A telephonic replay will become available after 12:00 p.m. (Eastern Time) on October 29, 2009, and will remain available through November 5, 2009, by dialing (719) 457-0820 and entering Confirmation Code 4761169.
The live broadcast of Iowa Telecom's quarterly conference call will be available online at www.iowatelecom.com or www.earnings.com on October 29, 2009, beginning at 9:00 a.m. (Eastern Time). The online replay will become available after 12:00 p.m. (Eastern Time) and will continue to be available for 30 days.
Forward-Looking Statements
The press release may contain forward-looking statements that are not based on historical fact, including without limitation statements containing the words "believes," "may," "plans," "will," "estimate," "continue," "anticipates," "intends," "expects," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from future results, events or developments described in the forward-looking statements. Such factors include those risks described in Iowa Telecom's Form 10-K on file with the SEC. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and Iowa Telecom undertakes no duty to update this information.
About Iowa Telecom
Iowa Telecommunications Services, Inc. (d/b/a Iowa Telecom) is a telecommunications service provider that offers local telephone, long distance, Internet, broadband and network access services to business and residential customers. The Company and its subsidiaries serve over 450 Iowa communities and 10 Minnesota communities, and employ nearly 800 people. The company's headquarters are in Newton, Iowa. The Company trades on the New York Stock Exchange under the symbol IWA. For further information regarding Iowa Telecom, please go to www.iowatelecom.com and select "Investor Relations." The Iowa Telecom logo is a registered trademark of Iowa Telecommunications Services, Inc. in the United States.
IOWA TELECOMMUNICATIONS SERVICES, INC. AND SUBSIDIARIES
Balance Sheets
(Unaudited)
(dollars in thousands, except per share amounts)
As of As of
September 30, 2009 December 31, 2008
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 12,091 $ 11,605
Accounts receivable, net 22,663 23,320
Inventories 5,527 3,946
Prepayments and other current assets 5,767 3,149
Total Current Assets 46,048 42,020
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment 664,688 601,782
Accumulated depreciation (350,982 ) (310,936 )
Net Property, Plant and Equipment 313,706 290,846
GOODWILL 494,400 473,984
INTANGIBLE ASSETS AND OTHER, net 51,960 36,904
INVESTMENT IN AND RECEIVABLE FROM THE 17,036 16,174
RURAL TELEPHONE FINANCE COOPERATIVE
Total Assets $ 923,150 $ 859,928
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Revolving credit facility $ 41,000 $ 39,000
Accounts payable 10,026 11,017
Advanced billings and customer deposits 10,662 8,615
Accrued and other current liabilities 27,291 32,429
Current maturities of long-term debt 2,048 1,219
Total Current Liabilities 91,027 92,280
LONG-TERM DEBT 566,940 489,003
DEFERRED TAX LIABILITIES 56,296 47,575
OTHER LONG-TERM LIABILITIES 27,944 28,326
Total long-term liabilities 651,180 564,904
TOTAL LIABILITIES 742,207 657,184
STOCKHOLDERS' EQUITY
Common stock, $.01 par value,
100,000,000 shares authorized, 320 315
32,046,087 and 31,500,687 shares issued
and outstanding
Additional paid-in-capital 332,156 327,264
Accumulated deficit (138,390 ) (110,814 )
Accumulated other comprehensive income (13,143 ) (14,308 )
Total Iowa Telecom stockholders' equity 180,943 202,457
Noncontrolling Interest - 287
Total Stockholders' Equity 180,943 202,744
Total Liabilities and Stockholders' $ 923,150 $ 859,928
Equity
IOWA TELECOMMUNICATIONS SERVICES, INC. AND SUBSIDIARIES
Income Statements
