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Shentel reports strong customer net adds in Q4

Posted 21 January 2015 12:00 AM by CLE Rinker

Shenandoah Telecommunications Company ("Shentel") (Nasdaq:SHEN) announces 2014 year end customer results.

The Company announced that net postpaid subscriber additions for fiscal year 2014 were 14,146, an increase of 30.6% from 10,829 in 2013. Year-end postpaid customers increased 5.2% to 287,867. The Company's 2014 annual postpaid churn rate was 1.76%. Net postpaid subscriber additions totaled 4,891 in the fourth quarter of 2014, compared to a record 6,054 for the fourth quarter of 2013. Shentel's postpaid churn rate in the fourth quarter was 1.92%, compared to 1.69% in the same quarter last year.

The Company recorded prepaid net additions of 5,036 in the fourth quarter of 2014, up from 4,378 in the 2013 fourth quarter, and 8,115 for fiscal 2014, down from 8,870 in fiscal 2013. Ending prepaid customers increased 5.9% to 145,162 in 2014. Shentel had prepaid customer churn of 4.02% for the fourth quarter and 4.00% for the year.

The following tables show selected operating statistics of the Wireless segment as of the dates shown:

 

December 31,

December 31,

 

2014

2013

Retail PCS Subscribers - Postpaid

287,867 

273,721

Retail PCS Subscribers - Prepaid

145,162

137,047

 

 

 

 

 

Three Months Ended

Twelve Months Ended

 

December 31,

December 31,

 

2014

2013

2014

2013

 

 

 

 

 

Gross PCS Subscriber Additions - Postpaid

21,313

19,796

72,891

66,558

Net PCS Subscriber Additions - Postpaid

4,891

6,054

14,146

10,829

Gross PCS Subscriber Additions - Prepaid

22,155

19,115

74,838

76,416

Net PCS Subscriber Additions - Prepaid

5,036

4,378

8,115

8,870

PCS Average Monthly Retail Churn % - Postpaid

1.92%

1.69%

1.76%

1.75%

PCS Average Monthly Retail Churn % - Prepaid

4.02%

3.65%

4.00%

4.24%

While the Company experienced strong wireless customer growth, discounting is currently prevalent, resulting in declining monthly service fees per customer. These reduced fees, to date, have been offset by reduced handset subsidies as a result of customers choosing to finance handsets under equipment installment billing plans. Further pricing reductions, as well as changes in the ratio of new customers without handset subsidies relative to existing customers at lower monthly billing rates, could result in a modest reduction in our net operating margin.

Cable Segment

Shentel's cable net Revenue Generating Units (RGUs) increased 34.5% to 7,876 for fiscal year 2014. Year-end cable RGUs increased 6.9% to 121,716. Fourth quarter 2014 cable net additions were 1,250, compared to 1,533 cable net additions in the fourth quarter of 2013.

The following tables show selected operating statistics of the Cable segment as of the dates shown:

 

December 31,

December 31,

 

2014

2013

Video RGUs

52,095

53,076

High-speed Internet RGUs

51,359

45,776

Voice RGUs

18,262

14,988

Total RGUs

121,716

113,840

 

 

 

 

 

Three Months Ended

Twelve Months Ended

 

December 31,

December 31,

 

2014

2013

2014

2013

 

 

 

 

 

Gross RGU Additions

9,144

8,595

39,402

34,991

Net RGU Additions

1,250

1,533

7,876

5,757

Additional Information

The following table shows additional selected statistics as of the dates shown:

 

December 31,

December 31,

 

2014

2013

Local access lines

21,573

22,060

DSL subscribers

12,694

12,585

Wireless cell site towers owned

154

153

Fiber route miles

4,390

4,088

About Shenandoah Telecommunications

Shenandoah Telecommunications Company (Shentel) provides a broad range of diversified telecommunications services through its high speed, state-of-the-art network to customers in the Mid-Atlantic United States. The Company's services include: wireless voice and data; cable video, internet and voice; fiber network and services; and local and long distance telephone. Shentel is the exclusive personal communications service ("PCS") Affiliate of Sprint in portions of Pennsylvania, Maryland, Virginia and West Virginia. For more information, please visit www.shentel.com.

This release contains forward-looking statements that are subject to various risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of unforeseen factors. A discussion of factors that may cause actual results to differ from management's projections, forecasts, estimates and expectations is available in the Company filings with the SEC. Those factors may include changes in general economic conditions, increases in costs, changes in regulation and other competitive factors.

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