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
REVENUE AND SALES
Local services $ 19,618 $ 18,013 $ 55,538 $ 53,126
Network access services 23,306 22,852 64,873 65,857
Toll services 5,658 5,845 16,705 17,394
Data and internet services 11,658 9,129 31,117 25,615
Other services and sales 8,056 7,084 20,170 19,953
Total revenues and sales 68,296 62,923 188,403 181,945
OPERATING COSTS AND
EXPENSES
Cost of services and sales
(exclusive of items shown 22,650 20,424 61,536 57,781
separately below)
Selling, general and 14,312 11,965 39,973 32,230
administrative
Depreciation and 16,412 13,736 44,730 39,006
amortization
Total operating costs and 53,374 46,125 146,239 129,017
expenses
OPERATING INCOME 14,922 16,798 42,164 52,928
OTHER INCOME (EXPENSE)
Interest and dividend 480 179 1,742 729
income
Interest expense (8,333 ) (8,033 ) (23,541 ) (23,194 )
Other, net 845 1,080 576 821
Total other expense, net (7,008 ) (6,774 ) (21,223 ) (21,644 )
EARNINGS BEFORE INCOME 7,914 10,024 20,941 31,284
TAXES
INCOME TAX EXPENSE 3,341 4,301 8,938 13,311
NET INCOME 4,573 5,723 12,003 17,973
Noncontrolling Interest 23 - 195 -
NET INCOME ATTRIBUTABLE TO $ 4,596 $ 5,723 $ 12,198 $ 17,973
IOWA TELECOMMUNICATIONS
COMPUTATION OF EARNINGS
PER SHARE
Basic - Earnings Per Share $ 0.13 $ 0.18 $ 0.35 $ 0.55
Basic - Weighted average
number of shares 32,038 31,492 31,880 31,469
outstanding
Diluted - Earnings Per $ 0.13 $ 0.17 $ 0.35 $ 0.54
Share
Diluted - Weighted average
number of shares 32,239 32,085 32,187 32,043
outstanding
IOWA TELECOMMUNICATIONS SERVICES, INC. AND SUBSIDIARIES
Statements of Cash Flows
(Unaudited)
(in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
CASH FLOWS FROM
OPERATING ACTIVITIES
Net income $ 4,573 $ 5,723 $ 12,003 $ 17,973
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation 15,477 13,318 42,978 37,841
Amortization of 935 418 1,752 1,165
intangible assets
Amortization of debt 381 170 729 466
issuance costs
Deferred income taxes 3,139 4,079 8,667 12,673
Non-cash stock-based 959 890 2,802 2,660
compensation expense
Changes in operating
assets and liabilities:
Receivables (401 ) (1,026 ) 3,153 278
Inventory 275 159 (167 ) (280 )
Accounts payable 975 (560 ) (2,430 ) 528
Other assets and (1,546 ) (1,429 ) (5,858 ) (7,333 )
liabilities
Net cash provided by 24,767 21,742 63,629 65,971
operating activities
CASH FLOWS FROM
INVESTING ACTIVITIES
Capital expenditures (5,911 ) (7,129 ) (16,251 ) (20,122 )
Business acquisitions, (79,719 ) (33,419 ) (80,043 ) (33,419 )
net of cash acquired
Purchase of wireless - - - (5,938 )
licenses
Net cash used in (85,630 ) (40,548 ) (96,294 ) (59,479 )
investing activities
CASH FLOWS FROM
FINANCING ACTIVITIES
Net change in revolving 10,000 36,000 2,000 19,000
credit facility
Proceeds from exercise 3 - 677 -
of stock options
Payment of debt issuance (2,009 ) (351 ) (2,009 ) (351 )
costs
Issuance of long term 75,000 - 75,000 -
debt
Payment on long-term (489 ) (308 ) (1,087 ) (308 )
debt
Acquisition of (1,890 ) - (1,890 ) -
noncontrolling interest
Capital contributions
from noncontrolling 90 - 390 -
interests
Shares reacquired (146 ) (210 ) (493 ) (488 )
Dividends paid (13,247 ) (12,953 ) (39,437 ) (38,799 )
Net cash provided by
(used in) financing 67,312 22,178 33,151 (20,946 )
activities
Net Change in Cash and 6,449 3,372 486 (14,454 )
Cash Equivalents
Cash and Cash
Equivalents at Beginning 5,642 4,093 11,605 21,919
of Period
Cash and Cash
Equivalents at End of $ 12,091 $ 7,465 $ 12,091 $ 7,465
Period
IOWA TELECOMMUNICATIONS SERVICES, INC. AND SUBSIDIARIES
EXPLANATIONS AND RECONCILIATIONS TO NON-GAAP CONCEPTS
(Unaudited)
(in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
ADJUSTED EBITDA:
Net Income $ 4,573 $ 5,723 $ 12,003 $ 17,973
Income Tax Expense 3,341 4,301 8,938 13,311
Interest Expense 8,333 8,033 23,541 23,194
Depreciation and 16,412 13,736 44,730 39,006
Amortization
Unrealized (gains) losses on 236 (1,028 ) 540 (769 )
financial derivatives
Non-cash stock-based 959 890 2,802 2,660
compensation expense (1)
Extraordinary or unusual - - - -
(gains) losses
Non-cash portion of RTFC (165 ) (45 ) (674 ) (191 )
Capital Allocation (2)
Other non-cash losses (1,036 ) - (1,036 ) -
(gains)
Loss (gain) on disposal of
assets not in ordinary - - - -
course
Transaction costs 766 - 2,226 -
ADJUSTED EBITDA $ 33,419 $ 31,610 $ 93,070 $ 95,184
(1) Included in Selling, General and Administrative Expense on the Consolidated
Statements of Operations.
(2) Included in Interest and Dividend Income on the Consolidated Statements of
Operations.
We present Adjusted EBITDA because we believe it is a useful indicator of our historical debt capacity and our ability to service debt and pay dividends. We also present Adjusted EBITDA because covenants in our credit facilities contain ratios based on Adjusted EBITDA.
Adjusted EBITDA is defined in our credit facilities as: (1) consolidated net income, as defined therein; plus (2) the following items, to the extent deducted from consolidated net income: (a) interest expense; (b) provision for income taxes; (c) depreciation and amortization; (d) transaction expenses related to the IPO and the related debt refinancing and other limited expenses related to permitted securities offerings, investments and acquisitions incurred after the closing date of the IPO, to the extent not exceeding $5.0 million; (e) unrealized losses on financial derivatives recognized in accordance with SFAS No. 133; (f) non-cash stock-based compensation expense; (g) extraordinary or unusual losses (including extraordinary or unusual losses on permitted sales of assets and casualty events); (h) losses on sales of assets other than in the ordinary course of business; and (i) all other non-cash charges that represent an accrual for which no cash is expected to be paid in the next twelve months; minus (3) the following items, to the extent any of them increases consolidated net income: (w) extraordinary or unusual gains (including extraordinary or unusual gains on permitted sales of assets and casualty events); (x) gains on asset disposals not in the ordinary course; (y) unrealized gains on financial derivatives recognized in accordance with SFAS No. 133; and (z) all other non-cash income (including the non-cash portion of any RTFC patronage capital allocation). If our Adjusted EBITDA were to decline below certain levels, covenants in our credit facilities that are based on Adjusted EBITDA, including our fixed charge coverage and total leverage ratio covenants, may be violated and could cause, among other things, a default or mandatory prepayment under our credit facilities, or result in our inability to pay dividends.
We believe that net income is the most directly comparable financial measure to Adjusted EBITDA under GAAP. Adjusted EBITDA should not be considered in isolation or as a substitute for consolidated statement of operations and cash flows data prepared in accordance with GAAP. Adjusted EBITDA is not a complete measure of an entity's profitability because it does not include costs and expenses identified above; nor is Adjusted EBITDA a complete net cash flow measure because it does not include reductions for cash payments for an entity's obligation to service its debt, fund its working capital, capital expenditures and acquisitions and pay its income taxes and dividends.
Source: Iowa Telecommunications Services, Inc.
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